Answered: What does formulation of an operations…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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What does formulation of an operations strategy mean?

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Step 1

Strategy formulation is defined as planning and developing strategic plans and goals. It is an entrepreneurial activity that is based on strategic decisions. On the contrary, strategy implementation is an administrative task that is usually an operational process.

Step 2

Strategic management is the process of formulating a short- and long-term plan and implementing it using various resources available within the organisation. The strategies formulated as per the plans and Vision and Mission of the owners of the organisation. This is strategic plans are formulated by taking into the consideration various internal and external organisational factor.

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