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Value-added" describes the economic enhancement a company gives its products or services and helps explain why companies are able to sell their goods or services for more than they cost to produce. Identify and explain some of the value-added services in Operations Management.

Sagot :

sebastiansierraocm

Answer:

One example of a value-added service in operations management would be the development of premium agricultural products like premium coffee or tea.

Explanation:

Agricultural products tend to be basic and cheap than most other goods because they are a basic necessity, meaning tha not only theird emand is high, but so is their supply, causing the market price of agricultural products to be relatively low.

If a company instead chooses to add value to its agricultural product, then, the company creates a product not only of higher value to both the company and its customers, but also in terms of price, that can therefore generate a higher revenue for the firm. Operations management is fundamental in this process because it deals with the production process of the product, which would go through several stages.

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