Introduction to Operations Research
This lesson defines operations research and explains its application in management, industry, and business. It covers the steps involved in solving problems using mathematical models and discusses different types of models used in operations research.
- 01:38 “The major steps involved in the application of the operational research in solving management problems are the first thing is to identify and formulate the problems at hand. That's the first thing. We first of all know t...”
- 02:25 “Then we also draw conclusions from the solution to the model. Having solved the problem, the mathematical model, then we can analyze, we can conclude that, okay, this is the exact problem we have in our company. Then the...”
- 00:51 “That is our operation research, what it's this with. It's this with how we can solve problems in some of these areas that is in management, industry, business, commerce, and organization. And it also deals with effective...”
Basic Economic Problems
This lesson covers the basic economic problems faced by society, including scarcity and resource allocation. It explains different economic systems such as capitalism, socialism, and mixed economy, and how they address these problems. The role of market forces in regulating the economy is also discu
- 30:23 “what the production is going to or how the production has been designed. We have industries that have templates or how to go about producing their products. So that template or that's the way the production takes place w...”
- 35:00 “The first one is quality of labor. If the quality of labor is low, then we're going to have very poor products and those poor products might not be able to sell at the markets to go to waste. Techniques of production, ho...”
- 24:46 “efficient use of resources or efficiency of resource use. So, no matter the system that we're having, there's going to be production going on and production drives the economy. Production is like the foundation of the ec...”
Types of Warehouses
The lesson covers the definition of warehousing and its role in storing goods. It explains different types of warehouses, including bounded warehouses, and discusses their functions and importance in business. The advantages and disadvantages of warehousing are also listed.
- 08:34 “And he comes to Mr. B's storage facility, which is the warehouse, and pays a sum of money for a period of time to store his items. So, that is how the public warehouse operates. Now, we have the manufacturers' warehouse....”
- 07:46 “So, people who are financially capable, when people who are financially buoyant enough to build warehouses, they build warehouses for people to come and store their goods in them. And then, in turn, they pay a service ch...”
- 20:02 “But normally, a warehouse should be able to provide a section where perishable items are kept, where normal goods are kept, and where breakingable items are kept, unfortunately, this is not always available and when they...”
Types of Production
This lesson defines production and explains its types, including primary, secondary, and tertiary production. It also discusses the extraction of raw materials and the transformation into finished goods.
- 17:35 “machinery, equipment. All these things are being included as capital. Then we have reward for capital as interest. The reward for capital is world interest. Right, we have the entrepreneur. The entrepreneur is the owner...”
- 00:10 “Good day students, my name is Achusim Blesing, I'm your business studies teacher. The topic for today is production. But by the end of this, let us look at the objectives of this lesson. At the end of this class, the stu...”
- 05:09 “It concerns with rendering of services. This one is aspect of services, potentially a stage of production involved distributing those goods to the final consumer. The people involved in this production, stage of producti...”
Departmental Accounts
This lesson covers the definition and purpose of departmental accounts. It explains how to prepare these accounts to show the performance of different departments in a business. The lesson also discusses the advantages of using departmental accounts for comparison, error detection, and managerial as
- 01:42 “Now, let's look at the advantages of departmental accounts. One, it helps in the comparison of results of different departments. If we have up to four or five departments in an organization, wants to look at which depart...”
- 00:56 “but there are some organizations that have different departments working on that then. And so it's important to be able to prepare the accounts of those departments. We have examples of such organizations like Shoprides,...”
- 00:10 “Hello viewers, you're welcome to Financial Accounts class, and Mrs. Oyiniloye. The topic we're taking today is departmental accounts. At the end of the lesson, learners should be able to want to define departmental accou...”
Conflict Resolution in Nigeria
This lesson explains the meaning of conflict and discusses its causes and consequences. It also covers different types of conflicts and methods for resolving them.
- 08:03 “It can cause conflicts in the work of environment. In the work environment, many factors determine leadership size and may include personality, expectations, and whether or not the leader encourages feedback and opinions...”
- 15:53 “The people eventually we revolve through violent protests to show their displeasure. As a matter of fact, it has been the reason for many students' riots in Nigeria. Many of the riots that has been recorded in Nigeria is...”
- 15:03 “This value based on conflicts. Number seven, communication gap. When needed information is not supplied at the right time or received to the wrong channels, conflicts may arise. When there is a communication gap in any o...”
Factors of Production
The lesson covers the concept of production and its types. It explains the factors of production, division of labor, and specialization. The advantages and disadvantages of division of labor and large scale production are also discussed.
- 25:36 “as a case may be. Now division of labor also leads to the development of great ask you. So we talked about specialization when one person does one part of the work and they continue to drop out of work, then they can dev...”
- 20:56 “or the entrepreneurship component handles the provision of capital. So when capital comes in, we're able to get land, we're able to get labor and we go about producing goods and services. Now we move on to division of la...”
- 28:41 “have a t-shirt in the same color, same shapes, same size, same everything and you have like a million pieces of it because the labor was divided and it was done very fast. And then the vision of labor also brings about e...”