Final answer:
The objective of operations management in the question is efficiency, focusing on optimizing throughput time to minimize waste and maximize output. This involves achieving productive efficiency and taking advantage of economies of scale to operate at the lowest possible average cost.
Step-by-step explanation:
The objective of operations management referred to in the question is efficiency. This involves optimizing the throughput time, which is the time that elapses during the conversion process. Throughput time is critical in understanding how the operations of a business are managed because it influences overall productivity and operational performance. A key aspect of achieving efficiency is ensuring that all resources are utilized in the most optimal way to minimize waste and maximize output. This ties directly into concepts such as productive efficiency, which is about producing goods without waste and at the lowest average cost in the long run.
Further, this concept also relates to economies of scale, wherein larger production volumes can reduce the cost per unit, thereby increasing the efficiency of the production processes. In a perfectly competitive market, this means that firms will produce and sell goods at the lowest possible average cost, contributing to productive efficiency.