CHAPTER 1 Flashcards
is that part of a business organization that is
responsible for producing goods and/or
services.
OPERATIONS
Physical items produced by business Organizations
Goods
Activities that provide some combination of
time, location, form, and psychological value.
Services
is responsible for securing financial resources
at favorable prices and allocating those
resources throughout the organization, as
well as budgeting, analyzing investment
proposals, and providing funds for operations
finance
is responsible for assessing consumer wants and needs and selling and promoting the organization’s good or services
marketing
is responsible for producing the goods or
providing the services offered by the
organization.
operations
The management of systems or processes
that create goods and/or provide services.
operations management
A sequence of organizations their facilities,
functions, and activities that are involved in
producing and delivering a product or service
supply chain
The creation of goods or services involves
transforming or converting inputs into
outputs. Various inputs such as capital, labor,
and information are used to create goods or
services using one or more transformation
processes (e.g., storing, transporting,
repairing).
Transformation processes
began in the 1770s in England and spread to
the rest of Europe and to the United States
during the 19th century.
The Industrial Revolution
System in which highly skilled workers use
simple, flexible tools to produce small
quantities of customized goods.
Craft production
Is a father of scientific management.
“Science of management” based on
observation, measurement, analysis and
improvement of work methods, and economic
incentives
Frederick Winslow Taylor
father of motion study
He developed principles of motion economy
that could be applied to incredibly small
portions of a task.
Frank Gilbreth
recognized the value of nonmonetary
rewards to motivate workers
Henry Gantt
used system for scheduling
Gantt charts