GMS 401 chap 1 Flashcards
What are the 3 Basic function of an organization
- Operations
- Finance
- Marketing
Deffinition of the Operation Process
The operations function performs all the activities directly related to producing goods or providing services. The essence of the operation is to add value during the transformation process.
Definition of the Finance Process
The finance function performs activities related to securing resources at favourable prices and allocating those resources throughout the organization
Marketing Process
Marketing is responsible for assessing customer wants and needs, and for communicating those needs and feedback to operation and design
What are the 2 Activities of Operation Management
6 Dimentions that differenciate goods and services
- Customer contact
- Uniformity of input
- Labour content of the job
- uniformity of output
- measurment of productivity
- Quality assurance
What is operation Management
The management of processes or systems that create goods and/or provide services
what is a Model
Abstraction of reality; simplified representation of something
Quantitative approache
often embody an attempt to obtain optimum solutions to the mathematical models of managerial problems. Ex: linear programming, Inventory techniques, Forecasting techniques, etc…
Pareto phenomenon
A few factors account for a high percentage of results achieved (80-20 rule)
what are the 4 Major Trends in business
- The Internet and e-commerce
- Technology
- Globalization
- Supply Chain
Companies use opperation managment to improve which 2 things?
what is a process?
Series of likned actions, changes of functions
What are the 7 Ethical Issues linked with opperation managment
- Financial Statement
- Worker safety
- Product Safety
- Quality
- Environment
- Community
- Hiring / Firing Workers
deffinition of Supply chain
A sequence of activities and organizations involved in producing and delivering a good or service
