MSIS EXAM 1 REVISION
SUMMARY
operations management
management of processes or systems that create goods
and/or provide services
goods
physical items produced by business organizations
services
activities that provide some combination of time, location,
form, and psychological value
collective success or failure of companies' operations
functions
impact on the ability of a nation to compete with other
nations, and on the nation's economy
ideal situation for business organizations
achieve a match of supply and demand
organization's three basic functional areas
finance, marketing, and operations
finance
secure financial resources and allocate throughout the
organization
marketing
assess consumer wants and needs and sell and promote
organization goods and services
supply chain
suppliers' suppliers, direct suppliers, producer, distributor,
final customers
feedback
, measurements taken at various points in the
transformation process
control
comparison of feedback against previously established
standards to determine if corrective action is needed
value added equals
value or price of outputs - cost of inputs
non-profits value of outputs
their value to society
for-profits value of outputs
measured by the prices that customers are willing to pay
for goods
money from value-added used for
r&d, investments,salaries, and profit
why study OM
us experience of the 70's and 80's; lessons from the
japanese; core business function; 50% or more of all jobs
in OM related areas
highly standardized
...
highly customized
...
types of operation
project, job shop, batch, repetitive, continuous
industrial revolution
new power sources, division or labor, interchangeable
parts
watt
new power sources
adam smith
division of labor
SUMMARY
operations management
management of processes or systems that create goods
and/or provide services
goods
physical items produced by business organizations
services
activities that provide some combination of time, location,
form, and psychological value
collective success or failure of companies' operations
functions
impact on the ability of a nation to compete with other
nations, and on the nation's economy
ideal situation for business organizations
achieve a match of supply and demand
organization's three basic functional areas
finance, marketing, and operations
finance
secure financial resources and allocate throughout the
organization
marketing
assess consumer wants and needs and sell and promote
organization goods and services
supply chain
suppliers' suppliers, direct suppliers, producer, distributor,
final customers
feedback
, measurements taken at various points in the
transformation process
control
comparison of feedback against previously established
standards to determine if corrective action is needed
value added equals
value or price of outputs - cost of inputs
non-profits value of outputs
their value to society
for-profits value of outputs
measured by the prices that customers are willing to pay
for goods
money from value-added used for
r&d, investments,salaries, and profit
why study OM
us experience of the 70's and 80's; lessons from the
japanese; core business function; 50% or more of all jobs
in OM related areas
highly standardized
...
highly customized
...
types of operation
project, job shop, batch, repetitive, continuous
industrial revolution
new power sources, division or labor, interchangeable
parts
watt
new power sources
adam smith
division of labor
