GMS 401 Lecture Notes - Lecture 1: Operations Management, Job Shop, Material Requirements Planning

• School: Ryerson University
• Department: Global Management Studies
• Course: GMS 401
• Professor: Wally Whistance- Smith

Document Summary

Management: a process by which objectives are achieved through the use of resources; deals with conflicting objectives and limited resources. Operations: those activities within an organization that are directly related to providing goods or services to customers. Operations management (om): set of activities that create value in the form of goods and services by transforming inputs into outputs. Finance/accounting tracks how well the organization is doing, pays bills, collects the money. Operations responsible for the creation of goods and services. Finance responsible for the provision of funds and the economic analysis of investment proposals. Marketing responsible for promoting the goods and services of the organization and for assessing customer wants and needs. Added value = difference between cost of inputs and price of outputs. Creation of goods and services involves designing and operating the production process: designing decisions (capacity, location, equipment, operating decisions (planning, execution, controlling)