AFM131 Chapter Notes - Chapter 10: Enterprise Resource Planning, Material Requirements Planning, Operations Management

• School: University of Waterloo
• Department: Accounting & Financial Management
• Course: AFM131
• Professor: David H A

Document Summary

Three objectives as a result of innovation: (1) improve product quality (2) increase production quality (3) extend product range. Research and development (r&d): worked directed toward the innovation, introduction, and improvement of products/processes. I. e. designing, controlling, updating production system; focus on output and inputs. Production: creation of g/s using the factors of production (land, labour, capital, entrepreneurship, and knowledge) Production management: activities that managers do to help their firms create goods. Operations management: transforming resources (including human resources) into goods and services. I. e. hotel uses finest elevator service for smooth service, trained employees at front desk for smooth service. I. e. service -> store front arrangement ; manufacturing -> warehouse arrangement. Reduce costs, gain access to resources, free up internal resources, improve business/customer focus. Unfair wages motion, use of technology, increasing shipping costs. ), accuracy (reduce risk of obsoleteness and theft) (8) quality control: consistently producing what the customer wants while reducing errors before/after delivery.