BUSI 2301 Lecture Notes - Lecture 1: Material Requirements Planning, Total Factor Productivity, Operations Management
19 Jan 2018
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Document Summary
Operations management (om) is the set of activities that creates value in the form of goods and services by transforming inputs into outputs. Finance performs activity related to securing funds at favorable prices and allocating those funds throughout the organization. Marketing responsible for assessing customer wants and needs, and for communicating those needs and feedback to operations and to product designs. Operations manages all the activities directly related to producing goods or providing services. Inventory, material requirements planning and jit - how much inventory of each item should we have and when do we re-order. Intermediate and short-term scheduling are we better of keeping people on the payroll during slowdown and which jobs do we perform next: maintenance who is responsible for maintenance and when do we do maintenance. Mission - where the organization is going now and mission statement - tell an organization where it is going. Vision - where the organization desires to be in the future.
