GMS 401 Lecture Notes - Flexible Manufacturing System, Product Design, Operations Management
20 Nov 2013
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Document Summary
Operations management: the management of processes or systems that create goods and/or provide services. Process: a series of linked actions, changes, or functions bringing about a result. Efficiency: operating at a minimum cost and time; doing things right. Effectiveness: achieving quality and responsiveness; doing the right things. Goods vs services: goods refer to the tangible outputs of the production process. Services are intangible offerings, which generally imply an act. Operations: activities directly related to producing goods and providing services. Value added: the difference between the cost of inputs and the value of outputs. Finance: to provide funds and the economic analysis of investment proposals. Marketing: to assess customer wants and needs and communicate them to others. Lead time: the time between ordering a good or service and receiving it. Other functions include: accounting, mis, purchasing, personnel/human resources, manufacturing engineering, maintenance, product design, logistics. Differentiating production of goods vs performance of services.
