GMS 401 Lecture Notes - Lecture 1: Operations Management, Supply Chain, Financial Statement

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Product cost is not equal to material cost. Supply chain management (scm) is the management of the flow of goods and services. It includes the movement and storage of raw materials, work-in-process inventory, and finished goods from point of origin to point of consumption. Management of systems or processes that create goods and/or provide services. When a company wants to operate smoothly, grow their business, satisfy customers and make money. Without globalization it is impossible for a company to expand to a larger more beneficial market. Three basic functions: operations: create goods and services, finance: provide funds and the economic analysis of investment proposals. Activities related to securing reosurces at favourable prices. And allocating those resources through ought the organization. Plan financial requirements, including adjustments and evaluations. Requires careful planning: marketing: assess customer wants and needs and communicate them to others. Selling and/or promoting the goods or services. Assessing customer wants/needs, communicating them to operations and design.

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