ITM 102 Lecture Notes - Lecture 5: Transportation Planning, Iso 14000, Cost Accounting

• School: Ryerson University
• Department: Information Technology Management
• Course: ITM 102
• Professor: Franklyn Prescod

Document Summary

Production: is the creation of goods and services using the factors of production; land, labour, capital, entrepreneurship and knowledge. When supply chain excellences improves operations, companies experience a higher profit margin, less inventory, stronger perfect order" ratings and significantly shorter cycle times than their competitor. Production management: describes all the activities managers perform to help companies create goods. Operations management (om) is the management of systems or processes that convert of transform resources into goods and services. Operations management is responsible for managing the core processes used to manufacture goods and produce services. Om is critical to an organization because of its ability to increase value added during the transformation process. Transformation process: is often referred to as the technical core, especially in manufacturing organizations, and is the actual conversion of inputs to outputs. Value added: is the term used to describe the difference between the cost of inputs and the price value of outputs.