GMGT 1010 Lecture Notes - Lecture 8: Operations Management

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Inputs resources it needs example (car wash, soap, dirty cars) Conversion process converting resources (dirty car to clean car) People have criticized this because it is very one lined input conversion process outputs. Value loops are seen as better because you move from any point to any point as well as they include how the world around us affects the business and how the business affects the environment. How organizations train, promote, hire, fire, compensate workers. Measurement of wealth and financial impact of transactions within a company. Interorganizational logistics and finding optimal ways to acquire the supplies and resources they need from other organizations. Production and operations management refers to directing and controlling processes that convert resources into finished goods and services. Planning and executing the distribution of ideas and goods. Deciding on the package, what the product should be.

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