Chapter 3 Lecture Notes.docx

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Department
Management (MGH)
Course
MGHD24H3
Professor
Chris Bovaird
Semester
Winter

Description
Chapter 3 Lecture Notes: Managing Information - Read only until page 63 - Operations: the part of the business concerned with “making” the thing - Operations managers must know: how much to make, when to make it, and how to make it - A business is an organized effort to provide a good/service to fulfill a consumer need/want - Productivity: make things quickly, make things cheaply - It is the job of the operations managers to make the most out of a finite budget - Quality: make what customers want - Quality has nothing to do with price or how fancy something is- i.e, train staff and make sure it is what consumers want – happy customers and loyal customers - Productivity: ratio of inputs : outputs - some common measures - higher productivity = more profit - Quality: meet customer expectations - lower costs (no returns/repairs) - more revenue (repeat business) - Data vs. information vs. knowledge (p. 47) - Why businesses need information (48-49) - Information technologies (50 – 53) - Impact of more & better Information (53-56) - Types of Information system (57-63) - World’s Worst Coffee Shop: - With appropriate information it could - Know when to make coffee - Know how much to make - Not disappoint & frustrate customers - Data: Raw facts and figures - Data: lack analysis - lack context - Examples: - My midterm mark was 78% - Last hour: we sold 60 cups of coffee - These numbers are just data- it has not yet been put into context - Information: Data analysed - Data put into context - Examples: - My midterm mark was 78%. Class average was 72%. The highest mark was 82% - The coffee urns hold 40 cups - Knowledge: - Through education and experience, use information to make informed decisions. Know when to make the coffee; doing research. - Examples: - My marks are above average. I’m near top of the class. I’ll continue my current study habits. - The coffee urns are getting empty - More data points= more observations you have - Management Information System  MIS - Textbook definition: - Systems that support an organization’s managers by providing daily reports, - schedules, plans, and budgets. - My definition: - Systems that allow managers to record and store data, and to analyse and use data to obtain information and acquire knowledge. - The use of technology to: - assemble data - analyse data to create information - distribute information - allow humans to acquire knowledge - Machinery/capital/technology that businesses use to assemble points of data; organize and put in into context to distribute to people who make decisions etc, and humans use the information to make intelligent decisions - Information technology is not new…. And does not need to involve computer software - Electronic info technology is not new….- telegraph and mor
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