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MGTA04 LEC 3.docx

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Department
Management (MGT)
Course
MGTA02H3
Professor
Chris Bovaird
Semester
Winter

Description
MGTA04 LEC 3 - operations management - business – make, provide, or supply the product or service that you are advertising - can we minimize cost of input and number of people working to make this thing, can we increase ratio of what we are making to the factors of production that go into it - how many hours does it take to build a car? How many sales per store - minimize input expensive and maximize output in order to increase your profit - quality – not a function of expensiveness – it is giving folks what they want – what they think they are paying for – giving them what they expect - if you give people what they want, they will be happy and they will come back - lower cost and increase revenue - part of operations managers – are we doing the right thing in the right way - producing ultimately the product and you want to produce it in the right way - data – raw facts and figures – bits of information - Information – is data analyzed – data put into context - make sense of individual bits of data - Knowledge – the useful application of information in order to make a decision through education and experience - knowledge – use data and put it in context to make a decision - Information technology – any system whether paper based or whether software base that allow managers to collect data and put it into context and distribute that info so that people can make intelligent decisions so that they can acquire knowledge - Information tech is about 5.5 thousand years old - Moore’s law – the cost of accumaliting and analyzing and sheer volume of data is skyrocketing – 100 000 000 bits of info that the internet truly took off - Dintinction of internet and world wide web - Internet – worldwide system of interconnected computers – linked to communicate – - What is the world wide web? Not same thing as the internet - A standardaized way of inputting info, receiving and transmitting info - Common language – and that is what the world wide web is - System of standards, agreed upon protocols that all computers follow so that they can talk to eachother - Impact of this technology and how it has affected businesses -
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