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Lecture

MGTA04 LEC 01.docx

2 Pages
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Department
Management (MGT)
Course Code
MGTA02H3
Professor
Chris Bovaird

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Description
Chapter 1: Producing Goods and Services – Operations Management The “Functions” of a Business:  To make a profit, a business must: o Have people – Human resources o “Make” things – Operations o Collect information – MIS o Use the information – Accounting o “Sell” things – Marketing o Raise and spend money – Finance  Operations – Principal Points: On Midterm!  Operations explained and defined  Why “Operations” not “Production”  “Service” operations – special issues  What operations managers do  Operations create value – how?  Operations:  Business is an organized effort to provide things that customers want to buy … this implies the ABILITY to provide the things that people want to buy  A business must offer what it claims to offer o Ex: A coffee shop MUST have coffee  Operations – Defined:  The direction and control of processes that transform resources into finished goods OR  The management of the creation of goods and services, using the factors of production  What Operations Managers Do:  Make things, or make things happen  Demand planning: o Forecast how much you need to make o BAD example: Coffee shop that runs out of coffee  Capacity planning: o Ensure enoug
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