Chapter 2- lecture.docx

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Management (MGT)
Chris Bovaird

Lecture 2- Chapter 2: Productivity and Quality Review: Last week: - Operations: “making” the thing - Why “operations” not “production” - Importance of “services” - Service operations more difficult - What “operations managers” do Today: - Productivity: Explained & defined - It is a ratio- measures inputs vs outputs to making another product - Productivity: Some common measures - Productivity: Why it’s important - Quality: Explained & defined - Quality: Why it’s important - Quality: Total Quality Management (TQM) Productivity Defined: a ratio that compares: resources : products inputs : outputs National Productivity: A measure of how productive an economy is: e.g. GDP or GDP population workers - A country is productive when: - it has plentiful, cheap, high quality factors of production - GDP per capita is higher; workers are more productive - Or GDP per hour worked; the more productive you are Business Productivity: An individual business’ measure of outputs : inputs (products (labour, $$, or services) mate
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