MGHD24H3 Lecture Notes - Information System, Morse Code, Tim Berners-Lee
Document Summary
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. It is the job of the operations managers to make the most out of a finite budget. Productivity: make things quickly, make things cheaply. 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 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) Last hour: we sold 60 cups of coffee. These numbers are just data- it has not yet been put into context. Know when to make the coffee; doing research. Through education and experience, use information to make informed.
