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RSM219H1 (86)

Lecture 1 Notes

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University of Toronto St. George
Rotman Commerce
Chris Bovaird

Lecture 1 Chapter 1: Producing Goods and Services—Operations Management  “operations” explained and defined o Business: “organized effort to produce things that customers will buy…”  Implies: ability to make/produce/provide/supply the things customers want o Business must be managed so that the product it claims to offer is indeed what it can offer  Trivial example: a coffee shop must be able to make coffee, have it available around coffee time o “operations management”  “direction and control of the processes that transform resources into finished goods  Management of creation of goods and services using the factors of production  Why “operations”, not “production” o The world “production implies that Canadian businesses make tangible “products” o in fact, 80% of Canadians work in “services” o finance, medicine, accounting, law, etc. do not produce tangible products o these services do need to be planned, managed, supplied. But—not “produced”  thus: “operations” o examples of services  finance: making loans, taking deposits, investment advice  consulting services marketing consulting, head-hunting  education: schools, colleges, universities  transportation: Air Canada, TTC, taxis  accounting: book-keeping, auditors, tax advice  medical services: hospitals, doctors, dentists  leisure services: ski-hill operators, bowling alleys, cinemas  hospitality: hotels, bars, restaurants, coffee shops  business services: pho
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