BU385 Lecture 1: Ch 1 – Intro to Ops Management
Document Summary
Basic premise of supply and demand you can make whatever you want at whatever price you have the freedom. If have more efficient ops, reduce costs, inc profits. All areas of firm are related to ops. Careers: supply chain, traffic/transport, supply chair sector council, society for quality, project management instit. Firms can achieve goals better than indivs alone. Three basic fns of organi: ops, finance, marketing, fns interact to reach goals. Need cash flow ops tells finance what kind of capital assets they need. Manages activities directly related to producing goods or services. Goods or service oriented, depends on industry. Inputs go through the transformation/conversation process to be used. Need to compared and see if corrective action is needed for control. Inputs -> transform/convert -> outputs ->feedback ->control ->transform/convert again if need to. Don"t forget about cust feedback as an input.
