BU385 Lecture Notes - Lecture 1: Operations Management, Production Planning

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9 Apr 2019
School
Department
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BU-375 Lecture 1
What are Operations?
Transformation processes that create and deliver a firm’s products/services
o Input (Materials, Labour, etc.) -> Transformation Processes -> Output (Goods, Services)
Transformation Process Types
o Physical Manufacturing
o Locational Transport
o Exchange Retail
o Storage Warehousing
o Physiological Healthcare
o Informational Telecommunications
Goods vs. Services
Characteristics of Goods
o Tangible Product
o Production is usually separate from consumption
o Can be stored in inventory
o Low customer interaction
Characteristics of Services
o Intangible
o Produced and Consumed at same time
o Cannot be stored in inventory
o High customer interaction
Operations Management
Management of Operations
Design, Operation, and improvement of productive systems
Design, Operation, and improvement of the transformation processes that create and deliver a
firm’s outputs
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