ADMS 1010 Lecture Notes - Lecture 7: Global Sourcing, International Business, Operations Management
19 Dec 2017
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Document Summary
Closed systems are fully self-contained and self-sufficient (e. g. a clock or watch?) Open systems interact with and rely on the environment around them (e. g. all living things) Business as an open system can be represented as a value chain (a. k. a. Value chain: a sequence of (industry-specific) activities through which firms add value to a product or service delivered to the market. What is the organization"s core competence among the industry"s value chain activities: you can"t be better than others at all the activities. Focus on those activities that can sustain a competitive advantage and outsource the rest: - li and fung. Frederick taylor scientific management: 3 main principles: Henry ford fordism: 3 main principles. Moving assembly line: workers remain in place and perform a single task while cars and parts move along a line. Higher wages: so employees can afford the product: = mass production, used in production of model t car.
