MANGT 421 Lecture 1: Chapter 1 Study Guide
8 Feb 2017
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Document Summary
Operations management the set of activities that create value in the form of goods and services by transforming inputs into outputs. The 3 essential functions of om: marketing creates demand, production/operations creates the product, finance/accounting tracks how well the organization is doing, pays bills, collects money etc. The supply chain a global network of organizations and activities that supply a firm with goods and services: members of the supply chain collaborate to achieve high levels of customer satisfaction, efficiency and competitive advantage. Competition is not between companies, but between supply chains. The strategic decisions: design of goods and services, managing quality, process and capacity design, location strategy, layout strategy, human resources and job design, supply chain management, inventory management, scheduling, maintenance. Why study operations management: om is one of the 3 major functions of any organization. Significant events in om: early concepts (1776 1880) Labor specialization, standardized parts: scientific management era (1880 1910)
