ECON 1 Lecture Notes - Lecture 26: Operations Management, Netflix, Final Destination 5
Document Summary
Chapter 1- introduction to operations and supply chain management: why study operations and supply chain management, every organization must make a product or provide a service that someone values. Operations function (a. k. a operations) - the collection of people, technology, and systems within an organization that has primary responsibility for providing the organisation"s products or services: most organizations function as part of larger supply chains. Supply chain- a network of manufacturers and service providers that work together to create products or services needed by end users. Manufacturers and service providers are linked together through physical flows, information flows, and monetary flows. Physical goods- the activities revolve around conversion, storage, and the movement of materials and products. Example: law firms require inputs such as skills and knowledge of their lawyers (later transformed into valuable legal advice). Operations management- the planning, scheduling, and control of the activities that transform inputs into finished goods and services: supply chain management (scm)
