GMS 401 Midterm: Ch. 1,2,4,6
17 Oct 2011
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Gms401 chapter 1: introduction to operations management. Operations management management of processes or systems that create goods and/or provide services. Processes 3 types: core, support, managerial. Efficiency operating at minimum cost and time. A typical organization has three basic functions: operations, finance, marketing. Performs all activities directly relating to producing goods or providing. Refer: figure 1. 2, page 6: conversion process. Value added the difference between the cost of inputs and the value or price of outputs. Operations and finance work hand in hand for: Assesses customer wants and needs and provides feedback to operations. Design decisions are strategic and long term (1-5 years) Planning decisions are tactical and medium term (1-12 months) Scheduling, execution, and control decisions are short term (1-12 weeks) Differentiating production of goods versus performance of services. Models: an abstraction of reality; a simplified representation of something. Linear programming, project scheduling techniques, forecasting techniques etc.
