MGM101H5 Chapter Notes - Chapter 13: Operations Management, Capital Asset, Process Design

• School: UTM
• Department: Management
• Course: MGM101H5
• Professor: Dave Swanston

Document Summary

Operations management: about the ability of a company to control and/or improve its business processes, operations, combined with organization"s capital assets, enable strategic outcomes to be actualized. Operations management; effective design, development, and management of the processes, procedures, and practices embedded within organization"s business system for purpose of achieving its strategic intent. Supply chain management; management of interdependencies among suppliers, manufacturers and distributers. obligations to one another: seeks to develop terms and conditions that enable all parties to effectively meet. Value max; refers to maximizing benefits (price/quality comparison) that individual or set of customers will realize as result of using a product/service. Getting the product to the right place at the right time. Operations cycle; alignment of operational tasks within organization by its management team in order to meet strategic outcomes defined in organization"s business strategy. Process standardization; design and utilization of common platforms and common task sequencing to produce/develop a variety of products or services.