MGTA02H3 Lecture : Lecture 1
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MGTA02H3 Full Course Notes
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Business : organized effort to provide things that customers want to buy A business must offer what it claims to offer (ie. coffee shop must have coffee) Direction and control of the creation of goods and services, using the factors of production. Or the management of the creation of goods and services, using the factors of production. Operations managers do: make things or make things happen. Bankers, doctors, lawyers, professors, accountants: dont make products, they provide ideas, analyses, information. But these things still need to be planned, managed, supplied. Example of services: finance- loans, deposits, investment advice consulting services- marketing, head-hunting legal services- leases, wills, contracts etc. What operations managers do: demand planning - forecast how much you need to make. Bad example: coffee shop that runs out of coffee: capacity planning- ensure enough space, and workers to meet demand. Location planning- find best location for getting materials, good employees, transport to market.
