MGTA02H3 Lecture : Lecture 2
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MGTA02H3 Full Course Notes
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A ratio that compares: resources- products and inputs- outputs. A measure of how productive an economy is: eg. gdp/population or gdp/workers country is productive when it has plentiful, cheap, high quality factors of production. An individual business measure of outputs (products or services) : inputs (labor. The more time you spend making a product: the more it costs. The more materials you spend making a product: more it costs. Operations managers concerned with the best way to make things. A products fitness for use in terms of offering the features that consumers want. No repairing product less time on customer service less bureaucracy. They stop buying, and tell others the same. Unhappy customers: 90% dont complain, they just dont go back. Business loses all future sales from that customer, and whom they complain too. Quality (do it right/meet expectations) and productivity (fewer defects/fewer repairs) Everyone in the business is responsible for ensuring that product/service meets customer needs.
