COMMERCE 4OB3 Lecture : 3QC3-CH1.docx
11 Apr 2012
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Document Summary
Operations management: the design, operation and improvement of productive systems. Operations: a function or system that transforms inputs into outputs of greater value. Value: a series of activities from supplier to customer that add value to a product or service. 4 primary functional areas of a firm are marketing, finance, operations, and human resources. Operations brings together many disciplines and provides an integrated view of business organizations. Craft production: the process of handcrafting products or services for individual customers. Division of labour: dividing a job into a series of small tasks each performed by a different worker. Interchangeable parts: the standardization of parts initially as replacement parts enabled mass production. Scientific management: the systematic analysis of work methods. Mass production: the high volume production of a standardized product for a mass market. Quality revolution: an emphasis on quality and the strategic role of operations. Lean production: an adaptation of mass production that prizes quality and flexibility.
