RSM100Y1 Lecture Notes - Master Production Schedule, Inventory Control, Gantt Chart
Document Summary
Service operations: production activities that provide tangible and intangible service products: goods production: production activities that provide tangible productions. The term production has historically referred to the making of physical goods but now we use it to refer to services (just like the term, operation) Products, both goods and services, provide businesses with both economic results (profits, wages, goods purchased from other companies) and non-economic results (new tech. , innovations, pollution) Products provide consumers with utility: utility: power of a product to satisfy a human want; something of value. Time utility: the quality of a product satisfying a human want because of the time at which it is made available. Place utility: the quality of a product satisfying a human want because of where it is made available: ownership (possession) utility: the quality of a product satisfying a human want during its consumption or use. Production managers are ultimately responsible for creating utility for customers.
