[COMM 225] - Final Exam Guide - Comprehensive Notes fot the exam (29 pages long!)

• School: Concordia University
• Department: Commerce
• Course: COMM 225
• Professor: Peter Rosenthal

Document Summary

Operations mgmt: mostly performed by management and administrative employees: forecasting, capacity planning, scheduling, inventory management, quality assurance, employee training and motivation, location of facilities, purchasing materials/supplies. Efficiency: operating at minimum cost and time. A large percentage of a company"s expenses occur in the operations area (purchasing materials, salaries) Economic analysis of capital investment proposals: marketing: assessing customer wants and needs, and communicating those needs and feedback to operations and product design. Other supporting functions: accounting, management information systems/btm, purchasing, human ressources, manufacturing engineering, maintenance, product design, logistics. Goods-service package: the goods-service package is a continuum: example: house painting (a service, using a good). Value-added: the difference between the cost of inputs and the value/price of outputs. (aka profit margin) Services: the greater the value added, the greater then efficiency of that operation . Goods: the greater the value added, the greater the amount of funds available for.