[COMMERCE 2OC3] - Final Exam Guide - Comprehensive Notes fot the exam (70 pages long!)

• School: McMaster University
• Department: Commerce
• Course: COMMERCE 2OC3
• Professor: Fouzia Baki

Document Summary

Operations management (om): activities that relate to the creation of goods and services through the transformation of inputs to outputs. Supply chain: a global network of organizations and activities that supplies a firm with goods and services. Management process: the application of planning, organization, staffing, leading, and controlling to the achievement of objectives. Services: economic activities that typically produce an intangible product (such as education, entertainment, lodging, government, financial and health services) Service sector: the segment of the economy that includes trade, financial, lodging, education, legal, medical, and other professional occupations. Productivity: the ratio of outputs (goods and services) divided by one or more inputs (such as labour, capital, or management) eg. units per hour. Single-factor productivity: indicates the ratio of one resource (input) to the goods and services produced (outputs) Multifactor productivity: indicates the ratio of many or all resources (inputs) to the goods and services produced (outputs)