[GMS 401] - Midterm Exam Guide - Comprehensive Notes for the exam (18 pages long!)

• School: Ryerson University
• Department: Global Management Studies
• Course: GMS 401
• Professor: Payman Ahi

Document Summary

Operations management: the set of activities that creates value (creating g/s) by transforming inputs into outputs (takes place in all organizations) Finance/accounting: provides funds (pays bills, collects money. Operations: maintenance, ground operations, flight operations, customer health/safety, ground support equipment. There are lots of jobs done under operations management. It"s one of the functions that"s interrelated to other functions of the company (marketing & f/a) Services: economic activities that typically produce an intangible product (edu, gov, financial, ent) Service sector: economic segment that includes education, lodging, finances, gov, ent, medical, etc. ) Goods: tangible, consistent product definition, low customer interaction, can be stored, production/consumption usually separated, high uniformity of input/output. Services: intangible, produced and consumed simultaneously (can"t be stored/inventoried, often unique, high customer interaction, inconsistent product definition (changes in policies, often knowledge-based, frequently dispersed. Operations managers: perform the basic functions of the management process. Basic functions: planning, organizing, staffing, leading, controlling.