GMS 401 Midterm: AutoRecovery save of GMS401 - TERM 1 TEST REVIEW

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Ryerson University
Global Management Studies
GMS 401
Wally Whistance- Smith

GMS401 CHAPTER 1 (TEXTBOOK) WHAT IS OPERATIONS MANAGEMENT? Operations Management 0 Activities that relate to the creation of goods and services through the transformation of inputs to outputs Production 0 is the creation of goods and services Services 0 When the good produced isnt tangible or a product 3 Functions to Create Goods and Services Marketing 0 Generates the demand 1 Or at least takes the order for a product or service 2 (nothing happens until there is a sale) ProductionOperations 0 Which creates the product FinanceAccounting 0 Tracks how well the organization is doing, pays the bills, and collects the money The Supply Chain A global network of organizations and activities that supplies a firm with goods and services WHY STUDY OPERATIONS MANAGEMENT? Four Reasons 0 We study how people organize themselves for productive enterprise 1 Want to know how goods and services are produced 2 To understand what operations managers do 3 Because it is such a costly part of an organization OPERATIONS IN THE SERVICE SECTOR Services 0 Economic activities that typically produce an intangible product 1 Such as: 0 Education 1 Entertainment 2 Lodging 3 Government 4 Financial 5 Health services What Distinguishes a Service from a Good 0 Services are: 0 Intangible 1 Produced and consumed simultaneously (no stored inventory) 2 Unique 3 High customer interaction 4 Inconsistent product definition 5 Knowledge based 6 Dispersed
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