[GMS 401] - Midterm Exam Guide - Comprehensive Notes for the exam (13 pages long!)

• School: Ryerson University
• Department: Global Management Studies
• Course: GMS 401
• Professor: Kalinga Jagoda

Document Summary

Chapter 1 - the challenge of operations management. Production: the creation of goods and services. Essential functions for production but also for an organization"s survival: marketing - generates demand, production/operations - creates the product, finance/accounting - tracks how well the organization is doing, pays bills, collects the money. Through the three functions - marketing, operations, and nance - value for the customer is created. Supply chain: a global network of organizations and activities that supplies a rm with goods and services. Why study operations management: om is one of three major functions of any organization. Services: economic activities that typically produce an intangible product such as education, entertainment, lodging, government, nancial, and health services. Service sector: the segment of the economy that includes trade, nancial, lodging, education, legal, medical, and other professional occupations. Friday, september 9, 2016: produced and consumed simultaneously, high customer interaction, inconsistent product de nition, knowledge based, dispersed.