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Study Guide

[GMS 401] - Midterm Exam Guide - Comprehensive Notes for the exam (61 pages long!)


Department
Global Management Studies
Course Code
GMS 401
Professor
Wally Whistance- Smith
Study Guide
Midterm

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Ryerson
GMS 401
MIDTERM EXAM
STUDY GUIDE

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Chapter 1 – Introduction
What is Operations Management?
OM is the management of activities and resources that create goods and/or provide services
Companies use OM to improve:
oEfficiency (minimize cost and time) and
oEffectiveness (achieving intended goals: quality & timeliness)
Operations Management
Management: a process by which objectives are achieved through the use of resources
oManagement almost always involves dealing with:
Conflicting objectives
Limited resources
Operations: those activities within an organization that are directly related to providing goods or services to
customers
OM is the management of processes or systems that create goods and/or provide services
Companies use OM strategies, tactics and actions to improve their efficiency (cost) and effectiveness (quality)
Three Basic Functions
1. Operations: responsible for the creation of goods and services
2. Finance: responsible for the provision of funds and the economic
analysis of investment proposals
3. Marketing: responsible for promoting the goods/services of the
organization and for assessing customer wants and needs
Types of Operations
Good producing
Storage/Transportation
Exchange
Entertainment
Communication
Operations Interfaces
Industrial engineering
Maintenance
MIS
Public relations
Personnel
Accounting
Purchasing
Distribution
The Scope of Operations Management
Creation of goods and services involves designing and operating the production process:
oDesigning decisions (capacity, location, equipment)
oOperating decisions
Planning
Execution
Controlling
System design is the most important because many of the parameters of the system operation are decided by
design
Differentiating features of Operations Systems
A number of features differentiate operations systems
oDegree of product standardization (standardized vs. customized)
oType of process (quantity of output)
oProduction of goods vs. services
Characteristics of Operations
Operations often accounts for the largest share of the personnel and fixed capital investment of the firm.
Operations often run round-the-clock and must be managed continuously.
Operations often involve complex systems and state of the art technology.
The management of operations is information intensive and requires extensive data collection and analysis.
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Because of the systemic nature of operations, even seemingly small problems or errors can have far-reaching
negative impacts and can be extremely costly.
“They only call you when something goes wrong.”
Characteristics of Manufacturing Operations
Physical conversion of “raw materials” into “finished goods” (primary value added)
Production approaches: make-to-order, make-to-stock, fabricate-to-stock & assemble-to-order
Basic manufacturing process types
oProject
oJob shop
oBatch process
oAssembly line
oContinuous process
Characteristics of Service Operations
Intangible output
oFacilitating goods
Customer contact
oCustomer participation in service process
Services are often consumed as they are produced
Services are often labor intensive
Variable, nonstandard inputs and outputs
The customer often owns key inputs to the process (property, information, etc.)
Features of Operations Systems Product Process Matrix
Goods or Service?
Tangible vs. Act
Most systems are a blend of both good and service
oService sector accounts for >70% of jobs in Canada
Goods vs. Services Operations Manager and the Management Process
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