[GMS 401] - Final Exam Guide - Comprehensive Notes for the exam (31 pages long!)

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Operation management is the management of activities and resources that creates goods and or provides services. To make money: sell more and cut costs. Ex. accountants: effectiveness (achieving intended goals: quality & timeliness) Looking at the costs when creating something. Management of processes or systems that create goods and/or provides services. Companies use om strategies, tactics and actions to improve their efficiency (costs) and effectiveness (quality) Management: a process by which objectives are achieved through the use of resources. Maternity of majority: majority is not always right but is not always fair for others. Letting a single mother late to work because she has to bring her child to school. Operations: those activities within organizations that are directly related to providing goods or services to customers. Employees can hurt the company if they are not motivated. Workers are only paid to work their needs but not their wants. Accounts for the largest share of the personnel and fixed capital investment.