GMS 401 Study Guide - Midterm Guide: Operations Management, Production Planning

• School: Ryerson University
• Department: Global Management Studies
• Course: GMS 401
• Professor: Fatemeh Firouzi

Document Summary

The management of processes and the systems that create goods and/ or provide services. The science and arts of ensuring that goods and services are created and delivered successfully to customers. Companies use om to improve: eiciency (minimize cost and ime) and, efeciveness (achieving intended goals: quality & imeliness) A large percentage of a company"s expenses occur in the operaions area, such as purchasing materials and workforce salaries, more eicient operaions- even a small reducion in operaions costs- can result in large increases in proit. A number of management jobs are in operaions management- including related areas such as purchasing, quality assurance, producion planning and control, scheduling, logisics, inventory management and many more. Aciviies in all the other areas of organizaions such as inance, accouning, human resources, management informaion systems, and markeing are interrelated with operaions management aciviies. Producion/operaions: creates good and services, translates materials and services into outputs.