Midterm Exam Study Guide

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University of Toronto Scarborough
Management (MGT)
Chris Bovaird

MGTA04 Midterm Study GuideOperations ManagementBusiness Organized effort to provide things that customers want to buymust offer what it claims to offer ie coffee shop must sell coffeeOperations direction and control of the creation of goods and services using the factors of production OR the management of the creation of goods and services using the factors of productionBankers doctors lawyers professors dont make products they provide ideas analysis information But these things still need to be planned managed supplied THUS operationsExample of Servicesfinance loans deposits investment adviceconsulting services marketing headhuntinglegal services leases wills contractsService Operations Special IssuesProducts books can be storedServices serving a meal can notProducts can be made without a customerServices bus trip can notProducts jeans should be the sameServices hair cuts should notWhat Operation Managers Do1Demand Planning forecast how much you need to make Bad Ex coffee shop runs out of coffee2Capacity Planning ensure enough space and workers to meet demand Bad ex Tim Hortons at UTSC3Location Planning find best location for getting materials good employees transport to market Good Ex Auto making in Ontario4Layout Planning Arrange storefactory for smooth flow of materials garb can under sink5Schedule To finish on time Start on time Operations Create Valuebusiness take factors of production transforms them into products or services which customers valueOperations Take raw materials other factors of production and add value or utilityProductivityQualityProductivity a ratio that compares resourcesproducts and inputsoutputsNational Productivitya measure of how productive and economy iseg GDP Population or GDPWorkersBusiness Productivity an individual business measure of OUTPUTSINPUTSHigh ratio ofoutputsinputshigher profitsProductivity Common RatiosManufacturing labour hoursproductRetailing salessquare footRestaurants revenuetable or revenuestoreWhy it Matterspeople are raw materials cost the more time you spend making a product the more it costs
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