MGTA02H3 Midterm: Midterm Exam Study Guide
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MGTA02H3 Full Course Notes
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Business- organized effort to provide things that customers want to buy(must offer what it claims to offer, ie. coffee shop must sell coffee. ) Operations- 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 production. Bankers, doctors, lawyers, professors: don"t make products, they provide ideas, analysis, information. But these things still need to be planned, managed, supplied, thus operations . Consulting services- marketing, head-hunting finance- loans, deposits, investment advice legal services- leases, wills, contracts. Products can be made without a customer. Demand planning- forecast how much you need to make. Bad ex. coffee shop runs out of coffee. Capacity planning- ensure enough space, and workers to meet demand. Location planning- find best location for getting materials, good employees, transport to market. Layout planning- arrange store/factory for smooth flow of materials (garb. can under sink)