BU385 Study Guide - Midterm Guide: Standard Deviation, Irish Guards, Exponential Distribution
Document Summary
Chapter 1 (intro: om is the management of processes or systems that create goods and provide services, used to improve, efficiency (minimize cost and time, effectiveness (achieving intended goals, added value, the difference between the cost of inputs and the price of outputs. Operations function: transformation process, making of a car is a transformation process (raw material to a good for sale, always work backwards from canned vegetables (output) > processes > inputs (raw materials, types of operations, goods producing, storage/transportation, exchange, entertainment, communication. Om decisions: operational decision short term, scheduling, tactical decisions mild range, aggregate planning, strategic decisions, capacity decisions. Analysis of trade offs: decision on amount of inventory to stock, increased cost of holding inventory vs, level of customer service, pareto phenomenon, a few factors account for a high percentage of the occurrence of some event(s, 80/20 rule 80% of problems are caused by 20% of the activities.
