BUAD306 Study Guide - Midterm Guide: Gantt Chart, Emv, Mean Squared Error

• School: University of Delaware
• Department: Business Administration
• Course: BUAD306
• Professor: Susan Murphy

Document Summary

Operations - part of business organization responsible for producing goods & services. Goods physical items produced by business organizations; include raw materials, parts, subassemblies and final products. Services activities that provide some combination of time, location, form, or psychological value. Ideal situation for a business organization: achieve an economic match of supply & demand. Too little supply = lost opportunity, customer dissatisfaction. 3 basic functions of an organization: finance, operations, marketing. Finance responsible for securing financial resources at favorable prices and allocating those resources throughout the organization, as well as budgeting, analyzing investment proposals, and providing funds for operations. Marketing responsible for assessing consumer wants and needs, and selling and promoting the organizations goods or services. Operations responsible for producing the goods or providing the services offered by the organization. Operations managements management of systems or processes that create goods and/or provide services.