COMMERCE 1E03 Chapter Notes - Chapter 10: Statistical Process Control, Facility Location Problem, Operations Management
26 Feb 2015
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Research and development: when technological know how is developed, sold, distributed ,and used, then it becomes an innovation. Directed toward the innovation, introduction, and improvement of products and processes. Production- the creation of goods and services using the factors of production: land, labor, capital, entrepreneurship, and knowledge. Production management- all the activities that managers do to help their firms create goods. Operation management- a specialized area in management that converts or transforms resources (including human resources into goods and services: the federal government alone- considered the principal source of r&d funds in. Canada- spent an estimated . 3 billion in 2011-12 on science and technology. Iso (international organization for standardization) is a worldwide federation of national standards from more than 140 countries that set the global measures for the quality of individual products. Facility location- the process of selecting a geographic location for a company"s operations.
