GMS 401 Chapter Notes - Chapter 1: Operations Management, Cash Flow, Avail

• School: Ryerson University
• Department: Global Management Studies
• Course: GMS 401
• Professor: Carmen Schifellite

Document Summary

Operations management - mgmt process/ system create/ provide goods & services ex: airline = service vs. bicycle = good core: reservation, support: managing inventories, managerial: employee motivation success of bus/ = planning. Process - linked actions, changes bring a result. Managerial - govern system support - support core processes. Efficiency - operating at min cost & time. Why study operations management? large % exp there, increase in profits. Mgmt jobs other areas of bus/ interrelated. Organizations - pursue, achieve goals of comp efficiently & effectively produce/ provide good & services. Operations - directly related to producing goods/ services --> assembly = restaurant, retail => core inputs - obtain finished product feedback - ensure outputs obtained control - compared w/ stds if need corrective action. Goods and services occur jointly - painter + paint. Supply chain management - suppliers and customers lead to productivity.