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Chapter 1

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Global Management Studies
GMS 401
Kirk Bailey

Chapter 1Introduction to Operations Management GMS401IntroductionOperations Management the management processes or systems that create goods andor provide services A system is a set of interrelated parts that must work together Process a series of linked actions changes or functions bringing in a result Types of processeso Core or operational directly create goods andor serviceso Support support core processeso Managerial govern the system Some activities performed that fall into the realm of operations mgmt forecasting capacity planning scheduling managing inventories assuring quality employee motivation and training location of facilities buying materials Example PG2Many companies use operations mgmt strategies and actions to improve efficiency and effectiveness Efficiency operating at minimum cost and time Effectiveness achieving quality and responsivenessFunctions within OrganizationsOrganizations are formed to pursue goals by the efforts of a group of people they are devoted to producing goods andor providing services Three basic functions operations finance and marketing they each perform different but related activities necessary for the operation of the organizationFig11 pg5OPERATIONSThis function performs all the activities directly related to producing goods or providing services goodsoriented and serviceorientedResponsible for the creation of an organizations good or services Inputs are used to obtain finished goodsservices using transformationconversion processes feedback is taken to determine if corrective action is needed Value added the difference between the cost of inputs and the value or price of outputs FINANCEActivities related to securing resources at favourable prices and allocating those resources throughout the organization Finance and operations cooperate by exchanging information in activities such aso Provision of funds the necessary funding of operations and the amount and timing of funding can be important and even critical when funds are tight needs careful planningo Economic analysis of investment proposals evaluation of alternative investments MARKETINGResponsible for assessing customer wants and needs and for communication those needs and feedback to operations people and to product design people Lead Time the time between ordering a good or service and receiving it this is important info from the operations in order to give customers estimates on order time1
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