GMS 200 Chapter Notes - Chapter First midterm: Craft Production, Car Wash, Outsourcing

• School: Ryerson University
• Department: Global Management Studies
• Course: GMS 200
• Professor: Bjmeilke

Document Summary

Operation management -management of processes that create goods and provide services. Process: a series of actions, changes or function that bring a result. 3 types of processes-- core or operational, support and managerial: core processes-- directly create goods and services, support processes- support core processes, managerial processes-- govern the system. 3 typical functions-- operations, finance and marketing: functions must work together for success of organization. Operations: perform all the activities directly related to producing goods or providing services, responsible for creation of an organizations goods or services. Inputs are used to obtain finished goods: value added-- the difference between the cost of inputs and the value or price of outputs. Finance: activities related to securing resources and allocating them throughout the organization, provision of funds-- necessary funding for operations. The operations managers job: ultimate responsibility of creation of goods/services, must coordinate management activities through planning, organizing, directing and controlling.