ITM 410 Chapter Notes - Chapter chapter 1: Operations Management, Total Factor Productivity, Supplier Relationship Management

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Operations management design, direction, and control of processes. Process: activity or group of activities that takes one or more inputs, transforms them, and provides one or more outputs for its customers. For organizational purposes, processes are clustered together into operations. Operation: group of resources performing all or part of one or more processes. Processes can be linked together to form a supply chain. Supply chain: interrelated series of processes within a firm and across different firms that produce a service or product to the satisfaction of customers. Firm can have multiple supply chains, which vary by the product or service provided. Finance generates resources, capital, and funds from investors and sales of its goods and services in the marketplace. Finance and operations functions decide how to invest these resources and convert them into physical assets and material inputs. Operations transforms these material and service inputs into product and service outputs.

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