Business Administration - Retail Management OPM400 Chapter Notes - Chapter 1-6: Time Series, Operations Management, Quality Assurance

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Efficiency refers to operating at minimum cost and time, whereas effectiveness refers to achieving the intended goals (quality and timeliness). The transformation process uses resources to convert inputs into some desired output. Production of goods results in a tangible output, such as an automobile, a building, or wheat anything that we can see or touch. Service, on the other hand, implies an act. A physician"s examination, auto repair, lawn care, and theatre are examples of services. The majority of services fall into these categories: government services (federal, provincial, and municipal), wholesale/retaile, forestry, fisheries, mining, and oil and gas. Production of goods and performance of services differ in: Customer contact, use of inventories, and demand variability. Competitiveness relates to the ability and performance of an organization in the market compared to other competitiveness depends on the capabilities and performance of the company in its market. Competitiveness depends on the capabilities and performance of the company in its market.