AFM131 Chapter Notes - Chapter 10: Enterprise Resource Planning, Operations Management, Lean Manufacturing

• School: University of Waterloo
• Department: Accounting & Financial Management
• Course: AFM131
• Professor: David H A

Document Summary

Afm 131 module 6 (producing world-class goods and services) Research and development defined as work directed toward the innovation, introduction, and improvement of products and technology. Production the creation of finished goods and services using the factors of production: land, labour, capital, equipment and knowledge. Production management the term used to describe all activities that managers do to help their firms create goods. Note: canada is a service economy one dominated by the service sector. Operations management specialized area in management that converts or transforms resources (including human resources) into goods and services. Ex: in a university, operations management takes inputs such as information, professors, supplies, buildings, offices, and computer systems and creates services that transform students into educated people. It does this through a process called education. Operations management in the service industry is all about creating a good experience for those who use the service. They are responsible for locating and providing such amenities to make customers happy.