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MGTA04/MGTA02 Lectures 1-4 Notes

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Department
Management (MGT)
Course
MGTA02H3
Professor
Chris Bovaird
Semester
Winter

Description
thIntroduction to Management IIJanuary 07 2013 OPERATIONSThe ability for a business to provide the things that people want to buyThe direction and control of processes that transform resources into finished goods or The mgmt of the creation of goods and services using the factors of productionWhy Operations and not Production o Production implies that businesses make products o Bankers doctors lawyers profs accountants dont make products but things still need to be planned managed suppliedthus operationsExamples of Services o Finance loans deposits investment advice Consulting Services Legal Services etcService Operations Special Issues o Products books can be stored services serving a meal can not o Products can be made without customers services bus trip can not o Products jeans should be the same services haircuts should notWhat operation managers do o Make things or make things happen o 1 Demand planning forecast how much is needed to be made so you dont run out o 2 Capacity planning ensure theres enough space and workers meet demand o 3 Location planning find best location for getting materials good employees transport to market o 4 Layout planning arrange storefactory for smooth flow of materialsWhy is garbage always under the sink o 5 Schedule To finish on time start on timeOperations Create Value o A business takes factors of production and transforms them into productsservices which customers value o Operations involve taking raw materialsother factors of production and adding value or utility breadcheesemeatsubfactors of prod turned into something of value
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