COM 341 Chapter Notes - Chapter 1: Mass Customization, Operations Management
28 Jan 2018
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Document Summary
Three functions to create goods and services: (1) marketing (2) production/ operations (3) finance/ accounting. Supply chain: through the three functions -> value for customers are created, supply chain: global network of organizations and activities that supply a firm with goods and services. Materials, information (6) hr: recruiting, skills, talent (7) supply chain management (8) inventory management (9) scheduling (10) maintenance. Product often has some residual value: productivity: ratio of outputs produced / inputs used, two ways: reduce inputs while keeping output constant or increasing output while. Improve productivity = improve efficiency keeping inputs constant. Productivity variables: labor (10% increase): healthier, educated, better nourished labour force, capital (38% increase): contributes to productivity. Difficulties: (1) labor intensive (2) focused on unique individual attributes and desires (3) intellectual task performed by professionals (4) difficult to mechanize and automate (5) difficult to evaluate for quality. Current challenges in om: (1) globalization (2) supply-chain (3) sustainability (4) rapid product development (4)
