DSCI 304 Chapter Notes - Chapter 1: Operations Management, Supply Chain, Six Sigma
1 Sep 2016
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Goods: physical items that include raw materials, parts, subassemblies such as motherboards that go to computers, and final products such as cell phones and automobiles. Services: activities that provide some combination of time, location, from or psychological value. Supply chain: sequence of organization-their facilities, functions, and activities- that are involved in producing and delivering a product or service. Operations management: the management of systems or processes that create good or provide services. Value added: the difference between the cost of inputs and the value or price of outputs. Lead time: the time between ordering a good or service and receiving it. Process management: one or more actions that transform inputs into outputs. Physical models: look like real life counterparts, ex model cars toy animals. Schematic models: more abstract than their physical counterparts, have less resemblance to physical reality. System: a set of interrelated parts that must work together.
