MGMT 1P93 Lecture Notes - Lecture 11: Operations Management, Mass Customization, Value Chain
16 Jan 2019
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Document Summary
Operations management: managing the activities involved in creating value by producing goods and services and distributing them to customers. Efficiency: producing output or achieving a goal at the lowest cost. Effectiveness: using resources to create the greatest value by providing customers with goods and services that offer a between relationship between price and perceived benefits. Focus one making one type reduced costs, now many companies let you customize your products. Ww2 reduced global competition because of the damages to infrastructure. By early 1970s japan, germany rebuilt amazing new facilities. Adopted new techniques, helped improve product quality. Shift from a cost perspective to a value perspective. Provide essential information and advice during product design process. Must develop the processes needed to produce them and get them to the customer. Process: set of related activities that transform inputs into outputs, thus adding value. Once designed, op"s must determine the best way to produce it.
