GMS 401 Lecture Notes - Lecture 2: Operations Management, Cost Leadership

• School: Ryerson University
• Department: Global Management Studies
• Course: GMS 401
• Professor: H E R M E L

Document Summary

Productivity: ratio of outputs (goods and services) divided by one or more inputs (labour, capital, or. Productivity variables: labour, basic education appropriate for the labour force, diet of the labour force, social overhead that makes labour available, capital, management, efficiency doing a good job with the least amount of resources wasted. Strategy: set of actions working towards a bigger goal. Measurement problems: quality may change while the quantity of inputs and outputs remains constant, external elements may cause an increase or decrease in productivity, precise units of measure may be lacking. Mission statements tell an organization where it is going. The strategy tells the organization how to get there.