RMG 301 Lecture Notes - Lecture 5: Remanufacturing, Operations Management, Moving Average

• School: Ryerson University
• Department: Retail Management
• Course: RMG 301
• Professor: Norman Shaw

Document Summary

Operations management is the management of activities and resources that create goods. Effectiveness (achieving intended goals: quality & timeliness) A few factors account for a high percentage of the occurrence of some events. 80/20 rule 80% of problems are caused by 205 of the activities. The ability and performance of an organization in the marketplace compared to the other organizations that offer similar goods or services. Create perception of being better than the competition. May use initiatives such as 6-sigma or process re-engineering. Focuses on reduction of time needed to accomplish tasks. A measure of the effective use of resources, usually expressed as the ratio of output to input. Durable goods: last a long time. Non-durable goods: lasts less than 3 years. Perishable goods or services: no value after a specific date/time. Productivity growth sales this year compared to sales last year. To deliver on our service level objective.