ADMS 1010 Lecture Notes - Lecture 8: Frederick Winslow Taylor, Value Chain, Operations Management
6 Jan 2017
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Document Summary
^closed systems are fully self-contained and self-sufficient (e. g. the earth (?)) ^open systems interact with and rely on the environment around them (. e. g. almost everything else) Business as an open system can be represented as a (cid:498)value chain(cid:499) (cid:523)a. k. a. ^value chain: the process by which a valuable product or service is created. ^efficiency is based on the ratio of inputs to outputs (maximum output with minimum input) The industrial process developed by henry ford to produce the model t automobile. ^assembly lines: each worker performs a single task. ^higher wages: so employees can afford the product. Greatly facilitated by the technological revolution at the turn of the century. ^the use of analytical methods (mathematical models) to make better management decisions. ^design and management of the firm"s system to produce goods and services. ^managing the flow of goods both within and outside the firm from point of origin to point of consumption (raw materials to finished goods)
