MS 311 Study Guide - Midterm Guide: Peter Drucker, Henri Fayol, Product Design

• School: OSU Cascades, OSUC
• Department: Military Science
• Course: MS 311

Document Summary

Definitions: henri fayol- to manage is to forecast and to plan, to organise, to command, to coordinate and to control. Deals with decision-making regarding the quality, quantity, cost, etc. , of production. Main objective is to produce goods and services of the right quality, right quantity, at the right time and at minimum cost. Customers and society: higher standard of living, generates employment, improves quality and reduces cost, spread effect, creates utility, boosts economy. References: https://kalyan-city. blogspot. com/2011/12/what-is-production-management-meaning. html https://keydifferences. com/difference-between-production-and-operations-management. html: henri fayol- to manage is to forecast and to plan, to organise, to command, to coordinate and to control. Nevertheless, innovation is also linked to marketing (product innovation is a central strategic marketing issue). Peter drucker identifies marketing as a key essence for business success, but management and marketing are generally understood as two different branches of business administration knowledge. Planning, organising, directing and controlling of production activities. Deals with converting raw materials into finished goods or products.