[GMS 401] - Final Exam Guide - Ultimate 28 pages long Study Guide!

• School: Ryerson University
• Department: Global Management Studies
• Course: GMS 401
• Professor: Omid Jadidi

Document Summary

Operations management (om) is the management of all activities that creates value in the form of goods and services by transforming inputs into outputs: potatoes, corn, oil, seasoning, etc. Finished goods: supplier selection, purchasing, transporting, managing inventory, hr, conversion process, m. r. o. , managing inventory, forecasting, advertising, understanding customers" needs, distributing, Efficiency is determined by the amount of time, money, and energy i. e. resources that are necessary to obtain certain results. If we are able to meet our daily production with less energy and fewer operators, we have operated more efficiently. Effectiveness is determined by comparing what a process or installation can produce with what they actually produce, i. e. creating more of a product with same or higher quality in the same time period. Companies use om to improve efficiency (minimize cost and time) and effectiveness (achieving intended goals (quality and timeliness)