GMS 401 Study Guide - Midterm Guide: The Delay, Aisle, Manufacturing Engineering

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

Document Summary

The set of activities that creates value in the form of goods and services by transforming inputs into outputs. Marketing: assesses customer needs and requirements, communicates the collected requirements to others, generates demand. Finance/accounting: provides funds, tracks how well the organization is doing, collects the money. Services: economic activities that typically produce an intangible product. Service sector: the segment of the economy that includes trade, financial, lodging, education, medical, legal, and other professional occupations. Inventory, material requirements planning (mrp) and just-in-time (jit): Om managers are decision makers, not gamblers. To achieve the goals of their organization, managers must: understand how decisions are made, know which decision making tools to use. Success or failure depends on the quality of decisions. A good decisions is one that uses analytic decision making, is based on logic, and considers all available data and possible alternatives.