BU385 Midterm: Midterm 1 review
Document Summary
Operations management: managing activities and resources that create g/s (design, plan, coordinate, direct, control, and improve processes that transform inputs to output; manager creates g/s, technical product-specific aspects of production. Efficiency: operating at minimum cost and time effectiveness: achieving intended goals (quality, timeliness) Operations: manage activities directly related to producing g/s; add value during transformation process (cost of inputs vs. price of output) Supply chain mngmt: working w/ suppliers & customers = increased productivity. Finance: activities related to securing funds at good prices & allocating them to depts. Provision of funds: amount and timing of funding, economic analysis of capital investment proposals: alternative investments in ppe requiring input from ops and fin. Marketing: customer needs/wants, informing ops and product design of them info about demand to plan accordingly (purchase materials, schedule production), product design needs to improve current g/s and designing new ones. Lead time: realistic estimates for customers on how long it"ll take to fill their orders.
