ADMS 1010 Chapter Notes - Chapter 7: Value Chain, Protectionism, Free Trade

• School: York University
• Department: Administrative Studies
• Course: ADMS 1010
• Professor: Helen Pogrin

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 value chain (a. k. a. Value chain: the process by which a valuable product or service is created. Scientific management (taylorism): developed by fredrick winslow taylor, applied scientific methods to improve management. Time-motion studies: major aim was to increase efficiency: 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: mass production, 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.