MGM101H5 Lecture : MGM101
25
MGM101H5 Full Course Notes
Verified Note
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Document Summary
When visualizing interconnectivity of three business system components: Strategy is what we want to accomplish. Business structure should provide controls and formal communication and responsibility framework that will guide organization as it seeks to realize its strategy. Operations are understood to be actual processes employed, which, when combined with utilization of organization"s capital assets, enable strategic outcomes to be actualized. Successful businesses establish within their business systems competitive advantages that enable them to deliver their g/s to targeted market segments in manner superior to competitors. Operations- a function or system that transforms input into outputs of greater value (focus on productivity, competitiveness, and quality) Operations management- the effective design, development, and management of the processes, procedures, and practices embedded within an organization"s business system for the purpose of achieving its strategic intent. Managers are responsible for making decisions under conditions of uncertainty about the allocation of scarce resources towards achieving the organization"s strategic objectives.
