MGM101H5 Lecture Notes - Lecture 13: Value Chain, Supply Chain, Operations Management

• School: UTM
• Department: Management
• Course: MGM101H5
• Professor: Dave Swanston

Document Summary

When visualizing interconnecivity of three business system components: Strategy is what we want to accomplish. Business structure should provide controls and formal communicaion and responsibility framework that will guide organizaion as it seeks to realize its strategy. Operaions are understood to be actual processes employed, which, when combined with uilizaion of organizaion"s capital assets, enable strategic outcomes to be actualized. Successful businesses establish within their business systems compeiive advantages that enable them to deliver their g/s to targeted market segments in manner superior to compeitors. Operaions- a funcion or system that transforms input into outputs of greater value (focus on producivity, compeiiveness, and quality) Operaions management- the efecive design, development, and management of the processes, procedures, and pracices embedded within an organizaion"s business system for the purpose of achieving its strategic intent. Managers are responsible for making decisions under condiions of uncertainty about the allocaion of scarce resources towards achieving the organizaion"s strategic objecives.