BUSI 3401 Study Guide - Midterm Guide: Operations Management, Time Series, Trend Analysis

• School: Memorial University
• Department: Business Administration
• Course: BUSI 3401
• Professor: petersong

Document Summary

Define the term operations management and identify operation management jobs. Identify 3 major functional areas of organizations and describe how they interrelate. Describe the scope of operations management & provide an overview of this book (including differentiating between design and planning/control decisions. Describe the key aspects of operations management decision making. Briefly describe the historical evolution of operations management. Identify some of the major trends that affect operations management. List and briefly discuss the primary ways that organizations compete. Describe the company"s strategic planning, mission/vision/values, strategies, and operations strategy and list the steps involved in formulating an operations strategy. Define and measure the term productivity, describe factors affecting productivity, and explain why measuring the productivity of services is difficult. Identify uses of demand forecasts, distinguish between forecasting time frames, describe common features, list the elements of a good forecast and steps of forecasting process, and contrast different forecasting approaches. Describe at least 3 judgmental forecasting methods.