FARE 3310 Chapter Notes - Chapter 1: Factors Of Production, Mass Customization, Root Mean Square

• School: University of Guelph
• Department: Food, Agricultural and Resource Economics
• Course: FARE 3310
• Professor: Getu Hailu

Document Summary

Operations management: activities that relate to the creation of goods and services through the transformation o inputs to outputs. Management process: the application of planing, organizing, staf ng, leading, and controlling to the achievement of objectives. Saturday, january 14, 2017: good managers perform these basic functions, operations managers apply this process to the om decisions they make. Services: economic activities that typically produce an intangible product. Differences between goods and services: services are typically , intangible, produced and consumed simultaneously (not stored in inventory, unique, high customer interaction, inconsistent product de nition, knowledge based, dispersed. Growth of services: services consist of the largest economic sector in postindustrial societies, canadian market tends to follow us trends. Service sector: the segment of the economy that includes trade, nancial, lodging, eduction, legal, medical, and other professional occupations: service jobs pay relatively well. Challenges: global focus, supply-chain partnering, sustainability, rapid product development, mass customization, just-in-time performance, empowered employees.