Chapter 1 Operations and productivity

1. Operations managment

   Annotations:

   • Set of activities that creates value in the form of goods and services by transforming inputs into outputs
2. Supply Chain

   Annotations:

   • Is a global network of organizations and activities that supply a firm with goods and services.
3. Value Chain

1. Marketing

   Annotations:

   • Generates demand or at least takes the order for a product or servic.
2. Production/operations

   Annotations:

   • Creates the product
3. Finance/Accounting

   Annotations:

   • Tracks howis the organization doing, pays the bills and collects the money.

1. Services

   Annotations:

   • Economic activities that tipically produce an intangible product such as education, entretainment. 
2. Similarities
   1. Quality standards
   2. Designed and produced on a schedule that meets the customer demand.
   3. Made in a facility where people are amployed

Annotations:

• The ratio of outputs/goods and services divided by one or more inputs (labor, capital, managment). Improvement:  -Reducing inputs/constant output -Increasing outputs/constant input

1. Single

   Annotations:

   • Indicates the ratio of resource (input) to the goodsand services produced (output)
2. Multifactor

   Annotations:

   • indicates the ratio of many or all resources (inputs) to the goods and services produced (output)