man7 - Introduction to Operations Management Man4504 Adam...

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Slide 1 Introduction to Operations Management Man4504 Adam Munson, Ph.D.
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Slide 2 What is Production / Operations Management? Production is the creation of goods OR services Operations Management (OM) is the set of activities that creates value in the form of goods or services through the transformation process. The Transformation Process is the set of activities that collectively uses inputs to create outputs. It involves decisions concerning the planning, organization, staffing, directing, and controlling of the transformation process.
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Slide 3 Typical Characteristics of a Good Tangible Consistent product definition Production typically separate from consumption Can be inventoried Low customer interactions
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Slide 4 Typical Characteristics of a Service Intangible Often unique Produced and consumed at the same time Often knowledge based High customer interactions
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Slide 5 Apparently no one…. That’s why there is $1.16 trillion of it in the US economy. Who Cares About Inventory? Picture from MOHI
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In service environments inventory (flow times) are even more important, but inventory never shows up on the financial records. And the Real Economic Impact is Worse
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This note was uploaded on 01/25/2011 for the course MAN 4504 taught by Professor Benson during the Spring '08 term at University of Florida.

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man7 - Introduction to Operations Management Man4504 Adam...

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