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Operations Lecture

Operations Lecture - OperationsLecture 21:53...

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Operations Lecture 21:53 What is operations? Organize people, equipment, info, materials, facilities Industries associated with operations o Manufacturing (Toyota) o Banking/Financial Services (storing data, transferring funds, etc.) o Concert tours (moving everything, setting up, etc.) Operations creates products and services Operations management All businesses crate a value-added product (goods, funds transfer, entertainment) Product made by transforming inputs into outputs Final product or service is output Transformation is value added Retailing is a type of operations With the emergence of online shopping, retail stores have to look to adapt to online  sales Evolving operations How is it changing? Applications of innovative technology New customer-facing processes Data-saavy and us of analytical tools Real-time, dynamic decision making Operations manager Location/Layout Inventory Management Technology Management Capacity and waiting line management
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