MGMT302Midterm - MGMG 302 Midterm Study Guide Chapter...

Info icon This preview shows pages 1–3. Sign up to view the full content.

MGMG 302 Midterm Study Guide Chapter 1 -operations management activities that relate to the creation of goods and services through the transformation of inputs and outputs -3 functions for the creation of goods and services that all organizations do: 1. marketing generates demand 2. production/operations creates the product 3. finance/accounting tracks how well the organization is doing, pays the bills and collects the money -reasons to study OM 1. one of the 3 major functions that generally relates to all other business functions 2. we want to know how goods and services are produced 3. understand what operations managers do 4. its such a costly part of an organization -management process the application of planning, organizing, staffing, leading and controlling to the achievement of objectives -what operation managers do page 7 -heritage of OM 8-9 -difference between goods and services 10 -service sector segment of the economy that includes trade, financial, lodging, education, legal, medical and other professional occupations -trends in OM 12 -productivity the ration of outputs divided by one or more inputs -productivity measurement= unites produced/input used -great way to evaluate a country’s ability to provide an improving standard of living for its people -require specific inputs and outputs -helps determine how good they are doing -reasons for change in productivity: quality, external elements, precise units of measure (page 15-16) -productivity variables labor 10%, capital 38%, management 52% (page 16) -service sector productivity difficult to improve (page 18) -ethics and social responsibility -challenges: developing/producing a safe product, maintaining a sustainable environment, safe workplace, honoring stakeholder commitments Chapter 2 -globalization domestic production and exporting may no longer be viable (page 30) -there are new standards of global competiveness that impact quality, variety, customization, convenience, timeliness an cost -globalization of strategy contributes to efficiency and adds value to products and services -6 reasons to change to international operation: reduce costs, improve
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

supply chain, provided better goods, understand markets, improve operations, attract and retain global talent -reduce costs WTO, NAFTA, EU (page 31) -cultural and ethical issues page 33 -mission the purpose or rationale for an organization’s existence (page 34) -provide boundaries and focus -strategy how an organization expects to achieve its mission and goals (page 34)
Image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.
  • Spring '12
  • RaviChinta
  • Management, -product development, ethical issues page

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern