MGT 300 test 1 study guide

Topics: Management, Cost, Costs Pages: 0 (870 words) Published: September 1, 2014
TEST 1
What is OM? OM is the set of activities that create value in the form of goods & services by transforming inputs into outputs. The business functions responsible for planning, coordinating & controlling the resources needed to produce a company’s products & services. Essential Functions: Marketing: General demand, Production Operations: Creates the product, Finance/ Accounting: Tracks how well the organization is doing financially. Why Study OM? 1. OM is one of three major functions of any organization; we want to study how people organize themselves for productive enterprise 2.We want (and need) to know how goods and services are produced. 3.We want to understand what operations managers do. 4.OM is such a costly part of an organization What OM People Do: Planning, Staffing, Leading & Controlling Goods vs. Services: Manufacturers produce tangible product, services often intangible, Operations activities often very similar, Distinction not always clear, few pure services. Productivity= Units Produced/Inputs Used, Measure of process improvement, represents output relative to input, Only through productivity increases can our standard of living improve. Multi-Factor Productivity: Output/Labor + Materials +Energy+ Capital +Miscellaneous. Also known as total factor productivity, outputs & inputs often expressed in dollars, multiple resources units  multi-factor productivity. Chapter 2:

Global View Of Operations: Reduce costs, Improve supply chain, Provide better goods & services, Understand markets, Learn to improve operations, Attract & retain global talent. Tangible  Intangible reasons. Mission & Strategy: M: Where the organization is going, Organizational purpose for being, Provides boundaries & focus. S: How the organization will get there, functional areas have strategies; strategies exploit opportunities & strengths, neutralize threats & avoid weaknesses. Strategies for Competitive Advantage: Differentiation: Better or at least different, Cost...
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