Chapter 1 Operations and Productivity

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Last updated 6:48 PM on 9/17/26
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4 Terms

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Production

the creation of goods and services

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Operations management (OM)

the set of activities that creates value in the form of goods and services by transforming inputs into outputs

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Essential functions:

1. Marketing – generates demand

2. Production/operations – creates the product

3. Finance/accounting – tracks how well the organization is doing, pays bills, collects the money

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