BUAD 341 1st Edition Lecture 1 Outline of Last Lecture I Materials II Course Topics and Objectives III Exams IV Homework Assignments V Case Studies VI Attendance and Quizzes VII Make up and late work Policy VIII Disability Services IX Integrity X Tentative Timetable Outline of Current Lecture XI The study of operations management XII Goods and Services Current Lecture Why should we study operations Operations is an essential business function that can represent an important source of competitive advantage Provides a systemic approach to studying all organizational processes regardless of function e g Theory of Constraints Fundamental building block in the overall understanding of an organization Examples of OM Tasks These notes represent a detailed interpretation of the professor s lecture GradeBuddy is best used as a supplement to your own notes not as a substitute Differences between services and good Goods are tangible can be touched while services are intangible cannot be touched Level of customer interaction is different Service providers have high interactions Level of heterogeneity and variability are different Level of perishability and time dependence Service is not time dependent while goods are and also perishable Goods have to pay attention to their inventory because the more inventory there is the more expensive it is The way in which quality is designed and assessed supporting facilities facilitating goods explicit and implicit services An explicit service is a readily observable benefit or loss An implicit service is a psychological benefit that may be only realized vaguely An operation can be a service and a good at the same time Manufacturing is making a good and a service is providing a service You cannot patent a service Examples If you drop it on your foot it won t hurt you This is a service Services never include goods and goods never include services This is a false statement
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