components of systems productivity

May 29th, 2015
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HISTORICAL EVOLUTION OF PRODUCTION AND OPERATIONS MANAGEMENT For over two centuries operations and production management has been recognised as an important factor in a country’s economic growth.

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Chapter IProduction Management / Operations Management:It is the management of systems or processes that create goods and/or services.Business: Individuals or organizations who try to earn profit by providing goods or services that satisfy peoples needs. It is the exchange between buyer and seller. It improves the standards of living.Product: A good or service with tangible or intangible characteristics that provide satisfaction and benefit.Buyer: A buyer recognizes a need for a good or service and trades money with a seller to obtain that product or service.Seller: The seller participates in the process in hopes of gaining profits.Profit / Value added: The difference between what it costs to make and sell product and what the customer pays for it. It is the rewards for the business organizations who use people, information, technologies to create and market want satisfying good and services.A business organization has three primary functions. They are (i) Finance (ii) Operations (iii) Marketing(i) Finance: It is responsible for securing financial resources at favorable prices and allocating those resources through the organization. It is also re

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