MGT 234 Chapter 1

The creation of goods and services

Activities that relate to the creation of goods and services through the transformation of inputs to outputs

A global network of organizations and activities that supplies a firm with goods and services.

Design of goods and services Managing quality Process Strategies Location Strategies Layout

Economic activities that typically produce an intangible product (such as education, entertainment, lodging, government, financial, and health services).

The segment of the economy that includes trade, financial lodging, education, legal, medical, and other professional occupations.

The ration of outputs (goods and services) divided by one or more inputs (such as labor, capital, or management).

Indicates the ration of goods and services produced (outputs) to one resource (input).

Indicates the ration of goods and services produced (outputs) to many or all resources (inputs).

The three factors critical to productivity improvement-labor, capital, and the art and science of management.

A society in which much of the labor force has migrated from manual work to work based on knowledge

Those with a vested interest in an organization, including customers, distributors, suppliers, owners, lenders, employees, and community members.