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Mgt A02 – Book Notes Chapter 10 Managing Production & Operations • Canada @ present: Competitive due to natural resources etc. Canada Future: less competitive due to brain drain, $ into R&D, NAFTA etc. • How to be more comp? Pump $ into R&D • R&D [Research and Development]: work directed towards the innovation, introduction, and improvement of products and processes. • Innovation = improve product quality + to increase production capacity + extend product range. • Production management: all the activities managers do to help their firms create products. • Manf. Sector: 16.4% Service Sector: 78% • Canada therefore = Service economy. • Since Canada is changing into service from manufacturing, the word production has been replaced by operations which reflects both goods and services production. • Production: creation of finished goods and services using the factors of production: land, labor, capital, entrepreneurship and knowledge. • Operations management: a specialized area in management that converts or transforms resources (including human resources) into goods and services.
Approximate Word count = 598
Approximate Pages = 2.4
(250 words per page double spaced)
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