By Ravi Behara
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Extra info for Operations Management
Logistics: The management of the movement of materials and goods, and the related information, within and between organizations. sourcing: The identification, evaluation, and selection of suppliers. supply chain management (SCM): Coordination within and between organizations to integrate the supply and demand of goods and services. , sourcing), actual purchase price, transportation costs, maintenance costs, and disposal costs. value chain: Another term for the supply chain, reflecting that value is added as goods and services progress through the chain (from supplier through to customer).
The trend line equation is y = a + bt. b = a = Σyn - bΣtn , where a = y-intercept, b = slope of the line, and n = number of data points The least-squares method, also used in regression analysis, determines the unique trend line forecast that minimizes the MSE between the trend line forecasts and the actual observed values for the time series. The independent variable is the time period and the dependent variable is the actual observed value in the time series. The independent variable is the time period and the dependent variable is the actual observed value in the time series.
Teeth cleaning). , mining companies extracting ore, steel mills making sheet steel, automobile manufacturers making cars, auto distributors, car dealerships, customers). , smartphones). value-added: The difference between the cost of the inputs and the price of the outputs; the value that is added to goods and services through a transformation. Goods-Services Comparison Goods are tangible, but services are intangible. Goods are consumed, whereas services are experienced. Customers are usually not directly involved in producing or manufacturing goods (low customer contact), whereas they usually participate in creating services (high customer contact).