What is operations management? correct answers Creating value by efficiently/effectively transforming inputs into outputs
What are three main types of any business? correct answers Marketing (generates the demand)
Production/Operation (creates the product)
Finance/Accounting (follows success...
OM 300 Test 1 || with Complete Solutions.
What is operations management? correct answers Creating value by efficiently/effectively transforming inputs into outputs
What are three main types of any business? correct answers Marketing (generates the demand) Production/Operation (creates the product) Finance/Accounting (follows success and finances)
What types of decisions do operations managers make? correct answers Planning, organizing, staffing, leading, and controlling; How people organize themselves for productive enterprises.
What are the differences between goods and services? correct answers Manufacturers produce a tangible product (good), whole service products are often intangible. Many products are a combination between the two.
What is productivity? correct answers A measure of process improvement. It represents our outputs relative to input.
How is productivity calculated? correct answers outputs divided by inputs/
What are the two types of productivity calculations? correct answers 1. Single factor: units produced/resources used
ex: labor prod. 2. Multi factor: output / (labor + material + energy + capital + misc)
*always a dollar amount
What is a global view of operations? correct answers Customers, talent, and suppliers are worldwide. Global markets contribute efficiency, value to products/services but also intensify complexity, risk and competition.
What are some examples of global companies? correct answers Boeing, cars, athletic wear, etc.
Why would a company expand globally? correct answers Improve supply chain, reduce costs (labor, taxes, tariffs, etc.), improve operations, understand markets, improve products, attract/attain global talent.
Mission correct answers Tells an organization where it is going.
Strategy correct answers Tell an organization how it will get where it wants to go.
How do companies achieve competitive advantage? correct answers Competing on Differentiation (Better) Competing on Costs (Cheaper) Competing on Response (Faster)
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