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IB BUSINESS MANAGEMENT OPERATIONS MANAGEMENT ACCURATE QUESTIONS AND ANSWERS WITH SOLUTIONS 2024
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IB BUSINESS MANAGEMENT OPERATIONS MANAGEMENT ACCURATE QUESTIONS AND ANSWERS WITH SOLUTIONS 2024
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IB BUSINESS MANAGEMEN T OPERATIONS MANAGEMENT ACCURATE QUESTIONS AND ANSWERS WITH SOLUTIONS 2024 What are the operations of an organization or business? - ANSWER The fundamental activities of the organization or business What does the primary sector deal with? - ANSWER Raw materials (oil, coal, etc.) What does the secondary sector deal with? - ANSWER Manufacturing of goods What does the tertiary sector deal with? - ANSWER Services What does the quaternary sector deal with? - ANSWER Knowledge, innovation What is operations management? - ANSWER The art of managing the production process in order to achieve the best result What are the most likely goals of operations management? - ANSWER Improved quality, increased productivity, and reduced costs What is ecological sustainability? - ANSWER Ensuring that ecosystems maintain their essential functions and processes and also retain their biodiversity over the long run What is social sustainability? - ANSWER The ability of a community to develop processes and structures of current and future members to maintain a healthy community What is economic sustainability? - ANSWER Using the assets of a company efficiently to allow it to continue functioning profitably in the long -term What is the purpose of job (custom) production? - ANSWER Used to make products for specific customers according to precise specifications What are the main advantages of job (custom) production? - ANSWER High quality, motivation, uniqueness, flexibility, higher mark -ups What are the main disadvantages of job (custom) production? - ANSWER Cost (for business), time -consuming, labor intensive, risk What is the purpose of batch production? - ANSWER Used to manufacture products in quantities too large for customization and too small for mass production in a large -scale factory What are the main advantages of batch production? - ANSWER Economies of scale, customer choice, useful for producing trailing products, can effectively fill unexpected orders What are the main disadvantages of batch production? - ANSWER Down time, large stock of "work -in-
progress", availability of inputs What is mass (flow) production? - ANSWER Producing large quantities of standardized products using continuous flow of materials along an automated assembly line What are the main advantages of mass (flow) production? - ANSWER Little ongoing maintenance, significant economies of scale, low labor cost, fast response time, consistent quality, planning What are the main disadvantages of mass (flow) production? - ANSWER High initial cost, breakdowns, dependent upon mass demand, inflexible, demotivating What is process production? - ANSWER Continuous input of raw material and other resources to produce a continuous conversion into a finished product What are the main advantages of process production? - ANSWER Reduced costs, mass production capability, consistency
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