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OPERATIONS MANAGEMENT EXAM 1: ANDY ANDERSON ACCURATE QUESTIONS AND ANSWERS WITH SOLUTIONS 2024
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OPERATIONS MANAGEMENT EXAM 1: ANDY ANDERSON ACCURATE QUESTIONS AND ANSWERS WITH SOLUTIONS 2024
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OPERATIONS MANAGEMENT EXAM 1: ANDY ANDERSON ACCURATE QUEST IONS AND ANSWERS WITH SOLUTIONS 2024 Operations Management - ANSWER 1. The activity of managing the resources which are devoted to the production and delivery of products and services 2. "Making stuff" 3. Producing goods and services Three Basic Functions of Enterprises - ANSWER 1. Product/service development 2. Marketing 3. Operations Transforming Resources - ANSWER Things that are making the changes happen ex. facilities, staff Transformed Resources - ANSWER The things that are being changed ex. materials, info, customers Predominantly Processing Inputs of Materials (Examples of Dominant Transformed Resource Inputs) - ANSWER 1. All manufacturing operations 2. Mining materials 3. Retail operations 4. Warehouses 5. Postal services 6. Container shipping line 7. Trucking companies Predominantly Processing Inputs of Info (Examples of Dominant Transformed Resource Inputs) - ANSWER 1. Accountants 2. Bank headquarters 3. Market research company 4. News services 5. University research unit 6. Telecoms company Predominantly Processing Inputs of Customers (Examples of Dominant Transformed Resource Inputs) - ANSWER 1. Hairdressers 2. Hotels 3. Hospitals 4. Mass rapid transports 5. Theatres 6. Theme parks 7. Dentists Operations can be Analyzed at Three Levels - ANSWER 1. The level of the supply network (flow between operations) 2. The level of operations (flow between the processes) 3. The level of the process (flow between resources) The Four Vs (Low to High Scale) (The Typology of Operations and Process) - ANSWER 1. Volume (amount) 2. Variety (number of different types of products you are making) 3. Variation in demand (demand curve) 4. Visibility (customer service) Implications of Low Volume (The Four Vs) - ANSWER 1. Low repetition 2. Each staff member performs more of each task 3. Less systemization 4. High unit costs Implications of High Volume (The Four Vs) - ANSWER 1. High repeatability 2. Specialization 3. Capital intensive 4. Low unit costs Implications of High Variety (The Four Vs) - ANSWER 1. Flexible 2. Complex 3. Match customer needs 4. High unit costs Implications of Low Variety (The Four Vs) - ANSWER 1. Well defined 2. Routine 3. Standardized 4. Low unit costs Implications of High Variation in Demand (The Four Vs) - ANSWER 1. Changing capacity 2. Anticipation 3. Flexibility 4. In touch with demand 5. High unit costs Implications of Low Variation in Demand (The Four Vs) - ANSWER 1. Stable 2. Routine 3. Predictable 4. High utilization 5. Low unit costsThe benefits of buying summaries with Stuvia:
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