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OPERATIONS MANAGEMENT MIDTERM ACCURATE QUESTIONS AND ANSWERS WITH SOLUTIONS 2024
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OPERATIONS MANAGEMENT MIDTERM ACCURATE QUESTIONS AND ANSWERS WITH SOLUTIONS 2024
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OPERATIONS MANAGEMENT MIDTERM ACCURATE QUESTIONS AN D ANSWERS WITH SOLUTIONS 2024 Definition of Operations Management - ANSWER Operation Management focuses on the decision for the production and delivery of the firms products and services What are the 3 aspects of Operations Management? (the essence of) - ANSWER 1. Decisions 2. Function 3. Process What are the 5 major decision responsibilities of operations management? - ANSWER Process Quality Capacity Inventory Supply Chain What is the definition of Supply Chain? - ANSWER It is a network of manufacturing and service operations that supply one another. It also focused on the transformation of raw materials through production to the end consumer Supply Chain Management includes the integration of ? - ANSWER Suppliers Manufactures Customers Is there a single set of "Best Practices"? - ANSWER No, the best decision -making will depend on the current situation What is Cross -Functional Decision Making? - ANSWER It operates as the primary production function. (Also includes other primary functions: Marketing and Finance) How can you define Operations? - ANSWER Operations can be defined as a Transformation Process that converts inputs to outputs What are some of the contemporary Operations Challenges? - ANSWER - Service and Manufacturing - Customer -Directed Operations ("voice of customer") - Integration of Decisions Internally and Externally - Environmental Sustainability - Globalization of Operations and the Supply Chain Why is Cross -Functional Decision Making important? - ANSWER Operations decisions are often cross -functional in nature. Decisions may impact or be impacted by activities in other functions such as marketing and finance. Often, cross - functional teams are f ormed to undertake complex decisions. (HOMEWORK) What is the difference between the terms "production management" and "operations management"? - ANSWER The Production management has a focus on the physical production of goods/services Operations management has a focus on the activities: how goods and services are produced and delivered to customers. (HOMEWORK) What is the difference between operations management and supply chain management? - ANSWER Operations Management is concerned with what happens inside the company. Ensuring the products are properly manufactured Supply Chain is mainly concerned with what happens outside the company - obtaining materials and delivering products (HOMEWORK) What are the key decisions made by sourcing and logistics managers? - ANSWER Decisions of Sourcing Managers= focus on acquiring material and service inputs; Decisions of Logistics Managers= focus on the movement of goods and/or services. (HOMEWORK) How does the work of an operations manager differ from the work of a marketing manager or a finance manager? How are these functions similar? - ANSWER Operations Manager = primarily responsible for managing and looking after how to produce good s and services. Creating supply for the goods Marketing Manager= primarily responsible for making demand for the products Finance Manager= primarily responsible for reporting the revenue and expenses of the company. What is Operations Strategy? - ANSWER A consistent pattern of business decisions for operations and the associated supply chain What are the 4 elements that form an Operations Strategy? - ANSWER - Mission - Objectives - Strategic Decisions - Distinctive Competence What are the 4 common objectives of operations - ANSWER - Cost - Quality - Delivery - Flexibility The Objectives of quality, cost, delivery and flexibility are: - ANSWER All Connected What is Distinctive Competence? - ANSWER What a company can make, do, or perform better than its competitors. It adds value and is difficult to imitate or replace by competitors
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