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PRODUCTION OPERATIONS MANAGEMENT EXAM ACCURATE QUESTIONS AND ANSWERS WITH SOLUTIONS 2024
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PRODUCTION OPERATIONS MANAGEMENT EXAM ACCURATE QUESTIONS AND ANSWERS WITH SOLUTIONS 2024
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PRODUCTION OPERATIONS MANAGEMENT EXAM ACCURATE QUESTIONS AND ANSWERS WITH SOLUTIONS 2024 Operations and supply chain management involves - ANSWER -Product design -Purchasing -Manufacturing -Service Operations -Logistics -Distribution Success depends upon -Strategy -Processes to deliver products and services -Analytics to support the decisions needed to manage the firm What is Operations and Supply Chain Management? - ANSWER -The design, operation, and improvement of the systems that create and deliver the firm's primary products and services -Operations and supply chain management (OSCM) IS -A functional field of business -Concerned with the management of the entire production/delivery system Operations - ANSWER Manufacturing and service processes used to transform resources into products Supply Chain - ANSWER Processes that move information and material to and from he firm Process Activities - ANSWER Planning - processes needed to operate an existing supply chain Sourcing - selection of suppliers that will deliver the goods and services needed to create the firm's product Making - Producing the major product or service Delivering -Logistics processes such as selecting carriers, coordinating the movement of goods and information, and collecting payments from customers. Returning - Receiving worn -out, excess, and/or defective products back from customers Pure good - ANSWER example food products Core Goods - ANSWER Example automobile Core services - ANSWER Airlines Pure Services - ANSWER Example teaching Current issues in OSCM - ANSWER -Coordinating relationships between members of SC -Optimizing global network or suppliers, producers, and distributors -Managing customer touch points -Raising awareness of OSCM as a competitive weapon -Sustainability and triple bottom line - Economic, Social and Environmental criteria Efficiency, Effectiveness, and Value - ANSWER Efficiency -Doing Something at the lowest possible cost Effectiveness -Doing the right things to create the most value for your customer Value -The attractiveness of a product relative to its cost Comparison of firm is important to investors - ANSWER -From an operations and supply cain perspective, the relative cost of providing a good or service is closely related to earnings growth Managements efficiency ratios - ANSWER Labor Productivity -Net Income per employee -Revenue (or sales) per employee Asset Productivity -Receivables turnover ration = Annual credit sales/average accounts receivable -Inventory turnover= cost of goods sold/average inventory value -Asset turnover= revenue(or sales)/total assets Company Aspirations Beyond Making a Profit - ANSWER Cliff Bar's Aspirations (an example) 1. Sustaining our Planet - Keep our impact on the planet small, even as we grow. 2. Sustaining our community, be good neighbors, give back to the community 3.. Sustaining our people - Create an environment where people can live life to the fullest, even from 9 to 4. 4. Sustaining our business - grow slower, grow better, and stick around longer. 5. Sustaining our Brands - Make what people actually need. Never compromise quality. Sustainable Strategy - ANSWER -The firm's strategy describes how it will create and sustain value for its current shareholders -Shareholders - individuals or companies that legally own one or more shares of stock in the company -Stakeholders - individuals or organizations who are directly or indirectly influenced by the actions of the firm. -Adding a sustainability requirement means meeting value goals without compromising the ability of future generations to meet their own needs. -Triple bottom line - evaluating the firm against social, economic, and environmental criteriaThe benefits of buying summaries with Stuvia:
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