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GMS 401 - Chapter 1 Questions And Answers With 100% Correct Answers
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  • GMS 401

4 Reasons to Study OM - 1) study how people organize themselves for a productive enterprise 2) to know how goods and services are produced 3) to understand what operations managers do 4) Because it is a costly part of an organization Operations Management - set of activities that create value (...

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  • August 16, 2024
  • 9
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • GMS 401
  • GMS 401

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GMS 401 - Chapter 1
4 Reasons to Study OM - 1) study how people organize themselves for a productive enterprise

2) to know how goods and services are produced

3) to understand what operations managers do

4) Because it is a costly part of an organization



Operations Management - set of activities that create value (goods/services) by transforming
inputs into outputs

- discipline applied to any org activity

- costly part of organization

- opportunity to improve profitability and enhance service to society



Characteristics of Goods - Tangible product

Consistent product definition

Production usually separate from consumption

Can be inventoried

Low customer interaction



Characteristics of Services - Intangible product

Produced and consumed at once

Often unique (investment/insurance)

Customized to your needs and preferences

High customer interaction

Inconsistent product definition

Often knowledge-based

Frequently dispersed (can be done anywhere)



Responsibility of Operations Managers - effective use of resources

, Operations Management Jobs - In various areas

Job titles can vary

New jobs everyday

New specialized areas

Rise in entrepreneurship with tech advancemen and ecommerce



3 Essential Operation Functions to Create Goods/Service - Marketing

Production/Operations

Finance Accounting



Marketing - generate demand (sales)



Production/Operations - Create and produce goods/service then deliver the product



Finance Accounting - pay bills, collect money



Supply Chain - A global network of organizations and activities that supply a firm with goods and
services

- begins with provider of basic raw materials

- ends with customers in stores



1st Reason to Study OM - to study how people organize themselves for a productive enterprise



2nd Reason to Study OM - To know how goods and services are produced



3rd Reason to Study OM - To understand what operations managers do

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