©SOPHIABENNET@2024/2025 Wednesday, August 21, 2024 12:13 PM
TORONTO METROPOLITAN UNIVERSITY
GMS 401 - Midterm #1 Exam Practice
Questions and Answers
Operations Management - Answer✔️✔️-the management of activities
and resources that create goods and or provide services
Activities in Operations - Answer✔️✔️-Forecasting
Capacity Planning
Scheduling
Managing Inventories
Assuring Quality
Employee Motivation and Training
Location of Facilities
Buying Materials
Efficiency - Answer✔️✔️-Operating at minimum cost and time
Effectiveness - Answer✔️✔️-Achieving quality and timeliness
Functions within Organizations - Answer✔️✔️-Finance ->Operations-
>Marketing
Operations - Answer✔️✔️-manages all the activities directly related to
producing goods or providing services
1
, ©SOPHIABENNET@2024/2025 Wednesday, August 21, 2024 12:13 PM
TORONTO METROPOLITAN UNIVERSITY
Value Added - Answer✔️✔️-the difference between the cost of input
and the value or price of outputs
Non Profit Organizations - Answer✔️✔️-the value of outputs is their
value to society, the greater the value added, the greater the
efficiency of these operations
For-profit Organizations - Answer✔️✔️-the value of outputs is
measured by the prices that customers are willing to pay for those
goods or services
Finance - Answer✔️✔️-performs activities related to securing funds at
favourable prices and allocating those funds throughout the
organization.
Finance and operations Management exchange information such
as: - Answer✔️✔️-1. Provision of funds
2. Economic analysis of capital investment proposals
Provision of Funds - Answer✔️✔️-the necessary funding of operations
and the amount and timing of funding can be important
Economic Analysis of Capital Investment Proposals - Answer✔️✔️-
evaluation of alternative investments in plant and equipment
requires inputs from both operations and finance people
Marketing - Answer✔️✔️-is responsible for assessing customer wants
and needs and for communicating those needs and feedback to
operations and to product design.
2
, ©SOPHIABENNET@2024/2025 Wednesday, August 21, 2024 12:13 PM
TORONTO METROPOLITAN UNIVERSITY
Lead Time - Answer✔️✔️-the time between ordering a good or service
and receiving it
Other Functions that interface with operations - Answer✔️✔️--
Accounting
-Management Information Systems
-Purchasing
-Personnel or Human Resources
-Manufacturing Engineering
-Maintenance
-Product Design
-Logistics
The Scope of Operations Management - Answer✔️✔️-Designing
Planning
Scheduling
Executing
Controlling Activities/ Operations
Design - Answer✔️✔️-involves product design, production capacity,
the location of facilities, arrangement of departments and
placement of equipment within physical structures, acquisition of
equipment, and work/job design
3
TORONTO METROPOLITAN UNIVERSITY
GMS 401 - Midterm #1 Exam Practice
Questions and Answers
Operations Management - Answer✔️✔️-the management of activities
and resources that create goods and or provide services
Activities in Operations - Answer✔️✔️-Forecasting
Capacity Planning
Scheduling
Managing Inventories
Assuring Quality
Employee Motivation and Training
Location of Facilities
Buying Materials
Efficiency - Answer✔️✔️-Operating at minimum cost and time
Effectiveness - Answer✔️✔️-Achieving quality and timeliness
Functions within Organizations - Answer✔️✔️-Finance ->Operations-
>Marketing
Operations - Answer✔️✔️-manages all the activities directly related to
producing goods or providing services
1
, ©SOPHIABENNET@2024/2025 Wednesday, August 21, 2024 12:13 PM
TORONTO METROPOLITAN UNIVERSITY
Value Added - Answer✔️✔️-the difference between the cost of input
and the value or price of outputs
Non Profit Organizations - Answer✔️✔️-the value of outputs is their
value to society, the greater the value added, the greater the
efficiency of these operations
For-profit Organizations - Answer✔️✔️-the value of outputs is
measured by the prices that customers are willing to pay for those
goods or services
Finance - Answer✔️✔️-performs activities related to securing funds at
favourable prices and allocating those funds throughout the
organization.
Finance and operations Management exchange information such
as: - Answer✔️✔️-1. Provision of funds
2. Economic analysis of capital investment proposals
Provision of Funds - Answer✔️✔️-the necessary funding of operations
and the amount and timing of funding can be important
Economic Analysis of Capital Investment Proposals - Answer✔️✔️-
evaluation of alternative investments in plant and equipment
requires inputs from both operations and finance people
Marketing - Answer✔️✔️-is responsible for assessing customer wants
and needs and for communicating those needs and feedback to
operations and to product design.
2
, ©SOPHIABENNET@2024/2025 Wednesday, August 21, 2024 12:13 PM
TORONTO METROPOLITAN UNIVERSITY
Lead Time - Answer✔️✔️-the time between ordering a good or service
and receiving it
Other Functions that interface with operations - Answer✔️✔️--
Accounting
-Management Information Systems
-Purchasing
-Personnel or Human Resources
-Manufacturing Engineering
-Maintenance
-Product Design
-Logistics
The Scope of Operations Management - Answer✔️✔️-Designing
Planning
Scheduling
Executing
Controlling Activities/ Operations
Design - Answer✔️✔️-involves product design, production capacity,
the location of facilities, arrangement of departments and
placement of equipment within physical structures, acquisition of
equipment, and work/job design
3
