OM 300 Test 1 University Of Alabama Questions And Answers With Real Tests
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Course
OM 300
Institution
OM 300
OM 300 Test 1 University Of Alabama Questions And Answers With Real Tests
The set of activities that create value in the form of goods and services by transforming inputs into outputs. it is business functions responsible for planning, coordinating, and controlling the resources needed to produce ...
OM 300 Test 1 University Of Alabama Questions And
Answers With Real Tests
The set of activities that create value in the form of goods and services by transforming inputs into outputs. it is
business functions responsible for planning, coordinating, and controlling the resources needed to produce a
company's products and services. It is applicable to all firms, whether manufacturing or service ANS ✅ What is
operations management?
Marketing
Production or operations
finance or accounting ANS ✅ OM 3 essential functions
Planning
organizing
staffing
leading
controlling ANS ✅ OM 5 basic management functions
1 - Design of goods and services
2 - managing quality, process and capacity design
3 - location strategy
4 - layout strategy
5 - Human Resources and job design
6 - supply-chain management
7 - inventory management
8 - scheduling
9 - maintenance ANS ✅ 10 Strategic OM decisions
Unites produced/input used ANS ✅ productivity
labor
capital
management ANS ✅ 3 factors critical to achieve improves productivity
, contributes to about 10% of the annual increase ANS ✅ Labor
contributes about 38% of the annual increase ANS ✅ Capital
contributes about 52% of the annual increase ANS ✅ Management
1) reduce costs (labor, taxes, tariffs, etc.)
2) improve supply chain
3) provide better goods and services
4) understand markets
5) learn to improve operations
6) attract and retain global talent ANS ✅ Reasons to globalize
tell an organization where it is going ANS ✅ What is a mission statement
tells the organization how to get there - well detailed missions make strategy development much easier ANS ✅
what is a strategy
customers, environment, philosophy and values, profitability and growth, and public image - more than just profit
maximization ANS ✅ Factors affecting mission
Differentiation
Cots
Response ANS ✅ 3 major strategies for competitive advantage
Introduction, Growth, maturity, and decline ANS ✅ Product life cycle
Formal review of the internal strengths and weaknesses and the external opportunities and threats ANS ✅ What is
SWOT analysis?
Global strategy, transnational strategy, international strategy, and multi-domestic strategy ANS ✅ Global
Operations strategy
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