OM 300 Exam 1 Questions And Answers 2024 Verified Tests
2 views 0 purchase
Course
OM 300
Institution
OM 300
OM 300 Exam 1 Questions And Answers 2024 Verified Tests
Inputs ANS human resources; facilities &processes; technologies; materials
outputs ANS goods; services
What is operations management? ANS The business function responsible for planning, coordinating, and controlling the resources nee...
OM 300 Exam 1 Questions And Answers 2024 Verified
Tests
Production ANS The process of creating goods and services
Operations Management (OM) ANS the set of activities that create value in the form of goods and services by
transforming inputs into outputs
Inputs ANS human resources; facilities &processes; technologies; materials
outputs ANS goods; services
What is operations management? ANS The business function responsible for planning, coordinating, and
controlling the resources needed to produce products and services for a company
Why study OM? ANS 1. OM is one of three major functions of any organization, we want to study how people
organize themselves for productive enterprise
2. We want (and need) to know how goods and services are produced
3. We want to understand what operations managers do
4. OM is such a costly part of an organization
Typical Organization Chart ANS President/CEO
I
V
{MARKETING; OPERATIONS ; FINANCE}
{Marketing: VP of Marketing; Manages: customer demands; Generates: sales for goods and services}
{Operations: VP of Operations; Manages: people, equipment, technology, materials, and information; To Produce:
goods and/or services}
{Finance: VP of Finance; Manages: Cash flow, current assets, and capital investments.}
Strategic OM Decisions ANS broad in scope; long-term in nature; all-encompassing; ex. What are the unique
features of our product that make us competitive?
,Tactical OM Decisions ANS narrow in scope; short term in nature; concerning a small group of issues. Ex: Who
will work the 1st shift tomorrow?
What Operations Managers Do ANS Basic Management Functions
Planning
Organizing
Staffing
Leading
Controlling
Service v. Manufacturing Operations ANS Servies: intangible product; product cannot be inventoried; high
customer contact; short response time; labor intensive
Manufacturing: tangible product; product can be inventoried; low customer contact; longer response time; capital
intensive
Productivity ANS the ratio of units produced or output (goods and services) divided by the inputs (resources
such as labor and capital)
A measure of process improvement
represents output relative to the inputs
only through productivity increases can our standard of living improve.
Production is a measure of _______ only and not a measure of efficiency ANS OUTPUT
Productivity= ANS units produced/Input used
Labor Productivity= ANS units produced/labor hours used
One resource input ANS single-factor productivity
multi-factor productivity ANS Also known as total factor productivity. Output and inputs are often expressed in
dollars.
, Multi-Factor Probability= ANS =Output/(Labor+Material+Energy+Capital+Miscellaneous)
Multiple resource inputs ANS multi-factor productivity
Reasons to Globalize ANS improve supply chain, reduce costs, improve operations, understand markets,
improve products, attract and retain global talent
Cultural and Ethical Issues ANS - cultures can be quite different
- attitudes can be quite different towards: punctuality, lunch breaks, environment, intellectual property, thievery,
bribery, child labor
Companies want to consider ANS National literacy rate
Rate of innovation
Rate of technology change
Number of skilled workers
Political stability
Product liability laws
Export restrictions
Variations in language
Work ethic
Tax rates
Inflation
Availability of raw materials
Interest rates
Population
Number of miles of highway
Phone system
Mission Statements ANS tell an organization where it is going
Strategy ANS tells the organization how to get there
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Nipsey. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.49. You're not tied to anything after your purchase.
