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OM 300 Chilcutt Exam 1 Questions And Answers With Verified Solutions
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OM 300 Chilcutt Exam 1 Questions And Answers With Verified Solutions Operations Management ANS the set of activities that create value in the form of goods and services by transforming inputs into outputs Marketing ANS generates demand accounting ANS tracks how well the organization is do...

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  • September 1, 2024
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  • 2024/2025
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OM 300 Chilcutt Exam 1 Questions And Answers
With Verified Solutions
Operations Management ANS the set of activities that create value in the form of goods and services by
transforming inputs into outputs



Marketing ANS generates demand



accounting ANS tracks how well the organization is doing, pays bills, and collects money



operations ANS creates the product



supply chain ANS a global network of organizations and activities that supply a firm with goods and services.

--Farm to fork



services ANS Economic activities that typically produce an intangible product (such as education,
entertainment, lodging, government, financial, and health services)



manufacturers ANS produce tangible products



productivity ANS the ratio of outputs (goods and services) divided by the inputs (resources such as labor and
capital)

--objective of businesses is to improve this



multi-factor productivity ANS the ratio between the amount of output produced by an industry or business sector
and the amount of inputs used

--often expressed in dollars



quality ANS may change while the quantity of inputs and outputs remains constant



external elements ANS may cause an increase of decrease in productivity

, precise units ANS may be lacking in our multi-factor productivity formula



Key Variables for Improved Labor Productivity ANS 1. Basic Education appropriate for the labor force

2. Diet of the labor force

3. Social overhead that makes labor available

-Challenge is in maintaining and enhancing skills in the midst of rapidly changing technology and knowledge



stakeholders ANS those with a vested interest in an organization, including customers, distributors, suppliers,
owners, lender, employees, and community members



management ANS accounts about 52% of the annual increase in productivity



mission ANS organization's purpose or reason for being



strategy ANS a plan of action to achieve the mission of the organization

SWOT



competitive advantage ANS an advantage over competitors gained by offering greater customer value, either by
having lower prices or providing more benefits that justify higher prices



strategies for competitive advantage ANS Differentiation - better, or at least different

Cost leadership - cheaper

Response - more responsive



reasons to globalize ANS improve supply chain, reduce costs, improve operations, understand markets, improve
products, attract and retain global talent



differentiation ANS Uniqueness can go beyond both the physical characteristics and service attributes to
encompass everything that impacts customer's perception of value

ex: Walt Disney World vs Six Flags



cost leadership ANS provide the maximum value as perceived by the customer does not mean low quality.

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