OM 300 Exam 1 – Northam Exam Questions With Revised Correct Detailed Answers |ALREADY GRADED A+ PASS >> BRAND NEW VERSION!
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Course
OM 300
Institution
OM 300
OM 300 Exam 1 – Northam Exam
Questions With Revised
Correct Detailed Answers
|ALREADY GRADED A+ PASS
>> BRAND NEW VERSION!
1) How do goods and services differ? - ANSWER
Products
Services: Non-tangible products
Goods: Tangible
(Most companies provide a mixture of the...
OM 300 Exam 1 – Northam Exam
Questions With Revised
Correct Detailed Answers
|ALREADY GRADED A+ PASS
>> BRAND NEW VERSION!
1) How do goods and services differ? - ANSWER Goods: Tangible
Products
Services: Non-tangible products
(Most companies provide a mixture of the two. i.e: Hard Rock Cafe's
goods are the foods served while their services is the customer service
and general experience)
2) What is productivity? - ANSWER The ratio of outputs (goods and
services) divided by inputs (resources such as labor and capital);
objective is always to improve productivity
3) Production is a measure of _____ ONLY and not a measure of _____ -
ANSWER output only; efficiency
4) How is productivity calculated? - ANSWER 1. Single Factor
Productivity (1 Resource Input): units produced / Labor-Hours Used
,2. Multi-Factor (also called Total Factor) (Multiple Resource Inputs):
output / (labor + material + energy + capital + misc)
5) How is change in productivity calculated? - ANSWER ((New
value - old value) / old value) x 100
6) Multi-factor outputs and inputs are often expressed as: - ANSWER
Dollar amounts
7) Measurements problems with productivity calculations: - ANSWER
1. Quality may change while quantity of inputs and outputs remain
consistent
2. External elements may cause an increase or decrease in productivity
(i.e: weather causing a shutdown for some time)
3. Precise units of measurements may be lacking
8) What 3 factors affect productivity? - ANSWER 1. Labor - Work
done (contributes about 10% of the annual increase)
2. Capital - Investments in tools to make labor easier; i.e: building,
tools, property etc. (contributes about 38% of the annual increase)
3. Management - Higher level staff that ensure labor and capital are
used effectively (contributes about 52% of the annual increase)
, Chapter 2: Operations Strategy in a Global Environment
9) Examples of Global Companies: - ANSWER 1. Boeing
2. Benetton
3. Sony
4. Volvo
5. Haier
10) Why do companies choose to expand globally? - ANSWER A.
Tangible Reasons
1. Improve Supply Chain - locating facilities in countries where unique
resources are available
2. Reduce Costs and Exchange Rate Risks - reduce risks associated with
changing currency values and reduce direct costs
3. Improve Operations - learn from better understanding of
management innovations in different countries
4. Understand Markets - learn about opportunities for new products
and services
B. Intangible Reasons
5. Improve Products
6. Attract and Retain Global Talent
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