University of Alabama OM 300 Chilcutt Final Exam Fall 2024/2025 Actual Exam 2024/2025 100% Solved
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Course
OM 300 Chilcutt
Institution
OM 300 Chilcutt
University of Alabama OM 300 Chilcutt
Final Exam Fall 2024/2025 Actual Exam
2024/2025 100% Solved
Production - The making of goods and services
Productivity - is the ratio of outputs (goods and services)
Multifactor productivity - indicates the ratio of goods and services
produced (outputs) t...
Productivity - ✔✔is the ratio of outputs (goods and services)
Multifactor productivity - ✔✔indicates the ratio of goods and services
produced (outputs) to many or all resources (inputs)
Competitive Advantage - ✔✔the creation of a unique advantage over
competitors
Product Life Cycle - ✔✔introduction, growth, maturity, decline
Outsourcing - ✔✔transferring a firm's activities that have traditionally
been internal to external suppliers
Core Competencies - ✔✔a set of skills, talents, and capabilities that
differentiates an organization from it's competition.
Critical Path - ✔✔the computed longest time path(s) through a network
, Project Manager - ✔✔person responsible for coordinating activities of
several departments for the completion of a specific project
Crash a project - ✔✔Shortening activity time in a network to reduce time
on the critical path so total completion time is reduced.
Short Range Forecast - ✔✔This forecast has a time span of up to 1 year
but is generally less than 3 months. It is used for planning purchasing, job
scheduling, workforce levels, job assignments, and production levels.
Medium Range Forceasts - ✔✔A medium-range, or intermediate,
forecast generally spans from 3 months to 3 years. It is useful in sales
planning, production planning and budgeting, cash budgeting, and analysis
of various operating plans.
Long Range Forecast - ✔✔Generally 3 years or more in time span, long-
range forecasts are used in planning for new products, capital
expenditures, facility location or expansion, and research and development.
Economic Forecast - ✔✔Address the business cycle by predicting
inflation rates, money supplies, housing starts, and other planning
indicators.
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