knowledge society - Answer-a society in which much of the labor force has migrated from manual work to work based on knowledge
management process - Answer-Planning, Organizing, Leading, Controlling
multifactor productivity - Answer-an overall measure of performance that indicates how much lab...
BMGT 322 Exam 1 Questions with Latest
Update
knowledge society - Answer-a society in which much of the labor force has migrated
from manual work to work based on knowledge
management process - Answer-Planning, Organizing, Leading, Controlling
multifactor productivity - Answer-an overall measure of performance that indicates how
much labor, capital, materials, and energy it takes to produce an output
operations management - Answer-activities that relate to creation of goods & services
through transformation of inputs to outputs
production - Answer-creation of goods & services
productivity - Answer-ratio of outputs (goods & services) divided by the inputs
(resources, labor, & capital)
service sector - Answer-typically labor intensive, focused on unique desires, intellectual
tasks, difficult to automate, difficult to evaluate quality
services - Answer-not tangible, production aspect less obvious
single factor productivity - Answer-use of just one resource input to measure
productivity
what are the distinctions between goods and services? - Answer-goods are tangible;
production is more obvious
What is the difference between production and productivity? - Answer-production is a
process while productivity is something used to measure
Explain single-factor productivity. - Answer-productivity= units produced/labor hours
used
Explain how to perform a multifactor productivity analysis. - Answer-productivity =
output/ (labor+ material+ energy+ capital)
What are the critical variables in productivity? - Answer-labor, capital, management
Mission - Answer-the purpose or rationale for an organization's existence
Strategy - Answer-How an organization expects to achieve its mission goals
, Experience Differentiation - Answer-Engaging a customer with a product through
imaginative use of the five senses, so the customer "experiences" the product
SWOT Analysis - Answer-A method of determining internal strengths and weaknesses
and external opportunities and threats
Value Chain Analysis - Answer-A way to identify those elements in the product/service
chain that uniquely add value
International Strategy - Answer-A strategy in which global markets are penetrated using
exports and licenses
Multidomestic Strategy - Answer-A strategy in which operating decisions are
decentralized to each country to enhance local responsiveness
Examples: Heinz, McDonald's
Transnational Strategy - Answer-A strategy that combines the benefits of global-scale
efficiencies with the benefits of local responsiveness
Examples: Coke, Nestle
Differentiation - Answer-Distinguishing the offerings of an organization in a way that the
customer perceives as adding value
Single-factor Productivity - Answer-Ratio of input to the output (goods and services
produced)
Identify three strategic approaches to competitive advantage. - Answer-1.
Differentiation→ Better
2. Cost Leadership→ Cheaper
3. Response→ More responsive
What are the ten critical decisions of operations management? - Answer-1. Product
(goods and service design)
2. Quality
3. Process and capacity design
4. Location selection
5. Layout design
6. Human Resources and job design
7. Supply Chain Management
8. Inventory
9. Scheduling
10. Maintenance
Define key success factors and core competencies. - Answer-KSFs: Activities or factors
that are key to achieving competitive advantage
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