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MSIS 3223 test 1 Questions & Answers!!
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Operations management - ANSWER- The management of processes or systems that create goods and/or provide services. - inputs transformed into outputs (goods or services) - plays role in supply chain - works with marketing and finance It creates _____ - ANSWERVALUE added - research and investme...

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  • November 2, 2024
  • 14
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • msis 3223 test 1 questions answers
  • msis 3223 test 1 stuvia 2024
  • operations management answer the management of
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MSIS 3223 test 1 Questions &
Answers!!
Operations management - ANSWER- The management of processes or systems that create goods
and/or provide services.

- inputs transformed into outputs (goods or services)

- plays role in supply chain

- works with marketing and finance



It creates _____ - ANSWERVALUE added

- research and investment, salaries, creating profits



Classifications on Productive Systems - ANSWER1. Degree of Standardization (highly standardized or
highly customized)

2. Type of Operation (project, repetitive)

3. Tangible good or Intangible act



Key functions on the supply side are: - ANSWER- operations and supply chains



Key functions on the demand side: - ANSWER- sales and marketing



Too little supply leads to... - ANSWER- lost opportunity and customer dissatisfaction



Three basic functional areas of organization: - ANSWER1. Finance

2. Marketing

3. Operation

Need support and input from all areas for Operation to produce goods and services



Operations and Supply Chains are.... - ANSWER- intrinsically linked and no business organization
could exist without both

, Feedback in the transformation process is defined as: - ANSWER- measurements taken at various
points in the transformation process

- compared with previously established standards to determine whether corrective action is needed
(control)



Control: - ANSWER- The comparison of feedback against previously established standards to
determine if corrective action is needed within the transformation process



Value-Added equation - ANSWER- Value or Price of Outputs - Cost of Inputs.



In Nonprofits, the value of outputs is their ________ - ANSWER- value to society



Money from Value-Added is used for things like _____, _____, _____, ______ - ANSWER- R&D,
Investments, salaries, and profit.



How many percent of jobs involve Operations Management? - ANSWER50%



Eli Whitney came up with the concept of... - ANSWER- interchangeable parts



Adam Smith came up with the concept of... - ANSWER- division of labor



Watt came up with the concept of... - ANSWER- new power sources (The steam engine)



What are the Post Civil War dates? - ANSWER- (1865-1900)



Events of Post Civil War - ANSWER- Mass exodus of farm laborers-labor pool

- Modern capital formation-joint stock co.

- Entrepreneurial ideas-Morgan,etc.

- Rapid expansion of West-railroad

----Great Productive Explosion----



Scientific Management's Key People: - ANSWERF.W. Taylor--efficiency and productivity

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