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OM 300 Exam 1 Questions And Answers 2024 Verified Tests
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OM 300 Exam 1 Questions And Answers 2024 Verified Tests Inputs ANS human resources; facilities &processes; technologies; materials outputs ANS goods; services What is operations management? ANS The business function responsible for planning, coordinating, and controlling the resources nee...

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  • September 1, 2024
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  • om 300 exam 1 questions and answers 2024 verified
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OM 300 Exam 1 Questions And Answers 2024 Verified
Tests
Production ANS The process of creating goods and services



Operations Management (OM) ANS the set of activities that create value in the form of goods and services by
transforming inputs into outputs



Inputs ANS human resources; facilities &processes; technologies; materials



outputs ANS goods; services



What is operations management? ANS The business function responsible for planning, coordinating, and
controlling the resources needed to produce products and services for a company



Why study OM? ANS 1. OM is one of three major functions of any organization, we want to study how people
organize themselves for productive enterprise

2. We want (and need) to know how goods and services are produced

3. We want to understand what operations managers do

4. OM is such a costly part of an organization



Typical Organization Chart ANS President/CEO

I

V

{MARKETING; OPERATIONS ; FINANCE}

{Marketing: VP of Marketing; Manages: customer demands; Generates: sales for goods and services}

{Operations: VP of Operations; Manages: people, equipment, technology, materials, and information; To Produce:
goods and/or services}

{Finance: VP of Finance; Manages: Cash flow, current assets, and capital investments.}



Strategic OM Decisions ANS broad in scope; long-term in nature; all-encompassing; ex. What are the unique
features of our product that make us competitive?

,Tactical OM Decisions ANS narrow in scope; short term in nature; concerning a small group of issues. Ex: Who
will work the 1st shift tomorrow?



What Operations Managers Do ANS Basic Management Functions



Planning

Organizing

Staffing

Leading

Controlling



Service v. Manufacturing Operations ANS Servies: intangible product; product cannot be inventoried; high
customer contact; short response time; labor intensive

Manufacturing: tangible product; product can be inventoried; low customer contact; longer response time; capital
intensive



Productivity ANS the ratio of units produced or output (goods and services) divided by the inputs (resources
such as labor and capital)



A measure of process improvement

represents output relative to the inputs

only through productivity increases can our standard of living improve.



Production is a measure of _______ only and not a measure of efficiency ANS OUTPUT



Productivity= ANS units produced/Input used



Labor Productivity= ANS units produced/labor hours used



One resource input ANS single-factor productivity



multi-factor productivity ANS Also known as total factor productivity. Output and inputs are often expressed in
dollars.

, Multi-Factor Probability= ANS =Output/(Labor+Material+Energy+Capital+Miscellaneous)



Multiple resource inputs ANS multi-factor productivity



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



Cultural and Ethical Issues ANS - cultures can be quite different

- attitudes can be quite different towards: punctuality, lunch breaks, environment, intellectual property, thievery,
bribery, child labor



Companies want to consider ANS National literacy rate

Rate of innovation

Rate of technology change

Number of skilled workers

Political stability

Product liability laws

Export restrictions

Variations in language

Work ethic

Tax rates

Inflation

Availability of raw materials

Interest rates

Population

Number of miles of highway

Phone system



Mission Statements ANS tell an organization where it is going



Strategy ANS tells the organization how to get there

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