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MAN 320 Exam 2 Questions and Answers Rated A+
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MAN 320 Exam 2 Questions and Answers Rated A+ What is the main goal of “operational management”? To ensure efficient and effective production and delivery of goods and services. How does “value creation” contribute to a business’s success? By providing products or services ...

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  • September 10, 2024
  • 24
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • man 320 exam 2 questions and answers rated a

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MAN 320 Exam 2 Questions and
Answers Rated A+
What is the main goal of “operational management”?


✔✔ To ensure efficient and effective production and delivery of goods and services.




How does “value creation” contribute to a business’s success?


✔✔ By providing products or services that meet customer needs and generate profit.




What is “strategic management” and its importance?


✔✔ It involves setting long-term goals and determining the best strategies to achieve them,

crucial for guiding the organization towards success.




How can “total quality management” (TQM) improve organizational performance?


✔✔ By fostering a culture of continuous improvement and focusing on customer satisfaction

throughout all organizational processes.




What is the purpose of “supply chain management”?




1

,✔✔ To oversee and optimize the flow of goods, information, and resources from suppliers to

customers, enhancing efficiency and reducing costs.




How does “lean management” contribute to reducing waste?


✔✔ By streamlining processes, eliminating non-value-added activities, and focusing on

continuous improvement.




What is the role of “project management” in achieving organizational goals?


✔✔ To plan, execute, and close projects efficiently, ensuring that they meet objectives,

deadlines, and budget constraints.




What is “benchmarking” and how can it be applied in management?


✔✔ Benchmarking involves comparing performance metrics with industry standards to identify

areas for improvement and implement best practices.




How can “risk management” strategies be used to mitigate potential issues?


✔✔ By identifying potential risks, assessing their impact, and developing plans to minimize or

manage those risks effectively.




2

, What is the significance of “change management” in implementing new initiatives?


✔✔ It helps manage the transition process by preparing, supporting, and guiding employees

through changes to ensure successful adoption and minimal disruption.




What is “customer relationship management” (CRM) and how does it benefit a business?


✔✔ CRM involves managing interactions with customers to improve satisfaction and loyalty,

leading to increased sales and retention.




How does “process optimization” enhance organizational efficiency?


✔✔ By analyzing and improving processes to reduce waste, increase speed, and enhance overall

productivity.




What is the role of “financial management” in a business?


✔✔ To plan, organize, control, and monitor financial resources to achieve organizational goals

and ensure financial stability.




How can “strategic alliances” benefit an organization?




3

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