100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
OPERATION MANAGEMENT EXAM SOLVED CORRECTLY #27. £10.77   Add to cart

Exam (elaborations)

OPERATION MANAGEMENT EXAM SOLVED CORRECTLY #27.

 8 views  0 purchase

OPERATION MANAGEMENT EXAM SOLVED CORRECTLY #27.

Preview 2 out of 14  pages

  • June 8, 2024
  • 14
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers
All documents for this subject (324)
avatar-seller
puritywanjihia
OPERATION MANAGEMENT EXAM SOLVED CORRECTLY #27

Production - correct answer The creation of goods and services

Operations management (OM) - correct answer Activities that relate to the creation of
goods and services through the transformation of inputs to outputs.

Supply chain - correct answer A global network of organizations and activities that
supplies a firm with goods and services.

10 Strategic OM Decisions - correct answer Design of goods and services, Managing
quality, Process strategy, Location strategies, Human resources, Supply-chain
management, Inventory management, Scheduling, Maintenance

Services - correct answer Economic activities that typically produce an intangible
product (such as education, entertainment, lodging, government, financial, and health
services).

Service sector - correct answer The segment of the economy that includes trade,
financial, lodging, education, legal, medical, and other professional occupations.

Productivity - correct answer The ratio of outputs (goods and services) divided by one or
more inputs (such as labor, capital, or management).

Single-factor productivity - correct answer Indicates the ratio of one resource (input) to
the goods and services produced (outputs).

Multifactor productivity - correct answer Indicates the ratio of many or all resources
(inputs) to the goods and services produced (outputs).

Productivity variables - correct answer The three factors critical to productivity
improvement-- labor, capital, and the art and science of management.

Knowledge society - correct answer A society in which much of the labor force has
migrated from manual work to work based on knowledge.

Stakeholders - correct answer Those with a vested interest in an organization, including
customers, distributors, suppliers, owners, lenders, employees, and community
members.

Maquiladoras - correct answer Mexican factories located along the U.S.- Mexican
border that receive preferential tariff treatment.

World Trade Organization (WTO) - correct answer An international organization that
promotes world trade by lowering barriers to the free flow of goods across borders.

, North American Free Trade Agreement (NAFTA) - correct answer A free trade
agreement between Canada, Mexico, and the United States.

European Union (EU) - correct answer A European trade group that has 27 member
states.

Mission - correct answer The purpose or rationale for an organization's existence.

Strategy - correct answer How an organization expects to achieve its missions and
goals.

Competitive advantaage - correct answer The creation of a unique advantage over
competitors.

Differentiation - correct answer Distinguishing the offerings of an organization in a way
that the customer perceives as adding value.

Experience differentiation - correct answer Engaging a customer with a product through
imaginative use of the five senses, so the customer "experiences" the product.

Low-cost leadership - correct answer Achieving maximum value, as perceived by the
customer.

Response - correct answer A set of values related to rapid, flexible, and reliable
performance.

Resources view - correct answer A method managers use to evaluate the resources at
their disposal and manage or alter them to achieve competitive advantage.

Value-chain analysis - correct answer A way to identify those elements in the
product/service chain that uniquely add value.

Five forces model - correct answer A method of analyzing the five forces in the
competitive environment.

SWOT analysis - correct answer A method of determining internal strengths and
weaknesses and external opportunities and threats.

Key success factors (ksfs) - correct answer Activities or factors that are key to achieving
competitive advantage.

Core competencies - correct answer A set of skills, talents, and capabilities in which a
firm is particularly strong.

Activity map - correct answer A graphical link of competitive advantage, ksfs and
supporting activities.

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller puritywanjihia. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for £10.77. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

78998 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy revision notes and other study material for 14 years now

Start selling
£10.77
  • (0)
  Add to cart