GMS 401 - Chapter 1 Questions And Answers With 100% Correct Answers
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Module
GMS 401
Institution
GMS 401
4 Reasons to Study OM - 1) study how people organize themselves for a productive enterprise
2) to know how goods and services are produced
3) to understand what operations managers do
4) Because it is a costly part of an organization
Operations Management - set of activities that create value (...
GMS 401 - Chapter 1
4 Reasons to Study OM - 1) study how people organize themselves for a productive enterprise
2) to know how goods and services are produced
3) to understand what operations managers do
4) Because it is a costly part of an organization
Operations Management - set of activities that create value (goods/services) by transforming
inputs into outputs
- discipline applied to any org activity
- costly part of organization
- opportunity to improve profitability and enhance service to society
Characteristics of Goods - Tangible product
Consistent product definition
Production usually separate from consumption
Can be inventoried
Low customer interaction
Characteristics of Services - Intangible product
Produced and consumed at once
Often unique (investment/insurance)
Customized to your needs and preferences
High customer interaction
Inconsistent product definition
Often knowledge-based
Frequently dispersed (can be done anywhere)
Responsibility of Operations Managers - effective use of resources
, Operations Management Jobs - In various areas
Job titles can vary
New jobs everyday
New specialized areas
Rise in entrepreneurship with tech advancemen and ecommerce
3 Essential Operation Functions to Create Goods/Service - Marketing
Production/Operations
Finance Accounting
Marketing - generate demand (sales)
Production/Operations - Create and produce goods/service then deliver the product
Finance Accounting - pay bills, collect money
Supply Chain - A global network of organizations and activities that supply a firm with goods and
services
- begins with provider of basic raw materials
- ends with customers in stores
1st Reason to Study OM - to study how people organize themselves for a productive enterprise
2nd Reason to Study OM - To know how goods and services are produced
3rd Reason to Study OM - To understand what operations managers do
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