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GMS 401 - Midterm #1 Questions And Answers Graded A+
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Economic Analysis of Capital Investment Proposals - evaluation of alternative investments in plant and equipment requires inputs from both operations and finance people Non Profit Organizations - the value of outputs is their value to society, the greater the value added, the greater the efficie...

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  • August 16, 2024
  • 19
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • gms 401

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  • GMS 401
  • GMS 401

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GMS 401 - Midterm #1
Economic Analysis of Capital Investment Proposals - evaluation of alternative investments in plant
and equipment requires inputs from both operations and finance people



Non Profit Organizations - the value of outputs is their value to society, the greater the value
added, the greater the efficiency of these operations

Operations Management - the management of activities and resources that create goods and or
provide services



Activities in Operations - Forecasting

Capacity Planning

Scheduling

Managing Inventories

Assuring Quality

Employee Motivation and Training

Location of Facilities

Buying Materials



Efficiency - Operating at minimum cost and time



Effectiveness - Achieving quality and timeliness



Functions within Organizations - Finance ->Operations->Marketing



Operations - manages all the activities directly related to producing goods or providing services



Value Added - the difference between the cost of input and the value or price of outputs

,For-profit Organizations - the value of outputs is measured by the prices that customers are
willing to pay for those goods or services



Finance - performs activities related to securing funds at favourable prices and allocating those
funds throughout the organization.



Finance and operations Management exchange information such as: - 1. Provision of funds

2. Economic analysis of capital investment proposals



Provision of Funds - the necessary funding of operations and the amount and timing of funding
can be important



Marketing - is responsible for assessing customer wants and needs and for communicating those
needs and feedback to operations and to product design.



Lead Time - the time between ordering a good or service and receiving it



Other Functions that interface with operations - -Accounting

-Management Information Systems

-Purchasing

-Personnel or Human Resources

-Manufacturing Engineering

-Maintenance

-Product Design

-Logistics



The Scope of Operations Management - Designing

Planning

Scheduling

Executing

, Controlling Activities/ Operations



Design - involves product design, production capacity, the location of facilities, arrangement of
departments and placement of equipment within physical structures, acquisition of equipment, and
work/job design



Planning/ Controlling Activities - includes quality planning and control, inventory planning and
control, production planning, scheduling and project management.



Operations management - is more involved in day-to-day operating decisions and planning than
design



Production of goods - results in tangible outputs



Services - implies an act



Similarities between Production of Goods and Services - involves design and planning/ control
decisions, and decide what size facility is needed and make decisions on location, scheduling and control
of operations, and allocation of scarce resources



Differences between Production of Goods and Services - 1. Customer contact, use of inventories,
and demand variability

2. Uniformity of input

3. Labour content of jobs

4. Uniformity of output

5. Measurement of productivity

6. Quality assurance



The performance of services - occur at the point of consumption

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