MGSC 395 Exam Package Deal

inventory management - Answer the planning and controlling of inventories in order to meet the competitive priorities of the organization inventory - Answer a stock of materials used to satisfy customer demand or to support the production of services or goods pressures for small inventories - ...

Operations Management - Answer The systematic design, direction, and control of processes. Process - Answer any activity or group of activities that takes one or more inputs, transforms them, and provides one or more outputs. Operation - Answer a group of resources performing all or part of on...

Capacity - Answer The max rate of output of a process or system What do long-term capacity plans involve? - Answer Investments in new facilities and equip at the organizational level, and require top mgmt participation and approval bc they are not easily reversed When choosing a capacity strat...

Break Even Analysis - Answer Analysis to compare processes by finding the volume at which two different processes have equal total costs. pQ = F + cQ Break Even Quantity - Answer The volume at which total revenues equal total costs. Variables for Break Even - Answer Variable cost (c) The por...

The three mainline functions of any business are A .operations, marketing, and finance. B. operations, marketing, and information technology. C. operations, marketing, and management. D.​ operations, accounting, and management. - Answer A .operations, marketing, and finance. Regardless of...

forecast - Answer a prediction of future events used for planning purposes time series - Answer the repeated observations of demand for a service or product in their order of occurrence time series pattern: horizontal - Answer nearly flat over time time series pattern: trend - Answer consis...

Finance - Answer Acquires financial resources and capital for inputs Marketing - Answer Generates sales of outputs Operations - Answer Translates materials and services into outputs Process - Answer Any activity or group of activities that takes one or more inputs, transforms them, and prov...

Global Supply Chain and Operations Management - Answer -designing products and services -designing, implementing, and improving processes -Create and provide these products and services to customers when they want, at prices they will buy, and at quality they expect.... all while making profits lo...

5 functions of a manager (Fayol) - Answer plan organize staff lead control An operations manager is in charge of - Answer the systematic design, direction, and control of processes that transform inputs into services and products for internal, as well as external customers operations ma...

For what organizational decisions are demand forecasts used? - Answer -long term(general forecast) -intermediate term(product family/service lines) -short term(detailed) What are the costs/risks of forecasts that are too high or too low? - Answer Too high: -surplus of inventory -price markd...

Bottlenecks exist in which type of manufacturing​ processes? - Answer job process, batch process, line process What is the name of the product mix decision method that takes advantage of the principles outlined in the theory of​ constraints? - Answer the traditional method The theory of co...