Operations Management Exam 1 Questions With Complete Solutions Graded A+

Operations Management - The systematic design, direction, and control of processes that transform inputs into outputs (services & products) for customers (internal/external) Supply Chain Management - The synchronization of a firm's processes with those of its suppliers and customers to match the flow of materials, services, and information with customer demand. Process - Any activity or group of activities that takes one or more inputs, transforms them, and provides one or more outputs for its customers. Competitive Priorities - The critical dimensions that a process or supply chain must possess to satisfy its internal or external customers, both now and in the future. Competitive capabilities - The cost, quality, time, and flexibility dimensions that a process or supply chain actually possesses and is able to deliver. Order winners - The criterion customers use to differentiate the services or products of one firm from those of another. Order qualifiers - The minimum level required from a set of criteria for a firm to do business in a particular market segment. Operation - a group of resources performing all or part of one or more processes Project - An interrelated set of activities with a definite starting and ending point, which results in a unique outcome for a specific allocation of resources. Project Management - A systemized, phased approach to defining, organizing, planning, monitoring, and controlling projects.Break even analysis - Analysis to compare processes by finding the volume at which two processes have equal total costs