OM 300 test 1 Nunnelley || with 100% Correct Answers.
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Course
OM 300
Institution
OM 300
Operations management correct answers is the set of activities that create value in the form of goods and services by transforming inputs into outputs
The Supply Chain correct answers a global network of organizations and activities that supply a firm with goods and services
Goal of the suppl...
OM 300 test 1 Nunnelley || with 100% Correct Answers.
Operations management correct answers is the set of activities that create value in the form of goods and services by transforming inputs into outputs
The Supply Chain correct answers a global network of organizations and activities that supply a firm with goods and services
Goal of the supply chain correct answers to achieve high levels of customer satisfaction, efficiency and competitive advantage
Three major functions of any organization correct answers 1. Marketing 2. Finance (accounting) 3. Operations management
Basic management functions correct answers -planning -organizing -staffing - leading - controlling
Manufactures produce correct answers tangible goods, services are intangible
Characteristics of Services correct answers • Intangible: ride in an airplane seat • Produced and consumed simultaneously • Unique • High customer interaction • Inconsistent product definition • Often knowledge based • Services dispersed • Quality may be hard to evaluate -Reselling is unusual
Characteristics of goods correct answers • Tangible: the seat itself • Product can be kept in inventory • Similar products produced • Limited customer involvement in production • Standard tangible product tends to make automation feasible • Product typically produced at a fixed facility • Easy to evaluate aspects of quality • Product often has some residual value
Productivity correct answers measure of process improvement, represents output relative to input
Management is the _________ of the annual increases to productivity correct answers largest, 52% of the 2.5% overall increase next is capital 38%, then labor 10%
Productivity in the service sector is... correct answers • Labor intensive • Focused on special attributes
• normally Intellectual tasks
• Difficult to automate • Difficult to check for quality
why do domestic business operations decide to change to an international operation? correct answers 1. Improve the supply chain 2. Reduce cost (labor, taxes, tariffs ect.) 3. Improve operations
4. Understand markets 5. Improve products 6. Attract and retain global talent
what is the challenge of globalization of business operations? correct answers social and cultural behaviors vary ex. bribery, lunch breaks, environment ect.
the mission statement tells an organization? correct answers where it is going
The strategy tells the organization? correct answers how it will get there
Strategies for competitive advantage correct answers differentiation cost leadership response
Differentiation correct answers considers everything that impacts a customers perception of value
Cost leadership correct answers - provide maximum perceived value, does not imply low quality
Response correct answers ○ Flexibility - responds to market changes in design innovation and volumes ○ Reliability is meeting schedules ○ Timeliness is quickness in design, production and delivery
Issues in operation strategy correct answers • Resources view • Value chain analysis • Five forces model Product life cycle
Product life cycle correct answers introduction growth maturity decline
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