MGT 325 Chapter 1 || WELL-ENLIGHTENED WITH CORRECT ANSWERS.
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Course
MGT 325
Institution
MGT 325
Operations correct answers part of an organization responsible for producing goods and services
goods correct answers physical items produced by business organizations
services correct answers activities that provide some type of combination of time, location, form, and psychological value
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MGT 325 Chapter 1 || WELL-ENLIGHTENED WITH
CORRECT ANSWERS.
Operations correct answers part of an organization responsible for producing goods and
services
goods correct answers physical items produced by business organizations
services correct answers activities that provide some type of combination of time, location,
form, and psychological value
finance, operations, marketing correct answers 3 basic functions of business organizations
finance correct answers responsible for securing financial resources at favorable prices and
allocating them through the organization
marketing correct answers responsible for assessing consumer wants and needs and selling
the goods and services
operations correct answers responsible for producing the goods or providing the service.
operations management correct answers the management of systems and processes that
creates goods and provides services
supply chain correct answers the sequence of activities and organizations involved in
producing and delivering a good or service
inputs and outputs correct answers Creation of goods involves turning ______ into _______
feedback correct answers measurements taken at various points in transformation process
control correct answers comparison of feedback against previous standards to determine if
corrective action is needed
goods-service continuum correct answers products are typically never purely goods or purely
services based
value added correct answers the definition between cost of inputs and the value or price of
outputs
process management correct answers key aspect of operations management
upper management processes, operational processes, supporting processes correct answers 3
categories of process management
upper management processes correct answers govern the processes of the entire organization
operational processes correct answers core processes that make up the value stream
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