GMS 401 - Midterm #1 Questions And Answers Graded A+
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Course
GMS 401
Institution
GMS 401
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...
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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