GMS 401 Final exam Practice Questions and Answers (100% Pass)
3 views 0 purchase
Course
GMS 401
Institution
GMS 401
GMS 401 Final exam Practice Questions and
Answers (100% Pass)
Production - Answer️️ -the creation of goods and services
Operations Management - Answer️️ -Activities that relate to the
creation of goods and services through the transformation of inputs
to outputs
Supply chain - Answer�...
TORONTO METROPOLITAN UNIVERSITY
GMS 401 Final exam Practice Questions and
Answers (100% Pass)
Production - Answer✔️✔️-the creation of goods and services
Operations Management - Answer✔️✔️-Activities that relate to the
creation of goods and services through the transformation of inputs
to outputs
Supply chain - Answer✔️✔️-A global network of organizations and
activities that supply a firm with goods and services
Services - Answer✔️✔️-Economic activities that typically produce an
intangible product (such as education, entertainment, lodging,
government, financial, and health services)
Service sector - Answer✔️✔️-the segment of the economy that
includes trade, financial, lodging, education, legal, medical, and
other professional occupations
Management process - Answer✔️✔️-the application of planning,
organizing, staffing, leading, and controlling to the achievement of
objectives
Differentiation - Answer✔️✔️-distinguishing the offerings of an
organization in a way that the customer perceives as adding value
TORONTO METROPOLITAN UNIVERSITY
Experience Differentiation - Answer✔️✔️-Engaging a customer with a
product through imaginative use of the five senses, so the customer
"experiences" the product
Low cost leadership - Answer✔️✔️-achieving maximum value, as
perceived by the customer
Response - Answer✔️✔️-a set of values related to rapid, flexible, and
reliable performance
Mission - Answer✔️✔️-the purpose or rationale for an organization's
existence
Strategy - Answer✔️✔️-how an organization expects to achieve its
missions and goals
Productivity - Answer✔️✔️-the ratio of outputs (goods and services)
divided by one or more inputs (such as labour, capital or
management)
Single factor Productivity - Answer✔️✔️-Indicates the ratio of one
resource (input) to the goods and services produced (outputs).
Multifactor productivity - Answer✔️✔️-indicates the ratio of many or
all resources (inputs) to the goods and services produced (outputs)
Productivity variables - Answer✔️✔️-the three factors critical to
productivity improvement - capital and the art and science of
management
TORONTO METROPOLITAN UNIVERSITY
Knowledge Society - Answer✔️✔️-a society in which much of the
labour force has migrated from manual work to work based on
knowledge
Maintenance - Answer✔️✔️-the activities involved in keeping a
systems equipment in working order
Reliability - Answer✔️✔️-the probability that a machine part or
product will function properly for a specified time under stated
conditions
Mean Time Between Failures (MTBF) - Answer✔️✔️-The expected
time between a repair and the next failure of a component,
machine, process, or product.
Redundancy - Answer✔️✔️-the use of components in parallel to raise
reliability
Product development stages - Answer✔️✔️-Product concepts are
developed from a variety of sources, both external and internal to
the firm. Concepts that survive the product idea stage progress
through various stages, with nearly constant review, feedback, and
evaluation in a highly participative environment to minimize failure
Robust design - Answer✔️✔️-a design that can be produced to
requirements even with unfavorable conditions in the production
process
3
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller SophiaBennett. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.49. You're not tied to anything after your purchase.
