GMS 401 - Midterm #1 Exam Practice Questions and Answers
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Course
GMS 401
Institution
GMS 401
GMS 401 - Midterm #1 Exam Practice
Questions and Answers
Operations Management - Answer️️ -the management of activities
and resources that create goods and or provide services
Activities in Operations - Answer️️ -Forecasting
Capacity Planning
Scheduling
Managing Inventories
Assuring...
TORONTO METROPOLITAN UNIVERSITY
Value Added - Answer✔️✔️-the difference between the cost of input
and the value or price of outputs
Non Profit Organizations - Answer✔️✔️-the value of outputs is their
value to society, the greater the value added, the greater the
efficiency of these operations
For-profit Organizations - Answer✔️✔️-the value of outputs is
measured by the prices that customers are willing to pay for those
goods or services
Finance - Answer✔️✔️-performs activities related to securing funds at
favourable prices and allocating those funds throughout the
organization.
Finance and operations Management exchange information such
as: - Answer✔️✔️-1. Provision of funds
2. Economic analysis of capital investment proposals
Provision of Funds - Answer✔️✔️-the necessary funding of operations
and the amount and timing of funding can be important
Economic Analysis of Capital Investment Proposals - Answer✔️✔️-
evaluation of alternative investments in plant and equipment
requires inputs from both operations and finance people
Marketing - Answer✔️✔️-is responsible for assessing customer wants
and needs and for communicating those needs and feedback to
operations and to product design.
TORONTO METROPOLITAN UNIVERSITY
Lead Time - Answer✔️✔️-the time between ordering a good or service
and receiving it
Other Functions that interface with operations - Answer✔️✔️--
Accounting
-Management Information Systems
-Purchasing
-Personnel or Human Resources
-Manufacturing Engineering
-Maintenance
-Product Design
-Logistics
The Scope of Operations Management - Answer✔️✔️-Designing
Planning
Scheduling
Executing
Controlling Activities/ Operations
Design - Answer✔️✔️-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
3
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