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GMS 401 - Chapter 1 Study Guide with Complete Solutions $10.49   Add to cart

Exam (elaborations)

GMS 401 - Chapter 1 Study Guide with Complete Solutions

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  • GMS 401

GMS 401 - Chapter 1 Study Guide with Complete Solutions Operations Management - Answer️️ -set of activities that create value (goods/services) by transforming inputs into outputs - discipline applied to any org activity - costly part of organization - opportunity to improve profitability ...

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  • August 27, 2024
  • 12
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • GMS 401
  • GMS 401
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SophiaBennett
©SOPHIABENNET@2024/2025 Wednesday, August 21, 2024 12:13 PM


TORONTO METROPOLITAN UNIVERSITY
GMS 401 - Chapter 1 Study Guide with
Complete Solutions

Operations Management - Answer✔️✔️-set of activities that create
value (goods/services) by transforming inputs into outputs

- discipline applied to any org activity

- costly part of organization

- opportunity to improve profitability and enhance service to society

Characteristics of Goods - Answer✔️✔️-Tangible product

Consistent product definition

Production usually separate from consumption

Can be inventoried

Low customer interaction

Characteristics of Services - Answer✔️✔️-Intangible product

Produced and consumed at once

Often unique (investment/insurance)

Customized to your needs and preferences

High customer interaction

Inconsistent product definition




1

, ©SOPHIABENNET@2024/2025 Wednesday, August 21, 2024 12:13 PM


TORONTO METROPOLITAN UNIVERSITY
Often knowledge-based

Frequently dispersed (can be done anywhere)

Responsibility of Operations Managers - Answer✔️✔️-effective use of
resources

Operations Management Jobs - Answer✔️✔️-In various areas

Job titles can vary

New jobs everyday

New specialized areas

Rise in entrepreneurship with tech advancemen and ecommerce

3 Essential Operation Functions to Create Goods/Service -
Answer✔️✔️-Marketing

Production/Operations

Finance Accounting

Marketing - Answer✔️✔️-generate demand (sales)

Production/Operations - Answer✔️✔️-Create and produce
goods/service then deliver the product

Finance Accounting - Answer✔️✔️-pay bills, collect money

Supply Chain - Answer✔️✔️-A global network of organizations and
activities that supply a firm with goods and services




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