OM 300 Chilcutt Exam 1 Questions And Answers With Verified Solutions
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Course
OM 300
Institution
OM 300
OM 300 Chilcutt Exam 1 Questions And Answers With Verified Solutions
Operations Management ANS the set of activities that create value in the form of goods and services by transforming inputs into outputs
Marketing ANS generates demand
accounting ANS tracks how well the organization is do...
OM 300 Chilcutt Exam 1 Questions And Answers
With Verified Solutions
Operations Management ANS the set of activities that create value in the form of goods and services by
transforming inputs into outputs
Marketing ANS generates demand
accounting ANS tracks how well the organization is doing, pays bills, and collects money
operations ANS creates the product
supply chain ANS a global network of organizations and activities that supply a firm with goods and services.
--Farm to fork
services ANS Economic activities that typically produce an intangible product (such as education,
entertainment, lodging, government, financial, and health services)
manufacturers ANS produce tangible products
productivity ANS the ratio of outputs (goods and services) divided by the inputs (resources such as labor and
capital)
--objective of businesses is to improve this
multi-factor productivity ANS the ratio between the amount of output produced by an industry or business sector
and the amount of inputs used
--often expressed in dollars
quality ANS may change while the quantity of inputs and outputs remains constant
external elements ANS may cause an increase of decrease in productivity
, precise units ANS may be lacking in our multi-factor productivity formula
Key Variables for Improved Labor Productivity ANS 1. Basic Education appropriate for the labor force
2. Diet of the labor force
3. Social overhead that makes labor available
-Challenge is in maintaining and enhancing skills in the midst of rapidly changing technology and knowledge
stakeholders ANS those with a vested interest in an organization, including customers, distributors, suppliers,
owners, lender, employees, and community members
management ANS accounts about 52% of the annual increase in productivity
mission ANS organization's purpose or reason for being
strategy ANS a plan of action to achieve the mission of the organization
SWOT
competitive advantage ANS an advantage over competitors gained by offering greater customer value, either by
having lower prices or providing more benefits that justify higher prices
strategies for competitive advantage ANS Differentiation - better, or at least different
Cost leadership - cheaper
Response - more responsive
reasons to globalize ANS improve supply chain, reduce costs, improve operations, understand markets, improve
products, attract and retain global talent
differentiation ANS Uniqueness can go beyond both the physical characteristics and service attributes to
encompass everything that impacts customer's perception of value
ex: Walt Disney World vs Six Flags
cost leadership ANS provide the maximum value as perceived by the customer does not mean low quality.
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