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P370 Midterm Questions and Revised Correct Answers & Rationales (2024 / 2025) 100% Guarantee Pass $11.49   Add to cart

Exam (elaborations)

P370 Midterm Questions and Revised Correct Answers & Rationales (2024 / 2025) 100% Guarantee Pass

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  • P370
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  • P370

P370 Midterm Questions and Revised Correct Answers & Rationales (2024 / 2025) 100% Guarantee Pass P370 Midterm Questions and Revised Correct Answers & Rationales (2024 / 2025) 100% Guarantee Pass P370 Midterm Questions and Revised Correct Answers & Rationales (2024 / 2025) 100% Guarantee Pass P370 ...

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  • October 10, 2024
  • 14
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • P370
  • P370
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LECTGRADER
P370 MIDTERM

1.Operations Management:


the design, operation, and improvement of the pro- duction system
that creates the firm's primary products and services


2.The Five P's:


People, plants, parts, processes, and planning and control


3.Strategic Decisions:


long range business plans such as the acquisition of new resources


4.Tactical Decisions:


medium range, typically for the utilization of existing re- sources


5.Operational Decisions:


narrowly focused for a short time frame, involving the execution of
schedules or control activities


6.Operations Strategy:
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, concerned with setting broad policies and plans for using the production
resources of the firm to best support the firm's long term competitive
strategy


7.Stage 1-Internally Neutral:


Objective here is limited to minimizing the downside (don't mess up)


8.Stage 2-Externally Neutral:


Here operations is only required to match the per- formance of the
competition. Industry practice is followed but not initiated (keep up with
the joneses)


9.Stage 3-Internally Supportive:
A strategy is formulated and adhered to. process- es and technologies
are screened for strategic consistency (be consistent with corporate
strategy)


10.Stage 4-Externally Supportive:


Operations is used to its fullest capability to seek a competitive
advantage. Fully involved with all major decisions, adopting a
proactive rather than reactive role
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