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EBTM 365-TOWSON EXAMS QUESTIONS AND ANSWERS

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EBTM 365-TOWSON Value Add - Answer-- Technically: Value add is the difference between the cost of inputs and the value or price of outputs. - Reality: If you are not adding value that the customer recognizes and wants - you are out of business. Productivity - Answer-the effective use of re...

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  • November 4, 2024
  • 3
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • EBTM 365-TOWSON
  • EBTM 365-TOWSON
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Freshy
EBTM 365-TOWSON
Value Add - Answer-- Technically: Value add is the difference between the cost of
inputs and the value or price of outputs.

- Reality: If you are not adding value that the customer recognizes and wants - you
are out of business.

Productivity - Answer-the effective use of resources

Why Productivity? - Answer-- High productivity >>>>> Lower Costs
- Effects on competitiveness
- Effects on inflation (pencil maker)

Single Factor Productivity - Answer-Labor or Machine productivity:
- Hamburgers cooked per hour
- Cars washed per hour
- Tables served per server

Multi-factor productivity - Answer-- Combination of various inputs
- Common unit of measure (cost or value)
- Labor + Materials + Overhead

Pareto Phenomenon - Answer-80/20 Rule - 80% of problems are caused by 20% of
the activities.

How does O/M improve productivity? - Answer-- Measure (inspect what you expect)
- Identify critical operations (start with bottlenecks)
- Develop methods for achieving (employee involvement)
Set goals
- Have management support
- Measure and celebrate
- Efficiency (specific resource) vs. Productivity (overall)
Outsourcing / ___________ / Contracting

Systems Approach - Answer-(all functions are interrelated)

What makes an operation unique? - Answer-- Degree of standardization

- Type of operation (single v. continuous)

- Production of Goods or Services

Competitiveness - Answer-- how effective an organization is in the marketplace

Factors of Competitiveness - Answer-

Strategy - Answer-plans for achieving organizational goals

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