Om 300 exam 1 Study guides, Class notes & Summaries

OM 300 Northam Exam 1 With Complete Solutions

OM 300 Exam 1 Questions And Answers 2024 Verified Tests Inputs ANS human resources; facilities &processes; technologies; materials outputs ANS goods; services What is operations management? ANS The business function responsible for planning, coordinating, and controlling the resources needed to produce products and services for a company Why study OM? ANS 1. OM is one of three major functions of any organization, we want to study how people organize themselves for productive enterp...

OM 300 Exam 1 Northam Questions And Answers Rated A+ What is a model? ANS A purposeful representation of key elements of objects or systems and the relationships among them; provides abstract representation of something real What should be omitted in a model? ANS Useless data What are the four different types of models? ANS 1. Mental Models 2. Visual Models 3. Physical Models 4. Mathematical Models What is mental model? ANS Models that tell you what to do; example: traffic light...

OM 300 Exam 1 Questions And Answers 2024 Updated Study Set Operations Management ANS the business function responsible for planning, coordinating, and controlling the resources needed to produce a company's goods and services Role of operations ANS to transform organizational inputs into outputs. value added ANS the net increase created during the transformation of inputs into final outputs efficiency ANS performing activities at the lowest possible cost Manufacturing organizat...

OM 300 Exam 1 Northam Verified Study Questions And Answers What is TQM? ANS quality emphasis that encompasses the entire organization, from supplier to customer Managing quality supports: ANS differentiation, low cost, and response strategies How does quality improve profitability? ANS Quality increases sales gains and reduces costs Quality increases sales gains through what measures? ANS 1. Improved response 2. Flexible Pricing 3. Improved Reputation

OM 300 Exam 1 Nunnelley Complete Questions And Answers What are the different levels of analytics? ANS -Optimization -What's the best decision? -Predictive Modeling -What will or could happen? -Forecasting -What if these trends continue? -Statistical Analysis -Why is this happening? Examples: -Identifying profitable and loyal customers -Determining the optimal price for a product or service -Finding the lowest possible level of inventory without reducing availability to the ...

OM 300 Exam 1 Chilcutt Verified Questions And Answers Rated A+ Which of the following is NOT considered to be one of the three primary functions that all organizations perform? A. marketing B. finance/accounting C. research and development D. production/operations ANS C. Research and Development Which of the following activities at a commercial bank is NOT an operations activity? A. auditing B. maintenance C. check clearing D. security ANS A. Auditing A global ne...

OM 300 Exam 1 Study Guide With complete solutions

OM 300 Exam 1 - Northam With Complete Solutions

OM 300 Exam 1 With Complete Solutions