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A credit card-processing firm would be likely to list the following competitive priorities for its external customers: A. Concurrent engineering B. Mass customization C. Consistent quality D. Postponement : c Which of the following events from the twentieth century defines the history of operations and supply chain management? A. The invention of the assembly line for the Model T car by Henry Ford. 2 | P a g e B. Alfred Sloan's introduction of strategic planning for achievin...

Capacity : The max rate of output of a process or system What do long-term capacity plans involve? : Investments in new facilities and equip at the organizational level, and require top mgmt participation and approval bc they are not easily reversed When choosing a capacity strategy, what do managers need to consider? : How much of a cushion is needed for variable demand & should we expand capacity ahead of demand or wait until demand is more certain 2 ways capacity can be expressed :...

Break Even Analysis : Analysis to compare processes by finding the volume at which two different processes have equal total costs. pQ = F + cQ Break Even Quantity : The volume at which total revenues equal total costs. Variables for Break Even : Variable cost (c) The portion of the total cost that varies directly with volume of output. Fixed cost (F) The portion of the total cost that remains constant regardless of changes in levels of output. Quantity (Q) The number of customer...

Operations management : The systematic design, direction, and control of processes that transform inputs into services and products for internal, as well as external, customers Process : Any activity or group of activities that takes one or more inputs, transforms them, and provides one or more outputs for its customers Operation : A group of resources performing all or part of one or more processes Supply chain management : The synchronization of a firm's processes with those of its...

Big three areas chart : Finance--> Material and Service Input-->Operations--> Product and Service Outputs-->Marketing--> Sales revenue--> back to finance Finance : Acquires financial resources and capital for inputs Operations : Translates materials and services into outputs Marketing : Generates sales of outputs Support Functions : -Accounting 2 | P a g e -Information Systems -Human Resources -Engineering Process (Inputs-->Process-->Output) : Any activi...

Complementary products : when one demand goes up, so does the other Judgement methods : contextual knowledge gained through experience Causal methods : Use historical data and the relationships can be identified between the dependent and independent variable (s). Time series methods : Use historical information regarding only the dependent variable Time series methods examples : Simple moving average, exponential smoothing, trend patterns using regression method 2 | P a g e naive...

Finance : Acquires financial resources and capital for inputs Marketing : Generates sales of outputs Operations : Translates materials and services into outputs Process : Any activity or group of activities that takes one or more inputs, transforms them, and provides one or more outputs for its customers Operation : A group of resources performing all or part of one more processes 2 | P a g e Supply Chain : An interrelated series of processes within and across firms that produces ...

Finance : Acquires financial resources and capital for inputs Marketing : Generates sales of outputs Operations : Translates materials and services into outputs Process : Any activity or group of activities that takes one or more inputs, transforms them, and provides one or more outputs for its customers Operation : A group of resources performing all or part of one or more processes 2 | P a g e Supply Chain : An interrelated series of processes within and across firms that produc...

Definition of Quality according to Institute of Medicine : degree to which health services for individuals or populations increase the likelihood of desired health outcomes and are consistent with the current professional knowledge Donabedian conception of quality: : structure, process, outcomes structure according to Donabedian : quality of material, human resources and facilities. · Better trained human resources, more advanced equipment · Higher quality = higher structure proces...

Which of the following techniques is considered secondary research? -Conducting focus group -Observing the effect of subliminal messages on shoppers -Using Hoover's to determine what Walmart's profits were last quarter -Counting the number of times a speaker uses the word "utilize" in the transcript of a speech -Interviewing a subject matter expert : Using Hoover's to determine what Walmart's profits were last quarter "The Chicago Tribune pointed out that..." is an example of -...