Operations management - ANSWER- The management of processes or systems that create goods and/or provide services.
- inputs transformed into outputs (goods or services)
- plays role in supply chain
- works with marketing and finance
It creates _____ - ANSWERVALUE added
- research and investme...
MSIS 3223 test 1 Questions &
Answers!!
Operations management - ANSWER- The management of processes or systems that create goods
and/or provide services.
- inputs transformed into outputs (goods or services)
- plays role in supply chain
- works with marketing and finance
It creates _____ - ANSWERVALUE added
- research and investment, salaries, creating profits
Classifications on Productive Systems - ANSWER1. Degree of Standardization (highly standardized or
highly customized)
2. Type of Operation (project, repetitive)
3. Tangible good or Intangible act
Key functions on the supply side are: - ANSWER- operations and supply chains
Key functions on the demand side: - ANSWER- sales and marketing
Too little supply leads to... - ANSWER- lost opportunity and customer dissatisfaction
Three basic functional areas of organization: - ANSWER1. Finance
2. Marketing
3. Operation
Need support and input from all areas for Operation to produce goods and services
Operations and Supply Chains are.... - ANSWER- intrinsically linked and no business organization
could exist without both
, Feedback in the transformation process is defined as: - ANSWER- measurements taken at various
points in the transformation process
- compared with previously established standards to determine whether corrective action is needed
(control)
Control: - ANSWER- The comparison of feedback against previously established standards to
determine if corrective action is needed within the transformation process
Value-Added equation - ANSWER- Value or Price of Outputs - Cost of Inputs.
In Nonprofits, the value of outputs is their ________ - ANSWER- value to society
Money from Value-Added is used for things like _____, _____, _____, ______ - ANSWER- R&D,
Investments, salaries, and profit.
How many percent of jobs involve Operations Management? - ANSWER50%
Eli Whitney came up with the concept of... - ANSWER- interchangeable parts
Adam Smith came up with the concept of... - ANSWER- division of labor
Watt came up with the concept of... - ANSWER- new power sources (The steam engine)
What are the Post Civil War dates? - ANSWER- (1865-1900)
Events of Post Civil War - ANSWER- Mass exodus of farm laborers-labor pool
- Modern capital formation-joint stock co.
- Entrepreneurial ideas-Morgan,etc.
- Rapid expansion of West-railroad
----Great Productive Explosion----
Scientific Management's Key People: - ANSWERF.W. Taylor--efficiency and productivity
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