100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
BADM 7120 Exam 1 Questions with Explanations of Answers | latest upate 2024 $7.99   Add to cart

Exam (elaborations)

BADM 7120 Exam 1 Questions with Explanations of Answers | latest upate 2024

 9 views  0 purchase
  • Course
  • Institution

BADM 7120 Exam 1 Questions with Explanations of Answers | latest upate 2024

Preview 2 out of 13  pages

  • June 25, 2024
  • 13
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers
avatar-seller
BADM 7120: Exam 1
operations management - ANS-focuses on decisions for the production and delivery of the firm's
products and services

3 aspects of operations management - ANS-1. decisions: must decide process, quality, capacity,
inventory and supply chain
2. function: major functional areas of org (mktg, finance, operations)
3. process: planning and controlling the transformation process and its interfaces
(internal/external)

supply chain - ANS-networks of manufacturing and service operations that supply one another
from raw materials through production to the end consumer. It is a flow of materials, money, and
information that links operations across organizations

5 areas of operations and supply chain decisions - ANS-1. process
2. quality
3. capacity
4. inventory
5. supply chain

Cross functional decision making: what are the primary and supporting functions? -
ANS-primary: operations, finance, mktg

supporting: all others (HR, Acct, info systems, etc)

operations as a process: what is it, what are the benefits? - ANS-DEFINITION: conversion of
inputs into outputs when producing a good or service

BENEFITS
1. provides basis for seeing entire business as a system of interconnected processes
2. allows decision makers to analyze an org. and improve it from a process point of view

5 contemporary operations challenges - ANS-1. services and manufacturing (differences and
implications
2. customers directed operations (voice of the customer & efficiency)
3. integration of decisions internally and externally (cross-functionality)
4. environmental sustainability
5. globalization of operations & the supply chain (global considerations over national interest)

, Operations Strategy - ANS-a consistent pattern of business decisions for operations and
associated supply chains that are linked to the business strategy and other functional strategies,
leading to a competitive advantage for the firm.

What should operations strategy be guided by? - ANS-Because it is a functional strategy, it
should be guided by business and corporate strategies

Corporate strategy - ANS-defines the business that the company is pursuing

Business strategy - ANS-follows corporate strategy and defines how each particular business
will compete

4 Elements of Operations Strategy - ANS-1. mission
2. objectives
3. strategic decisions
4. distinctive competence

4 most common Operations objectives - ANS-1. cost
2. quality
3. delivery
4. flexibility

Operations objectives: cost - ANS-measure of resources used in operations

operations objectives: quality - ANS-conformance of products/services to customer
requirements

operations objectives: delivery - ANS-providing products/services quickly and on time

operations objectives: flexibility - ANS-ability to rapidly change operations

Strategic decisions - ANS-determines how objectives will be achieved

distinctive competence - ANS-something that a company can do better than any competitor that
adds value for the customer

ex: patents, proprietary technology, operations innovation

2 Business strategy alternatives - ANS-1. product imitator
2. product innnovator

product imitator - ANS-typical in mature, price-sensitive mkt w/ standardized products

focuses on low cost

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller ACTUALSTUDY. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $7.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

84146 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$7.99
  • (0)
  Add to cart