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Management 3325 Exam #1 correctly answered to pass
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Management 3325 Exam #1 correctly answered to pass
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Management 3325 Exam #1Operations management - correct answer ✔✔the management of the entire process that transforms
inputs into outputs
Corporate strategy - correct answer ✔✔The overall scope and direction of a corporation and the way in
which its various business operations work together to achieve particular goals
The focus of operations steategy - correct answer ✔✔to understand and achieve the ability to
consistently deliver products and services to meet customer needs and the business's overall plans
Operations strategy objectives - correct answer ✔✔focus on areas of quality, cost, flexibility, and speed
Transformation process - correct answer ✔✔manufacturing, service, and supply chain transformation
processes use resources to convert inputs into some desired output.
- inputs can be a raw material, a customer, or a finished product from some other system
Competitive priorities - correct answer ✔✔often devised to create advantages in the marketplace
- these priorities are driven by business plan objectives and customer preferences of products and
services
- typically the top drivers include high quality, low cost, and high customer service
operations alignment with corporate strategy - correct answer ✔✔execution of operations strategy is
critical to the execution of business goals
- the business plan is typically focused on financial objectives, market and product objectives,
technology, and growth
, - operations must align these goals with processes such as speed, flexibility, cost, and quality
Sustainability - correct answer ✔✔the degree of concern for the environment, including use of
renewable resources and minimization of harmful waste
Ethics - correct answer ✔✔alignment with legal and moral codes of conduct in all activities of the firm
social responsibility - correct answer ✔✔relates to the areas of sustainability and ethics as they pertain
to the communities where the organization does business
- further extends into how the organization supports its communities and encourages its workers to
follow suit
Stewardship - correct answer ✔✔the job of supervising or taking care of something, such as an
organization or property.
Ops role in revenue growth and product miux - correct answer ✔✔operations management has a major
impact on the growth of the firm through capacity considerations and new product and service
introductions
Ops role in cost reduction - correct answer ✔✔operations often owns the biggest share of cost reduction
in the business
Cost of sales - correct answer ✔✔made up of material, labor, and overhead- typically represents a large
component of costs in the organization
Operations role in asset utilization - correct answer ✔✔operations typically controls the major capital
investments in the organization, including plants, equipment, and inventory
Supply chain management - correct answer ✔✔the management of the flow of goods and services and
includes all processes that transform raw materials into final products
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