GMS 401 Final exam Questions and Answers 100% Pass
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Course
GMS 401
Institution
GMS 401
GMS 401 Final exam Questions and Answers 100% Pass
Production - -the creation of goods and services
Operations Management - -Activities that relate to the creation of goods and services
through the transformation of inputs to outputs
Supply chain - -A global network of organizations and activit...
GMS 401 Final exam Questions and Answers 100% Pass
Production - -the creation of goods and services
Operations Management - -Activities that relate to the creation of goods and services
through the transformation of inputs to outputs
Supply chain - -A global network of organizations and activities that supply a firm
with goods and services
Services - -Economic activities that typically produce an intangible product (such as
education, entertainment, lodging, government, financial, and health services)
Service sector - -the segment of the economy that includes trade, financial, lodging,
education, legal, medical, and other professional occupations
Management process - -the application of planning, organizing, staffing, leading, and
controlling to the achievement of objectives
Differentiation - -distinguishing the offerings of an organization in a way that the
customer perceives as adding value
Experience Differentiation - -Engaging a customer with a product through
imaginative use of the five senses, so the customer "experiences" the product
, GMS 401 Final exam Questions and Answers 100% Pass
Low cost leadership - -achieving maximum value, as perceived by the customer
Response - -a set of values related to rapid, flexible, and reliable performance
Mission - -the purpose or rationale for an organization's existence
Strategy - -how an organization expects to achieve its missions and goals
Productivity - -the ratio of outputs (goods and services) divided by one or more inputs
(such as labour, capital or management)
Single factor Productivity - -Indicates the ratio of one resource (input) to the goods
and services produced (outputs).
Multifactor productivity - -indicates the ratio of many or all resources (inputs) to the
goods and services produced (outputs)
Productivity variables - -the three factors critical to productivity improvement -
capital and the art and science of management
, GMS 401 Final exam Questions and Answers 100% Pass
Knowledge Society - -a society in which much of the labour force has migrated from
manual work to work based on knowledge
Maintenance - -the activities involved in keeping a systems equipment in working
order
Reliability - -the probability that a machine part or product will function properly for a
specified time under stated conditions
Mean Time Between Failures (MTBF) - -The expected time between a repair and the
next failure of a component, machine, process, or product.
Redundancy - -the use of components in parallel to raise reliability
Product development stages - -Product concepts are developed from a variety of
sources, both external and internal to the firm. Concepts that survive the product idea
stage progress through various stages, with nearly constant review, feedback, and
evaluation in a highly participative environment to minimize failure
Robust design - -a design that can be produced to requirements even with
unfavorable conditions in the production process
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