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OM 300 Chilcutt Exam 1: Questions And Solutions (A+)
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OM 300 Chilcutt Exam 1: Questions And Solutions (A+)
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OM 300 Chilcutt Exam 1: Questions And Solutions (A+)Operations Management Right Ans - the set of activities that create value in
the form of goods and services by transforming inputs into outputs
Marketing Right Ans - generates demand
Accounting Right Ans - tracks how well the organization is doing, pays bills,
and collects money
Operations Right Ans - creates the product
Supply chain Right Ans - a global network of organizations and activities
that supply a firm with goods and services.
--Farm to fork
Services Right Ans - Economic activities that typically produce an
intangible product (such as education, entertainment, lodging, government,
financial, and health services)
Manufacturers Right Ans - produce tangible products
Productivity Right Ans - the ratio of outputs (goods and services) divided
by the inputs (resources such as labor and capital)
--objective of businesses is to improve this
Multi-factor productivity Right Ans - the ratio between the amount of
output produced by an industry or business sector and the amount of inputs
used
--often expressed in dollars
Quality Right Ans - may change while the quantity of inputs and outputs
remains constant
External elements Right Ans - may cause an increase of decrease in
productivity
Precise units Right Ans - may be lacking in our multi-factor productivity
formula
, Key Variables for Improved Labor Productivity Right Ans - 1. Basic
Education appropriate for the labor force
2. Diet of the labor force
3. Social overhead that makes labor available
-Challenge is in maintaining and enhancing skills in the midst of rapidly
changing technology and knowledge
Stakeholders Right Ans - those with a vested interest in an organization,
including customers, distributors, suppliers, owners, lender, employees, and
community members
Management Right Ans - accounts about 52% of the annual increase in
productivity
Mission Right Ans - organization's purpose or reason for being
Strategy Right Ans - a plan of action to achieve the mission of the
organization
SWOT
competitive advantage Right Ans - an advantage over competitors gained
by offering greater customer value, either by having lower prices or providing
more benefits that justify higher prices
Strategies for competitive advantage Right Ans - Differentiation - better, or
at least different
Cost leadership - cheaper
Response - more responsive
Reasons to globalize Right Ans - improve supply chain, reduce costs,
improve operations, understand markets, improve products, attract and
retain global talent
Differentiation Right Ans - Uniqueness can go beyond both the physical
characteristics and service attributes to encompass everything that impacts
customer's perception of value
ex: Walt Disney World vs Six Flags
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