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