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GMS 401 Final exam Study Guide Solutions
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GMS 401 Final exam Study Guide Solutions 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 an...

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  • November 19, 2024
  • 23
  • 2024/2025
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GMS 401 Final exam Study Guide
Solutions

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



Copyright ©SOPHIABENNETT 2025 ACADEMIC YEARALL RIGHTS RESERVED. Page 1/23

,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


Knowledge Society - ANSWER✔✔-a society in which much of the labour force has

migrated from manual work to work based on knowledge



Copyright ©SOPHIABENNETT 2025 ACADEMIC YEARALL RIGHTS RESERVED. Page 2/23

, 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


Modular designs - ANSWER✔✔-Designs in which parts or components of a product are

subdivided into modules that are easily interchanged or replaced


computer-aided design (CAD) - ANSWER✔✔-interactive use of a computer to develop

and document a product


Design for manufacture and assembly (DFMA) - ANSWER✔✔-software that allows

designers to look at the effect of design on manufacturing of the product

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