5.1 - Introduction to operations management

Question 1

resources needed to produce a good or service (land, labour, capital, enterprise)

Answer 1

factors of production

Question 2

concerned with providing the right goods/services in the right quantities and at the right quality level in a cost-effective and timely manner

Answer 2

operations management (operations production)

Question 3

method of turning factor inputs into outputs by adding value

Answer 3

production process (transformation process)

Question 4

a measure of a firm’s operational efficiency level, rate at which inputs are transformed into outputs

Answer 4

productivity

Question 5

practice of enabling production and consumption of goods/services for the ppl of today without compromising the needs of future generations

Answer 5

sustainability

Question 6

production process when the value of output is greater than the cost of production

Answer 6

value added