C1-Basics Of Operations Management

Question 1

3 Major Functions of Business

Answer 1

FOMM

1. Finance
2. Marketing
3. Operations Management

Question 2

Other business functions

Answer 2

APEHR
1. Accounting
2. Purchasing
3. Engineering
4. Human Resources
(Support the three major functions)

Question 3

What is the function of Marketing?

Answer 3

Responsible in:

a. managing customer demands
b. generating sales for goods and services
c. understanding customer wants and needs

Question 4

What is Operations Management (OM)?

Answer 4

Is the business function that plans, organize, coordinates, and controls the resources needed to produce a company’s goods and services.
A management function

Question 5

What is the function of Finance?

Answer 5

It is the one responsible for cash flow, current assets, and capital investments

Question 6

Central core function of every company

Answer 6

Operations Management

Question 7

Role of Operations Management

Answer 7

Transform a company’s inputs into the finished goods or services

Question 8

Different inputs

Answer 8

HR-FP-MTI

1. Human Resources
2. Facilities and Processes
3. Materials
4. Technology
5. Information

Question 9

Orchestrating all the resources includes

Answer 9

1. Designing the product
2. Deciding what resources are needed
3. Arranging schedules, equipment, and facilities
4. Managing inventory
5. Controlling quality
6. Designing the jobs to make the product
7. Designing work methods

Question 10

The Transformation Process

Answer 10

Inputs ➡️ Transformation Process ➡️ Outputs
(Customer feedback and Performance Information are used to continually adjust the inputs, the transformation process, and characteristics of the outputs)

Question 11

Value added

Answer 11

The net increase between the final value of a product and the value of all the inputs. (An obvious way to add value is to reduce cost of activities in the transformation process)

Question 12

Efficiency

Answer 12

Means being able to perform activities well and at the lowest possible cost

Question 13

Important role of operations management

Answer 13

1. Analyze all activities
2. Eliminate those that do not add value
3. Restructure processes and jobs to achieve greater efficiency

Question 14

Organization into 2 broad categories

Answer 14

Manufacturing Organizations

Service Organizations

Question 15

Manufacturing Organization distinctions

Answer 15

Produces physical,