CHAP 1 OM & value chain

Question 1

efficiency

Answer 1

measure of how well resources are used in creating outputs

Question 2

Operations Management

Answer 2

is the science and art of ensuring that goods, and services are created and delivered successfully to customers.

Question 3

cost and quality

Answer 3

contributes to profitability and long run success of business

Question 4

3 issues at the core of operations mngt

Answer 4

efficiency, cost, and quality

Question 5

physical product that you can see, touch, or possibly consume

Answer 5

good

Question 5

is one that does not quickly wear out and typically lasts at least 3 yrs

Answer 5

durable good

Question 5

one that is no longer useful once it’s used, or lasts for less than 3 yrs

Answer 5

non-durable good

Question 5

found in industries such as manufacturing, farming, forestry, mining, construction, and fishing

Answer 5

goods- producing firms

Question 6

is any primary or complementary activity that does not directly produce a physical product

Answer 6

service

Question 7

an interaction between customer and the service provider

Answer 7

service encounter

Question 8

any episodes, transactions, or experience in which a customer comes into contact with any aspect of the delivery system, however remote, and there by has an opportunity to form an impression

Answer 8

moments of truth

Question 9

integrates marketing, human resources, and operations functions to plan,, create , and deliver goods and services, and their associated service encounter

Answer 9

service management

Question 10

is the perception of the benefits associated with a good, service, or bundle of goods & services in relation to what buyers are willing to pay for them

Answer 10

value

Question 11

defined as a set of tangible (goods-content) and intangible (service-content) features that the customer recognizes, pays for, uses, or experiences

Answer 11

CBP (customer benefit package)

Question 12

the core offering that attracts customers and responds to their basic needs.

Answer 12

primary good or service

Question 13

are those that are not essential to the primary good or service, but enhance it.]

Answer 13

peripheral goods or services

Question 14

is a CBP feature that departs from the standard CBP and is normally location or firm specific

Answer 14

variant

Question 15

is a network of facilities and processes that describes the flow of materials, finished goods, services, information, and financial transactions from suppliers, through the facilities and processes that create goods and services, and those deliver them to the customer.

Answer 15

value chain

Question 15

is the portion of the value chain that focuses primarily on the physical movement of goods and materials, and supporting flows of info and financial transactions through the supply, production, and distribution processes

Answer 15

supply chain

Question 16

is a sequence of activities that is intended to create a certain result, such as a physical good, a service, or information.

Answer 16

process

Question 17

3 key processes in business

Answer 17

-Core processes
-support procesess
- general management processes

Question 18

focused on producing or delivering goods and services

Answer 18

core processes

Question 19

such as purchasing materials and supplies

Answer 19

support processes

Question 20

includes accounting and information systems

Answer 20

general management processes

Question 21

activity includes shipping finished goods to distribution centers

Answer 21

goods- producing supply chain

Question 22

are warehouses that act as intermediaries between factories and customers, shipping directly to customers or to retail stores

Answer 22

distribution centers (DC)

Question 22

refers to raw material, work in process, or finished goods that are maintained to support production or satisfy customer demand

Answer 22

inventory

Question 22

refers to an organization’s ability to strategically address current business needs and successfully develop a long term strategy that embraces opportunities and manages risk

Answer 22

sustainability

Question 23

3 perspective of sustainability, also referred as triple bottom line

Answer 23

environmental, social, and economic

Question 23

org’s commitment to long term quality of our environment

Answer 23

environmental sustainability

Question 24

org’s commitment to maintain healthy communities and a society that improves the quality of life

Answer 24

social sustainability

Question 25

org’s commitment to address current business needs and economic vitality

Answer 25

economic vitality

Question 26

a process of transforming data into actions through analysis and insights in the context of organizational decision making and problem solving

Answer 26

business analytics