delicades reviewer

Question 1

The management of processes or systems that create goods and/or provide services.

Answer 1

Operations management

Question 2

Organizations are formed to pursue goals that are achieved more effectively by the concerted efforts of a group of people than by individuals working alone.

Answer 2

Business Organization

Question 3

Three Basic Functions Of Business Organization

Answer 3

1. PRODUCTION / OPERATIONS
2. FINANCE
3. MARKETING

Question 4

Activities related to securing resources at favorable prices and allocating those resources throughout the organization.

Answer 4

FINANCE

Question 5

Inputs are used to obtain finished goods using one or more transformation processes

Answer 5

1. PRODUCTION / OPERATIONS
   - System

Question 6

Focus on selling and/or promoting the goods and services of an organization.

Answer 6

MARKETING

Question 7

evaluation of alternative investment in plant and equipment requires input from both operations and finance people.

Answer 7

Economic analysis of investment proposals

Question 8

must be periodically prepared to plan financial requirements.

Answer 8

Budget

Question 9

necessary funding of operations and the amount and timing of funding

Answer 9

Provision of funds

Question 10

supplies information to management on cost of labor, materials, and overhead and may provide reposts on items such as scrap, downtime and inventories.

Answer 10

Accounting

Question 11

responsible for procurement of materials, supplies, and equipment.

Answer 11

Purchasing

Question 12

concerned with recruitment and training of personnel, labor relations, wages and salaries and ensuring health and safety of employees.

Answer 12

Personnel or Human Resources

Question 13

providing management with the information it needs to effectively manage

Answer 13

Management Information System (MIS)

Question 14

responsible for general upkeep and repair of equipment, building and grounds, heating and air-conditioning, removing toxic waste.

Answer 14

Maintenance

Question 15

responsible for building and maintaining a positive image of the organization.

Answer 15

Public Relations

Question 16

involves shipping of goods to warehouse, retail outlets or final consumer.

Answer 16

Distribution

Question 17

means that the product or service is designed for specific case or individual.

Answer 17

Customized Output

Question 18

means that there is a high degree of uniformity in goods or services.

Answer 18

Standardized Output

Question 19

The four Vs of operations:

Answer 19

Volume, Variety, Variation, Visibility

Question 20

results in a tangible product.

Answer 20

Production of goods

Question 21

generally implies an act.

Answer 21

Service operation

Question 22

Differences Between Goods and Services:

Answer 22

1. Customer contact
2. Uniformity of input
3. Labor content of job
4. Uniformity of output
5. Measurement of productivity
6. Simultaneous production/consumption and delivery
7. Quality assurance

Question 23

an abstraction of reality; a simplified version of something

Answer 23

I. MODEL

Question 24

More abstract than their physical counterparts (less resemblance to physical reality)

Answer 24

Schematic Models

Question 25

More abstract than their physical counterparts (less resemblance to physical reality)

Answer 25

Schematic Models

Question 26

The most abstract: they do not look at all like their real-life counterparts.

Answer 26

Mathematical Models

Question 27

Look like their real-life counterparts.

Answer 27

Physical Models

Question 28

approaches to problem solving embody an attempt to obtain mathematically optimum solutions to managerial problems.

Answer 28

II. QUANTITATIVE APPROACHES

Question 29

a set of interrelated parts that must work together

Answer 29

System

Question 30

emphasizes interrelationships among subsystems, but its main theme is that the whole is greater than the sum of its individual parts

Answer 30

IV. SYSTEMS APPROACH

Question 31

deal with decision by listing the advantages and disadvantages – pros and cons

Answer 31

III. ANALYSIS OF TRADE-OFFS

Question 32

A measure of the effective use of resources, usually expressed as the ratio of output to input

Answer 32

Productivity

Question 33

output/ (multiple inputs)

Answer 33

Multi-factor measures

Question 34

output/ (single input)

Answer 34

Partial measures

Question 35

output/ (total inputs)

Answer 35

Total measure

Question 36

a general approach to decision making that is suitable for a wide range of operations management decision

Answer 36

Decision Theory

Question 37

expected payoff for each alternative in every possible state of nature

Answer 37

PAYOFF TABLE

Question 38

means that relevant parameters such as cost, capacity and demand have known value.

Answer 38

1. Certainty

Question 39

means that it is impossible to assess the likelihood of various possible future events.

Answer 39

3. Uncertainty

Question 40

means that certain parameters have probabilistic outcomes.

Answer 40

2. Risk

Question 41

best of the worst

Answer 41

1. Maximin

Question 42

best average payoff

Answer 42

3. Laplace

Question 43

least of the worst regrets.

Answer 43

4. Minimax Regret

Question 44

best possible payoff.

Answer 44

2. Maximax

Question 45

best possible payoff.

Answer 45

2. Maximax

Question 46

the best expected value among the alternatives

Answer 46

Expected Monetary Value (EMV)

Question 47

The difference between the expected payoff with perfect information and the expected payoff under risk.

Answer 47

EXPECTED VALUE OF PERFECT INFORMATION (EVPI solution 1)

Question 48

• A schematic representation of the available alternatives and their possible consequences

Answer 48

DECISION TREE

Question 49

—– nodes denote decision points

Answer 49

Square

Question 50

nodes denote chance events

Answer 50

circular