Introduction to Operations Management

Question 1

Production

Answer 1

The creation of goods and services

Question 2

Operations management

Answer 2

Activities that relate to the creation of goods and services through the transformation of inputs to outputs

Question 3

Management process

Answer 3

The application of planning, organizing, staffing, leading, and controlling to the achievement of objectives

Question 4

Services

Answer 4

Economic activities that typically produce an intangible product (such as education)

Question 5

Service sector

Answer 5

The segment of the economy that includes trade, financial, lodging, education, legal, medical, and other professional occupations

Question 6

Productivity

Answer 6

The ratio of outputs divided by one or more inputs (such as labor, capital, or management)

Question 7

Single-factor productivity

Answer 7

Indicates the ratio of one resource to the goods and services produced

Question 8

Multifactor productivity

Answer 8

Indicates the ratio of many or all resources to the goods and services produced

Question 9

Productivity variables

Answer 9

The three factors critical to productivity improvement – Labor, capital, and the art and science of management

Question 10

Knowledge society

Answer 10

A society in which much of the labor force has migrated from manual work to work based on knowledge

Question 11

Production

Answer 11

The creation of goods and services