LONG QUIZ #1 REVIEWER PART 1

Question 1

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

Answer 1

Operations Management

Question 2

5 Types of Operations

Answer 2

1. Goods Producing
2. Storage/Transportation
3. Exchange
4. Entertainment
5. Communication

Question 3

Tangible output; physical items produced by business organizations.

Answer 3

Production of goods

Question 4

An act; activities that provide some combination of time, location form, and psychological value.

Answer 4

Delivery of services

Question 5

7 Service Job Categories

Answer 5

1. Government
2. Wholesale/retai
3. Financial service
4. Healthcare
5. Personal services
6. Business services
7. Education

Question 6

What are The Three Basic Functional Areas in Organizations

Answer 6

1. Finance
2. Marketing
3. Operations

Question 7

Responsible for securing monetary resources

Answer 7

Finance

Question 8

Responsible for assessing consumer wants and needs and selling and promoting organizations goods and services.

Answer 8

Marketing

Question 9

Responsible for producing the goods or providing the services offered by the organization.

Answer 9

Production

Question 10

Make the difference between the cost of inputs and the value or price of outputs.

Answer 10

Value-added elements

Question 11

Combination of goods and services.

Answer 11

Product packages

Question 12

2 Declines in Manufacturing Jobs

Answer 12

1. Productivity
2. Outsourcing

Question 13

5 Quantitative approaches/ Models

Answer 13

Linear programming
Queuing techniques
Inventory models
Project models
Statistical models

Question 14

To control different aspects of operations

Answer 14

Performance Metrics

Question 15

To control different aspects of operations

Answer 15

Performance Metrics

Question 16

Decision on the amount of inventory to stock

Answer 16

Analysis of trade-offs