Operations Management

Question 1

What is the primary objective of a business?

Answer 1

to create wealth for its shareholders

Question 2

How does a business create wealth?

Answer 2

either creating or fulfilling a market need while creating positive financial returns

Question 3

In a transformation process, what should happen at every step?

Answer 3

value should be added to the product

Question 4

What are the four D’s of operation management?

Answer 4

design: shaping processes, products, and services
deliver: planning and controlling ongoing operations
develop: improving the operation’s capabilities
direct: steering operations and processes

Question 5

What are the six responsibilities of operations management in the transformation process?

Answer 5

develop function 
market function
informations systems function
human resources function
accounting and finance function
technical function

Question 6

What are the four V’s of business processes (characteristics)?

Answer 6

volume
variety
variation
visibility

Question 7

Define managerial processes.

Answer 7

processes concerned with setting direction, organisational sustainability, and future performance

Question 8

Define operational processes.

Answer 8

processes concerned with present day performance and work execution

Question 9

Define support processes.

Answer 9

processes that are concerned with supporting the operational and managerial processes

Question 10

What is an indicator for the need for improvement?

Answer 10

a gap between the actual oerformance and the desired performance