Unit 1 Flashcards
It is part of a business organization that is responsible for producing goods or services.
Operations
It results in a tangible output and it may take place in a factory, but it can occur elsewhere.
Production of goods
It generally implies an act.
Delivery of service
It is responsible for securing financial resources at favorable prices and allocating those resources throughout the organization, as well as budgeting, analyzing investment proposals, and providing funds for operations.
Finance
It is responsible for assessing consumer wants and needs, and selling and promoting the organization’s goods or services.
Marketing
It is responsible for assessing consumer wants and needs, and selling and promoting the organization’s goods or services.
Operations
It is the management of SYSTEMS or PROCESSES that create goods or services.
Operations Management
It is the essence of the operations function during the transformation process.
To add value or value-added
It is the term used to describe the difference between the cost of inputs and the value or price of outputs.
Value-added
It consists of one or more actions that transform inputs into outputs.
Process
It is the central role of the operations management.
Process
It involves predicting future demand for products or services.
Forecasting
It commonly uses techniques such as quantitative analysis, historical data review, and market research.
Forecasting
It determines the production capacity needed to meet changing demands for products or services.
Capacity Planning
It involves assessing current capacity, forecasting future needs, and making decisions about expanding or reducing capacity.
Capacity Planning
