Unit 1 - Intro 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

Supply Chain

Answer 3

A global network of organizations and activities that supplies a firm with goods and services.

Question 4

Management Process

Answer 4

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

Question 5

Services

Answer 5

Economic activities that typically produce an intangible product (such as education, entertainment, lodging, government, financial, and health services).

Question 6

Service Sector

Answer 6

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

Question 7

Productivity

Answer 7

The ratio of outputs (goods and services) divided by one or more inputs (such as labour, capital, or management).

Question 8

Single-factor productivity

Answer 8

indicates the ratio of one resource (input) to the goods and services produced (outputs).

Question 9

Multifactor productivity

Answer 9

Indicates the ratio of many or all resources (inputs) to the goods and services produced (outputs).

Question 10

Productivity Variables

Answer 10

The three factors critical to productivity improvement are labour (10 %), capital (38 %), and management (52 %).

Question 11

Knowledge Society

Answer 11

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