WEEK 2

Question 1

is the administration of business practices to create the highest level of efficiency possible within an organization.

Answer 1

Operations Management

Question 2

4M’S?

Answer 2

Man, Materials, Machines, Method

Question 3

CONPONENTS/SCOPE OF OM

Answer 3

1. Forecasting
2. Capacity Planning
3. Locating Facilities
4. Layout and Facilities
5. Maintenance, Purchasing, and Scheduling
6. Quality Assurance and Control
7. Just-in-Time
8. Materials Requirement Planning
9. Inventory Management
10. Motivating and Training Employees (Human Resource Management)
11. Process and System Performance
12. Supply Chain Management

Question 4

BENEFITS OF OM

Answer 4

Product ad Service Quality Enhancement Customer Satisfaction
Revenue Increase
Waste Reduction

Question 5

PRINCIPLES OF OM

Answer 5

✓ Reality
✓ Organization
✓ Humility
✓ Success
✓Accountability
✓ Causality
✓ Change
✓ Collaborating with Customers
✓ Knowing the Competition
✓ Quality Control
✓ The Software

Question 6

ELEMENTS/STRATEGIES OF OM

Answer 6

1. Product Management
2. Production Management
3. Inventory Management
4. Total Quality Management
5. Facilities and Location
6. Capacity Planning
7. Materials Requirement Planning
8. Project Management
9. Layout Strategies
   10.Supply Chain Management
10. Human Resource Management
11. JIT and Lean Management

Question 7

TYPES OF BUSINESS:

Answer 7

• Industry
• Commerce
• Service

Question 8

TYPES OF BUSINESS ORGANIZATION:

Answer 8

• Sole Proprietorship
• Partnership
• Corporation

Question 9

FUNCTIONAL OPERATIONS WITHIN THE ORGANIZATION:

Answer 9

• Finance
• Marketing
• Operations

Question 10

refers to the system an organization implements to achieve its long term goals and mission.

Answer 10

Operation Strategies