LOMA 335: MODULE 1 STUDY GUIDE
Operations - Answer -The activities involved in producing goods and services.
Strategic Management - Answer -Process of providing overall long-term direction to the
company.
Functional Management - Answer -Process of providing planning and organizing within
a given area of specialization, along with ensuring that the units activities full support
the company's established strategic direction.
Operations Management - Answer -Process of carrying out the organization's day-to-
day activities, emphasizing the management functions of directing and controlling.
The Value Chain - Answer -A model which companies can use for analyzing which
company functions contribute directly to a company's competitive position.
Transformative System - Answer -System for transforming or converting resource
inputs (capital/investment/labor/sales) and converting them to product and service
outputs that increase value for company's owners (investment growth, satisfied
customers).
Resource inputs - Answer -Any element that can be used to create a product or
service.
Value-added Function - Answer -A function that has the effect of increasing the amount
of money customers pay to the company.
Transactional Work - Answer -Work typically dedicated for setting work priorities and
processing transactions. Workers engage on in a limited range of customer interactions
have very little need for specialized knowledge.
Transitional Work - Answer -Work that consists of performing routine tasks and
additional requires workers to hold important knowledge in a specific area.
Knowledge Work - Answer -Work that requires workers to interpret information within a
specific yet broad domain and to use skills and knowledge to define problems, identify
alternatives, solve problems and develop intellectual capacity.
Industry Sector - Answer -A part of an industry comprised of organizations carrying out
a similar function within the broader industry.
Globalization - Answer -The increasing potential for businesses to communicate,
conduct trade, and move funds with relative freedom across national boundaries.
Operations - Answer -The activities involved in producing goods and services.
Strategic Management - Answer -Process of providing overall long-term direction to the
company.
Functional Management - Answer -Process of providing planning and organizing within
a given area of specialization, along with ensuring that the units activities full support
the company's established strategic direction.
Operations Management - Answer -Process of carrying out the organization's day-to-
day activities, emphasizing the management functions of directing and controlling.
The Value Chain - Answer -A model which companies can use for analyzing which
company functions contribute directly to a company's competitive position.
Transformative System - Answer -System for transforming or converting resource
inputs (capital/investment/labor/sales) and converting them to product and service
outputs that increase value for company's owners (investment growth, satisfied
customers).
Resource inputs - Answer -Any element that can be used to create a product or
service.
Value-added Function - Answer -A function that has the effect of increasing the amount
of money customers pay to the company.
Transactional Work - Answer -Work typically dedicated for setting work priorities and
processing transactions. Workers engage on in a limited range of customer interactions
have very little need for specialized knowledge.
Transitional Work - Answer -Work that consists of performing routine tasks and
additional requires workers to hold important knowledge in a specific area.
Knowledge Work - Answer -Work that requires workers to interpret information within a
specific yet broad domain and to use skills and knowledge to define problems, identify
alternatives, solve problems and develop intellectual capacity.
Industry Sector - Answer -A part of an industry comprised of organizations carrying out
a similar function within the broader industry.
Globalization - Answer -The increasing potential for businesses to communicate,
conduct trade, and move funds with relative freedom across national boundaries.
