Saylor BUS300 Module 1 Course Materials-Study Guide Questions and Answers 2025/2026

Saylor BUS300 Module 1 Course Materials-Study Guide Questions and Answers 2025/2026 Operations Management - answer-Management of processes that transform inputs into goods and services that add value for the customer. The responsibilities of the Operations Manager - answer-Overseeing the process of how goods and services are manufactured and delivered. Decisions an Operations Manager needs to make - answer-Sourcing raw materials, the hiring and training of workers, where and how to produce the goods, and how to get those goods to customers. 5 I's of Services - answer-Intangibility Inventory Inseparability Inconsistency Involvement Intangibility - answer-The state of not being touchable. Opportunity Cost - answer-The overall cost of something missed; through deciding to do 'A', an individual or organization incurs the opportunity cost of doing 'B'. NPS Surveys - answer-Management tools that can be used to gauge the loyalty of a firm's customer relationships. It serves as an alternative to traditional customer satisfaction research and claims to be correlated with revenue growth.Examples of considerations service operators consider - answer-Improving overall quality through measuring consumer satisfaction, planning facilities for optimal use of space, and effective scheduling Strategy - answer-A plan of action intended to accomplish a specific goal. Tactic - answer-A maneuver or action calculated to achieve some end. Goal of Operations Management - answer-to convert materials and labor into goods and services as efficiently and effectively as possible, while also controlling costs to maximize profits Three basic types of processes - answer-made-to-order, mass production, and mass customization Made-to-order - answer-Involves goods that are customized to specific consumer requests, such as signs made by print shops. Mass production - answer-When large numbers of identical products are made at low cost and are priced so that many customers can buy those goods. Mass customization - answer-When large numbers of goods are produced at affordable prices, but can also be tailored to meet individual customer preferences such as shoes and apparel, which allow shoppers to make adjustments to meet their fit and taste requirements