QUESTIONS AND DETAILED VERIFIED SOLUTIONS|GRADED
What is operations management? - ANSWER the set of activities that create value in the
form of goods and services by transforming inputs into outputs. it is business functions
responsible for planning, coordinating, and controlling the resources needed to produce a
company's products and services. It is applicable to all firms, whether manufacturing or
service
OM 3 essential functions - ANSWER Marketing
Production or operations
finance or accounting
OM 5 basic management functions - ANSWER Planning
organizing
staffing
leading
controlling
10 Strategic OM decisions - ANSWER 1 - Design of goods and services
2 - managing quality, process and capacity design
3 - location strategy
4 - layout strategy
5 - Human Resources and job design
6 - supply-chain management
7 - inventory management
8 - scheduling
9 - maintenance
1
, productivity - ANSWER Unites produced/input used
3 factors critical to achieve improves productivity - ANSWER labor
capital
management
Labor - ANSWER contributes to about 10% of the annual increase
Capital - ANSWER contributes about 38% of the annual increase
Management - ANSWER contributes about 52% of the annual increase
Reasons to globalize - ANSWER 1) reduce costs (labor, taxes, tariffs, etc.)
2) improve supply chain
3) provide better goods and services
4) understand markets
5) learn to improve operations
6) attract and retain global talent
What is a mission statement - ANSWER tell an organization where it is going
what is a strategy - ANSWER tells the organization how to get there - well detailed
missions make strategy development much easier
Factors affecting mission - ANSWER customers, environment, philosophy and values,
profitability and growth, and public image - more than just profit maximization
2
What is operations management? - ANSWER the set of activities that create value in the
form of goods and services by transforming inputs into outputs. it is business functions
responsible for planning, coordinating, and controlling the resources needed to produce a
company's products and services. It is applicable to all firms, whether manufacturing or
service
OM 3 essential functions - ANSWER Marketing
Production or operations
finance or accounting
OM 5 basic management functions - ANSWER Planning
organizing
staffing
leading
controlling
10 Strategic OM decisions - ANSWER 1 - Design of goods and services
2 - managing quality, process and capacity design
3 - location strategy
4 - layout strategy
5 - Human Resources and job design
6 - supply-chain management
7 - inventory management
8 - scheduling
9 - maintenance
1
, productivity - ANSWER Unites produced/input used
3 factors critical to achieve improves productivity - ANSWER labor
capital
management
Labor - ANSWER contributes to about 10% of the annual increase
Capital - ANSWER contributes about 38% of the annual increase
Management - ANSWER contributes about 52% of the annual increase
Reasons to globalize - ANSWER 1) reduce costs (labor, taxes, tariffs, etc.)
2) improve supply chain
3) provide better goods and services
4) understand markets
5) learn to improve operations
6) attract and retain global talent
What is a mission statement - ANSWER tell an organization where it is going
what is a strategy - ANSWER tells the organization how to get there - well detailed
missions make strategy development much easier
Factors affecting mission - ANSWER customers, environment, philosophy and values,
profitability and growth, and public image - more than just profit maximization
2
