OM 300 Test 1 | UPDATED Questions with 100% Verified Answers
Question: What is operations management?
Answer:
Creating value by efficiently/effectively transforming inputs into outputs
Question: What are three main types of any business?
Answer:
Marketing (generates the demand) Production/Operation (creates the product) Finance/Accounting (follows
success and finances)
Question: What types of decisions do operations managers make?
Answer:
Planning, organizing, staffing, leading, and controlling; How people organize themselves for productive
enterprises.
Question: What are the differences between goods and services?
Answer:
Manufacturers produce a tangible product (good), whole service products are often intangible. Many products
are a combination between the two.
Question: What is productivity?
Answer:
A measure of process improvement. It represents our outputs relative to input.
Question: How is productivity calculated?
Answer:
outputs divided by inputs/
Question: What are the two types of productivity calculations?
Answer:
1. Single factor: units produced/resources used ex: labor prod. 2. Multi factor: output / (labor + material +
energy + capital + misc) *always a dollar amount
Question: What is a global view of operations?
Answer:
, Customers, talent, and suppliers are worldwide. Global markets contribute efficiency, value to
products/services but also intensify complexity, risk and competition.
Question: What are some examples of global companies?
Answer:
Boeing, cars, athletic wear, etc.
Question: Why would a company expand globally?
Answer:
Improve supply chain, reduce costs (labor, taxes, tariffs, etc.), improve operations, understand markets,
improve products, attract/attain global talent.
Question: Mission
Answer:
Tells an organization where it is going.
Question: Strategy
Answer:
Tell an organization how it will get where it wants to go.
Question: How do companies achieve competitive advantage?
Answer:
Competing on Differentiation (Better) Competing on Costs (Cheaper) Competing on Response (Faster)
Question: Product Life Cycle Implications
Answer:
1. Introduction- high costs, design/ development are critical, frequent design changes, attention to quality. 2.
Growth- forecasting is critical, increase capacity, shift toward product focus, more reliability. 3. Maturity-
Standardization, fewer rapid changes, increased stability, optimum capacity, cost cutting, product
improvement. 4. Decline- cost minimization, overcapacity- reduce capacity, prune line.
Question: What are the three primary activities involved in managing a project?
Question: What is operations management?
Answer:
Creating value by efficiently/effectively transforming inputs into outputs
Question: What are three main types of any business?
Answer:
Marketing (generates the demand) Production/Operation (creates the product) Finance/Accounting (follows
success and finances)
Question: What types of decisions do operations managers make?
Answer:
Planning, organizing, staffing, leading, and controlling; How people organize themselves for productive
enterprises.
Question: What are the differences between goods and services?
Answer:
Manufacturers produce a tangible product (good), whole service products are often intangible. Many products
are a combination between the two.
Question: What is productivity?
Answer:
A measure of process improvement. It represents our outputs relative to input.
Question: How is productivity calculated?
Answer:
outputs divided by inputs/
Question: What are the two types of productivity calculations?
Answer:
1. Single factor: units produced/resources used ex: labor prod. 2. Multi factor: output / (labor + material +
energy + capital + misc) *always a dollar amount
Question: What is a global view of operations?
Answer:
, Customers, talent, and suppliers are worldwide. Global markets contribute efficiency, value to
products/services but also intensify complexity, risk and competition.
Question: What are some examples of global companies?
Answer:
Boeing, cars, athletic wear, etc.
Question: Why would a company expand globally?
Answer:
Improve supply chain, reduce costs (labor, taxes, tariffs, etc.), improve operations, understand markets,
improve products, attract/attain global talent.
Question: Mission
Answer:
Tells an organization where it is going.
Question: Strategy
Answer:
Tell an organization how it will get where it wants to go.
Question: How do companies achieve competitive advantage?
Answer:
Competing on Differentiation (Better) Competing on Costs (Cheaper) Competing on Response (Faster)
Question: Product Life Cycle Implications
Answer:
1. Introduction- high costs, design/ development are critical, frequent design changes, attention to quality. 2.
Growth- forecasting is critical, increase capacity, shift toward product focus, more reliability. 3. Maturity-
Standardization, fewer rapid changes, increased stability, optimum capacity, cost cutting, product
improvement. 4. Decline- cost minimization, overcapacity- reduce capacity, prune line.
Question: What are the three primary activities involved in managing a project?
