Man 4504 Exam 1 Questions With Verified Solutions Latest Update 2026

MAN 4504 EXAM 1 QUESTIONS WITH VERIFIED SOLUTIONS LATEST UPDATE 2026 operations management (OM) - Answers the management of those activities that use the transformation process to create value in the form of goods or services transformation process - Answers activities that turn inputs into outputs supply chain management (SCM) - Answers the management of the flow and storage of inputs, raw materials, and goods from their point of origin to their point of consumption 10 critical decisions - Answers 1. service and product design 2. quality management 3. process and capacity design 4. location 5. layout design 6. human resources and job design 7. supply-chain management 8. inventory, material requirements planning, and JIT 9. intermediate- and short-term scheduling 10. maintenance three essential functions of an organization - Answers 1. marketing 2. production/operations 3. finance/accounting four eras of operations management - Answers 1. cost focus () 2. quality focus () 3. customization focus () 4. globalization focus () Adam Smith and Charles Babbage - Answers the division of labor; led to specialization of skills Eli Whitney - Answers standardized parts Frederick Taylor - Answers father of scientific management Henry Ford, Clarence W. Avery, Charles E. Sorenson - Answers assembly line; led to mass production Henri Gantt - Answers Gantt charts; facilitated the coordination of time and resources within systems Frank and Lillian Gilbreth - Answers time and motion studies; as artisans get better at doing their jobs, they learn the single best way to do it Walter A. Shewhart and W. Edwards Deming - Answers quality control characteristics of goods - Answers -tangible -consistent definition -production is separate form consumption -can be inventoried -low customer interaction characteristics of services - Answers -intangible -production and consumption at the same time -often unique -high customer interaction -inconsistent product definition -often knowledge-based -frequently dispersed productivity - Answers the ratio of outputs (goods and services) divided by the inputs (resources such as labor and capital) that it took to produce them; measure of efficiency labor productivity (single-factor productivity measure) - Answers measures efficiency as a ratio of units produced to labor-hours used to produce those units multifactor productivity (total factor productivity) - Answers measures efficiency as a ratio of outputs to many different inputs efficiency measurement problems - Answers -quality may change while the quantity of inputs and outputs remains constant -external elements can cause a change in productivity -there may be no precise units of measurement forecasting - Answers the process of predicting future events short-range forecasts (tactical forecasts) - Answers forecasts that cover periods of time up to one year but generally cover less than three months medium-range forecasts (intermediate forecasts) - Answers forecasts that cover periods of time from three months to three years long-range forecasts (strategic forecasts) - Answers forecasts that cover periods of time greater than three years qualitative forecasting methods - Answers forecasting methods used when the situation is vague and little relevant data exists jury of executive opinion - Answers involves bringing a small group of high-level experts together to estimate demand by working together and looking for a consensus, based on intuition and experience sales force composite method - Answers a forecasting technique that asks each salesperson to project sales for the upcoming period Delphi method - Answers a forecasting technique that uses a group process that allows experts to make forecasts consumer market survey - Answers a forecasting technique that asks consumers about their purchasing plans for the future quantitative forecasting methods - Answers forecasting methods used when the situation is stable and historical data exists for sales time-series models - Answers assume that you have a set of evenly-spaced numerical data that can be used to forecast future demand trend component - Answers a persistent, overall upward or downward pattern over time, which typically lasts for several years seasonal component - Answers a regular pattern of up-and-down fluctuations that occurs over a period of time of a year or less