Bcor 3050 OSC exam 1(correct answers)

economic value correct answers is a measure of the benefit provided by a good or service to an economic agent. Operations Management correct answers transformation of inputs to outputs. effectively and efficiently. inputs (raw materials)----- the process(wip inv)----- output(finished goods) What is operations management? correct answers the development and administration of the activities involved in transforming resources into goods and services materials manager correct answers responsible for ensuring the inventory is adequate for production production scheduler correct answers Matches the product orders with a sales forecast to get the factory running smoothly. Quality Management correct answers guarantees no defects purchasing agent correct answers Person in charge of the purchasing materials supply chain correct answers a Network of organizations that work to convert and move goods from the raw materials, storage, o the end customer. these organizations are linked through physical, information, and monetary flow raw mat---supplier---manufacturer--distribution---retailer---customer Supply Chain Management correct answers -often described as managing the flow of information and materials from "suppliers" suppliers to the "customers" customer. goal of supply chain correct answers is to convince customers to buy their product over the competitors. so you can make large profits and creat value for end customer. -high quality and profitable -low price and be profitable operating management decisions correct answers - increase production with out sacrificing quality -produce as much as possible with little inputs -productivity= (calculated as (op/ip)) 4 broad categories of competitive priority correct answers -cost -quality -time/delivery