UGBA 10 Operations Module 1 questions with correct answers graded A+

UGBA 10 Operations Module 1 What's Operations Management? - correct answer OM is the study of supplying products and services in the right amount at the right place, at the right time, and at the right quality. What is Corporate Sustainability? - correct answer It is a business approach that creates long-term consumer and employee value by creating a "green" strategy aimed toward the natural environment and taking into consideration every dimension of how a business operates in the social, cultural and economic environment. What was the history of the supply chain in the 1980's? - correct answer Wide availability of computer aided design, computer aided manufacturing and automation. What was the history of supply chain in 1990s? - correct answer Information technology applications, enterprise resource planning systems (ERP) and outsourcing for supply chain solutions. What was the history of supply chain in 2000's? - correct answer Wider adoption of supply chain management system focus on sustainability and the natural environment. What are the supporting functions of finance, marketing and operations diagram? - correct answer Accounting, information systems, human resources and engineering. In the Operations, Finance and Marketing diagram, what is the relationship between marketing and finance? - correct answer Sales revenue In the Operations, Finance and Marketing diagram, what is the relationship between Finance and Operations? - correct answer Material and service output In the Operations, Finance and Marketing diagram, what is the relationship between - correct answer Material and service inputs What's OM? - correct answer Systematic design, direction and control of processes that transform inputs into services and products for internal, as well as external customers. In operations, what is a process? - correct answer Any activity or group of activities that takes one or more inputs, transforms them, and provides one or more outputs for its customers. Examples of inputs for processes and operations - correct answer Workers, managers, equipment, facilities, materials, land and energy Examples of outputs for processes and operations - correct answer Goods and Services What qualities characterize a manufacturing process? - correct answer Physical, durable output, output can be inventoried, low customer contact, long responsive time, capital intensive, quality easily measured. What qualities characterize a service process? - correct answer Intangible, perishable output, output cannot be inventoried, high customer contact, short responsive time, labor intensive, quality not easily measured. What are the 2 types of processes? - correct answer Core and Support Define Core Processes - correct answer A set of activities that delivers value to external customers. Example- Supplier relationship process, new service/ product development, order fulfillment process, customer relationship process. Define Support Processes - correct answer Provides vital resources and inputs to the core processes and is essential to the management of the business. Ex- Accounting, HR, Engineering and Info systems that provides vital resources and input to the core processes. What is the best way to fulfill consumer orders and expectations? - correct answer By aligning corporate strategy and execution