WGU C201 Business Acumen Chapter 10: Operations and Quality Management accurate 100%(GRADED A+)

Production - ANSWER Begins with inputs + add value = produce a good or service. Operations Management - relates to this process. Why is production such an important business activity? - ANSWER Without products to sell, companies cannot generate money. Goal: lower the cost of production, boost the quality of goods and services, respond dependably to customers, and continuously improve. In what ways does production create value for the company and its customers? - ANSWER Can lower production costs. Improve quality of goods and services. Respond to customer demands. Provide new products. Why are firms now moving more toward flexible production and customer-driven production instead of mass production? - ANSWER To improve competitive capabilities. Mass Production - ANSWER A system for manufacturing products in large quantities. Requires the highest level of skilled workers. Specialized skills + mechanization + standardization. Not good for producing small batches of different things. Carries highest inventory. You have to have space to store the inventory. Assembly line. Everyone is good at their specific job. High efficiency. Example: Ford in the old days. Flexible Production - ANSWER Still uses the assembly line process, but less amount of skilled workers. Most cost effective for producing small runs. Utilizes technology to fill orders so there is less inventory to store. Utilizes the most technology and automation. You can meet demand on a just in time basis. High efficiency. Customer-Driven Production - ANSWER Evaluates buyer demands to connect what is produced with what is bought. Carries little to no finished inventory on hand. Uses l