I-Core P370 Operations Midterm || A Verified A+ Pass.

Transformation System correct answers A user of resources that transforms inputs into some desired outputs Types of Transformations (6 Total) correct answers Physical - Manufacturing Locational - Transportation Exchange - Retailing Storage - Warehousing Physiological - Health Care Informational - Telecommunications Triple bottom line correct answers An accounting framework with three parts: social, environmental (or ecological) and financial. [People, Planet, Profit] Operations Management is... correct answers The design, operation and improvement of the systems that creates the firm's primary products and services 3 Types of OM Decisions correct answers Strategic - Long Term, Often involving acquisition of new resources Tactical - Medium Term, Using existing resources Operational - Short Term, (Think shift scheduling at a hospital) Functional Strategies correct answers Finance Strategy Marketing Strategy Operations Strategy is derived from the... correct answers Corporate Strategy Hierarchy of Strategic Roles (4 Stages) correct answers Stage 1 - Internally Neutral (Don't Mess Up) - Minimize Downside Stage 2 - Externally Neutral (Keep up with Joneses) - Match competitors performance Stage 3 - Internally Supportive (Consistency with Corporate Strategy [50's and 60's]) - Strategy is formulated and adhered to Stage 4 - Externally Supportive (be a full partner in the company) - Using operations as a competitive advantage Design (Product) Quality & Process Quality correct answers Performance & Consistency Southwest's Quick Gate Policy focused on what? correct answers Becoming the lowest internal cost airplane policy Productivity Formula correct answers Outputs/Inputs