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Exam (elaborations)

Operations Management Final Exam QUESTIONS AND 100% CORRECT ANSWERS 2024

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What is the difference between efficiency and effectiveness? - correct answer Efficiency: operating at minimum cost and time Effectiveness: achieveing quality and timeliness and add value to organization What are the factors affecting productivity? - correct answer Labour, quality, equipment and technology, methods and management What are the three basic functions of an organization? - correct answer Operations: create goods and services Finance/accounting: provide funds and the economy analysis of investment proposals Marketing: assess customer wants and needs What are the trends in business? - correct answer -internet and ecommerce -management technology -globalization -management of supply chains -sustainability Why do companies go global? - correct answer -favourable costs

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