GMS 401 Midterm: Chapters 1-5 Questions and Answers

GMS 401 Midterm: Chapters 1-5 Questions and Answers How many of Characteristics of Operations are there? - Answer- 5 1st Characteristic of Operations - Answer- Accounts for largest share of the personnel and fixed capital investment 2nd Characteristic of Operations - Answer- Runs 24/7 and must be managed continously 3rd Characteristic of Operations - Answer- Complex system with the best technology 4th Characteristic of Operations - Answer- Management is information intensive and requires extensive data collection and analysis 5th Characteristic of Operations - Answer- Small problems or errors will cause major impacts that are costly and negative. How many Essential Functions are there? - Answer- 3 What is the 1st Essential Function? - Answer- Marketing: Creates a demand, promotes a good/service, and accesses the customers wants and needs What is the 2nd Essential Function? - Answer- Production/Operations: Responsible for creating the product What is the 3rd Essential Function? - Answer- Finance/Accounting: Paying bills, collecting money, and using firm's funds wisely Types of Operations - Answer- Goods producing, storage/transportation, exchange, entertainment, communication Operation Management (OM) - Answer- Activities that relate to the creation of goods and services through the transformation of inputs to outputs How many Characteristics of Manufacturing Operations are there? - Answer- 4 What is the 1st Characteristics of Manufacturing Operations? - Answer- Converting 'raw materials' into 'finished goods' into 'finished goods' with added primary value What is the 2nd Characteristics of Manufacturing Operations? - Answer- Purchasing Inputs and Selling Outputs What is the 3rd Characteristics of Manufacturing Operations? - Answer- Focusing on production approaches such as make-to order, make-to-stock, fabricate-to stock & assemble-to-order What is the 4th Characteristics of Manufacturing Operations? - Answer- Deciding on Basic manufacturing process types: project, job shop, batch process, assembly line, continuous process Supply Chain - Answer- A global network of organizations and activities