QDM Exam 1 Questions And Answers

QDM Exam 1 Questions And Answers quantitative - based on attributes that exist in a range of magnitudes that can be measured qualitative - based on factors that are "subjective" and may be based on personal preferences rather than "hard facts" Modeling - the process of creating a simplified representation of a system and using it to better understand some aspect of the real world the secret to success when struggling with a challenging QDM analysis - following a logical approach flexible model - designed such that a user can easily analyze different alternatives by changing one or more input variables Operations Management - Activities that relate to the creation of goods and services through the transformation of inputs to outputs Operations Management - Planning, coordinating, and controlling the resources and processes needed to produce a company's goods and services ADD VALUE -Increasing product value at each stage of the process -The "value added" is the net increase from input component value to output product value EFFICIENT TRANSFORMATION -"Efficiency" is meeting requirements (such as time, quality, delivery) at the lowest possible cost OM is where a company really makes (or loses) money. - Mission of Operations Management: productivity - measures how efficiently inputs are converted into outputs