BMGT 322 Exam 1 questions well
answered already passed
Operations is the process of adding value by turning _____ into ______. - correct answer
✔✔Inputs - Outputs
----Labor/Raw Materials ----> INPUTS ----transformational process----> OUTPUTS (goods
services)
Productivity Equations - correct answer ✔✔productivity= outputs/inputs
(Keep track of units)
Productivity - correct answer ✔✔an index that measures output (good and services) relative to
the input (labor, materials, energy, and other resources) used to produce it.
-Essentially, it measures the effective use of resources
-Primary responsibility of managers
-It can be used to measure: an operation, department, organization, even country.
Multifactor Productivity - correct answer ✔✔= Outputs / Inputs (Labor + Materials + $)
(A broader view, includes all inputs)
(More accurate and more difficult to capture)
Gross Domestic Product - correct answer ✔✔Common metric for a country's productivity.
, An aggregate measure of production equal to the sum of gross values added of all resident
institutional units engaged in production (plus any taxes, and minus any subsidies, on products
not included in the value of their output
Making Operational Decisions - correct answer ✔✔- Consider the business as a system
- Use models to aid decision making
- Establish priorities (low hanging fruit)
- Make ethical decisions (ENRON)
Steps in the decision making process - correct answer ✔✔1. Identify the problem
2. Specify objectives and criteria for the solution
3. Develop suitable alternatives
4. Analyze and compare alternatives
5. Select the best alternative
6. Implement the solution
7. Monitor to see that desired result is achieved
Process of Employing Decision Analysis Models - correct answer ✔✔1. Identify States of Nature,
or possible future conditions (no control (weather))
2. Develop a list of alternatives
answered already passed
Operations is the process of adding value by turning _____ into ______. - correct answer
✔✔Inputs - Outputs
----Labor/Raw Materials ----> INPUTS ----transformational process----> OUTPUTS (goods
services)
Productivity Equations - correct answer ✔✔productivity= outputs/inputs
(Keep track of units)
Productivity - correct answer ✔✔an index that measures output (good and services) relative to
the input (labor, materials, energy, and other resources) used to produce it.
-Essentially, it measures the effective use of resources
-Primary responsibility of managers
-It can be used to measure: an operation, department, organization, even country.
Multifactor Productivity - correct answer ✔✔= Outputs / Inputs (Labor + Materials + $)
(A broader view, includes all inputs)
(More accurate and more difficult to capture)
Gross Domestic Product - correct answer ✔✔Common metric for a country's productivity.
, An aggregate measure of production equal to the sum of gross values added of all resident
institutional units engaged in production (plus any taxes, and minus any subsidies, on products
not included in the value of their output
Making Operational Decisions - correct answer ✔✔- Consider the business as a system
- Use models to aid decision making
- Establish priorities (low hanging fruit)
- Make ethical decisions (ENRON)
Steps in the decision making process - correct answer ✔✔1. Identify the problem
2. Specify objectives and criteria for the solution
3. Develop suitable alternatives
4. Analyze and compare alternatives
5. Select the best alternative
6. Implement the solution
7. Monitor to see that desired result is achieved
Process of Employing Decision Analysis Models - correct answer ✔✔1. Identify States of Nature,
or possible future conditions (no control (weather))
2. Develop a list of alternatives
