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OM Exam -1 Questions and Correct Answers

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OM Exam -1 Questions and Correct Answers

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OM Exam #1



Efficiency - Answer-lowest cost, quick, effectiveness



Effectiveness - Answer-create most value for your customer



Value - Answer-Attractiveness of products relative to cost



Alter, Transport, Store, Inspect - Answer-What are the 4 types of transformation process



everything is a service- then sometimes there are facilitated goods - Answer-What is the difference
between services and manufacturing



Triple Bottom Line - Answer-How do you take care of your community?



People, Profit, Planet (Environmental, economic, social) - Answer-3 aspects to the Triple Bottom Line



Strategic and Business - Answer-2 types of plans



Strategic Plan (ex. buying stock in company) - Answer-long term plan (3-5 years but different for
different companies)

dictates company culture

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