LOMA 335 Module 1 Exam with !| !| !| !| !| !|
accurate detailed solutions !| !|
Operations - Correct answer ✔The activities involved in producing goods
!| !| !| !| !| !| !| !| !| !|
and services.
!|
Strategic Management - Correct answer ✔Process of providing overall
!| !| !| !| !| !| !| !| !|
long-term direction to the company.!| !| !| !|
Functional Management - Correct answer ✔Process of providing planning
!| !| !| !| !| !| !| !|
and organizing within a given area of specialization, along with ensuring
!| !| !| !| !| !| !| !| !| !| !| !|
that the units activities full support the company's established strategic
!| !| !| !| !| !| !| !| !| !|
direction.
Operations Management - Correct answer ✔Process of carrying out the
!| !| !| !| !| !| !| !| !| !|
organization's day-to-day activities, emphasizing the management
!| !| !| !| !| !|
functions of directing and controlling.
!| !| !| !|
The Value Chain - Correct answer ✔A model which companies can use
!| !| !| !| !| !| !| !| !| !| !| !|
for analyzing which company functions contribute directly to a company's
!| !| !| !| !| !| !| !| !|
competitive position.
!| !|
Transformative System - Correct answer ✔System for transforming or !| !| !| !| !| !| !| !| !|
converting resource inputs (capital/investment/labor/sales) and
!| !| !| !| !|
, converting them to product and service outputs that increase value for
!| !| !| !| !| !| !| !| !| !| !|
company's owners (investment growth, satisfied customers).
!| !| !| !| !|
Resource inputs - Correct answer ✔Any element that can be used to
!| !| !| !| !| !| !| !| !| !| !| !|
create a product or service.
!| !| !| !|
Value-added Function - Correct answer ✔A function that has the effect of
!| !| !| !| !| !| !| !| !| !| !|
increasing the amount of money customers pay to the company.
!| !| !| !| !| !| !| !| !| !|
Transactional Work - Correct answer ✔Work typically dedicated for !| !| !| !| !| !| !| !| !|
setting work priorities and processing transactions. Workers engage on in
!| !| !| !| !| !| !| !| !|
a limited range of customer interactions have very little need for
!| !| !| !| !| !| !| !| !| !| !| !|
specialized knowledge. !|
Transitional Work - Correct answer ✔Work that consists of performing
!| !| !| !| !| !| !| !| !| !|
routine tasks and additional requires workers to hold important
!| !| !| !| !| !| !| !| !|
knowledge in a specific area. !| !| !| !|
Knowledge Work - Correct answer ✔Work that requires workers to
!| !| !| !| !| !| !| !| !| !|
interpret information within a specific yet broad domain and to use skills
!| !| !| !| !| !| !| !| !| !| !|
and knowledge to define problems, identify alternatives, solve problems
!| !| !| !| !| !| !| !| !| !|
and develop intellectual capacity.
!| !| !|
Industry Sector - Correct answer ✔A part of an industry comprised of
!| !| !| !| !| !| !| !| !| !| !| !|
organizations carrying out a similar function within the broader industry.
!| !| !| !| !| !| !| !| !|
accurate detailed solutions !| !|
Operations - Correct answer ✔The activities involved in producing goods
!| !| !| !| !| !| !| !| !| !|
and services.
!|
Strategic Management - Correct answer ✔Process of providing overall
!| !| !| !| !| !| !| !| !|
long-term direction to the company.!| !| !| !|
Functional Management - Correct answer ✔Process of providing planning
!| !| !| !| !| !| !| !|
and organizing within a given area of specialization, along with ensuring
!| !| !| !| !| !| !| !| !| !| !| !|
that the units activities full support the company's established strategic
!| !| !| !| !| !| !| !| !| !|
direction.
Operations Management - Correct answer ✔Process of carrying out the
!| !| !| !| !| !| !| !| !| !|
organization's day-to-day activities, emphasizing the management
!| !| !| !| !| !|
functions of directing and controlling.
!| !| !| !|
The Value Chain - Correct answer ✔A model which companies can use
!| !| !| !| !| !| !| !| !| !| !| !|
for analyzing which company functions contribute directly to a company's
!| !| !| !| !| !| !| !| !|
competitive position.
!| !|
Transformative System - Correct answer ✔System for transforming or !| !| !| !| !| !| !| !| !|
converting resource inputs (capital/investment/labor/sales) and
!| !| !| !| !|
, converting them to product and service outputs that increase value for
!| !| !| !| !| !| !| !| !| !| !|
company's owners (investment growth, satisfied customers).
!| !| !| !| !|
Resource inputs - Correct answer ✔Any element that can be used to
!| !| !| !| !| !| !| !| !| !| !| !|
create a product or service.
!| !| !| !|
Value-added Function - Correct answer ✔A function that has the effect of
!| !| !| !| !| !| !| !| !| !| !|
increasing the amount of money customers pay to the company.
!| !| !| !| !| !| !| !| !| !|
Transactional Work - Correct answer ✔Work typically dedicated for !| !| !| !| !| !| !| !| !|
setting work priorities and processing transactions. Workers engage on in
!| !| !| !| !| !| !| !| !|
a limited range of customer interactions have very little need for
!| !| !| !| !| !| !| !| !| !| !| !|
specialized knowledge. !|
Transitional Work - Correct answer ✔Work that consists of performing
!| !| !| !| !| !| !| !| !| !|
routine tasks and additional requires workers to hold important
!| !| !| !| !| !| !| !| !|
knowledge in a specific area. !| !| !| !|
Knowledge Work - Correct answer ✔Work that requires workers to
!| !| !| !| !| !| !| !| !| !|
interpret information within a specific yet broad domain and to use skills
!| !| !| !| !| !| !| !| !| !| !|
and knowledge to define problems, identify alternatives, solve problems
!| !| !| !| !| !| !| !| !| !|
and develop intellectual capacity.
!| !| !|
Industry Sector - Correct answer ✔A part of an industry comprised of
!| !| !| !| !| !| !| !| !| !| !| !|
organizations carrying out a similar function within the broader industry.
!| !| !| !| !| !| !| !| !|
