BUAD 306 EXAM 1 WITH ACCURATE
SOLUTIONS
Operations - ANS-business organization that is responsible for producing goods or
services; activities that convert inputs into outputs
Inputs - ANS-labor, material, energy, and others
-workers
-equipment
-facility
-materials
-land
-energy
Goods - ANS-a tangible product
ex. TV or motorbike
Services - ANS-actions people perform
ex. opening a checking account, education of a stdent
Inputs example food processor - ANS-raw vegetables
metal sheets
water
energy
labor
building
equipment
Processing example food processor - ANS-cleaning
making cans
cooking
packing
labeling
Outputs example food processor - ANS-canned vegetables
What is the primary goal of operations management? - ANS-to match *supply* and
*demand*
What are the 3 basic functions of a business organization? - ANS-Finance, Operations,
an Marketing
, What is the purpose of the Finance department - ANS-to ensure and allocate financial
resources
What is the purpose of the Operations department? - ANS-the production of goods and
services
What is the purpose of the Marketing department? - ANS-to assess consumer needs,
sell/promote goods and services
Supply Chain - ANS-the sequence of organization that are involved in producing and
delivering a product or service
What are the supply chain steps? - ANS-Suppliers' suppliers --> Direct suppliers -->
Producer --> Distribution --> Final customers
Aggregate planning - ANS-looks to balance long-term strategic planning with short term
production success
ex. How much do we need to produce each day to meet the demand?
Material requirements planning - ANS-a computer-based inventory management system
designed to assist production managers in scheduling and placing orders for items of
dependent demand
ex. How much do we need for each component, given a demand for a final assembled
product? When do we need it?
Competitiveness - ANS-How effectively an organization meets the wants and needs of
customers relative to others that offer similar goods or services.
How do businesses compete using marketing? - ANS-1. identifying consumer wants
and needs
2. pricing
3. advertising and promotion
Identifying consumer wants and needs - ANS-acheive a perfect match between
consumer needs and the organization's goods or services
Pricing - ANS-A key factor in consumer buying decisions; trade-off with other aspects
Advertising and promotion - ANS-ways to inform and attract customers
How do businesses compete using operations? - ANS-1. product and service design
2. cost
3. location
4. quality
SOLUTIONS
Operations - ANS-business organization that is responsible for producing goods or
services; activities that convert inputs into outputs
Inputs - ANS-labor, material, energy, and others
-workers
-equipment
-facility
-materials
-land
-energy
Goods - ANS-a tangible product
ex. TV or motorbike
Services - ANS-actions people perform
ex. opening a checking account, education of a stdent
Inputs example food processor - ANS-raw vegetables
metal sheets
water
energy
labor
building
equipment
Processing example food processor - ANS-cleaning
making cans
cooking
packing
labeling
Outputs example food processor - ANS-canned vegetables
What is the primary goal of operations management? - ANS-to match *supply* and
*demand*
What are the 3 basic functions of a business organization? - ANS-Finance, Operations,
an Marketing
, What is the purpose of the Finance department - ANS-to ensure and allocate financial
resources
What is the purpose of the Operations department? - ANS-the production of goods and
services
What is the purpose of the Marketing department? - ANS-to assess consumer needs,
sell/promote goods and services
Supply Chain - ANS-the sequence of organization that are involved in producing and
delivering a product or service
What are the supply chain steps? - ANS-Suppliers' suppliers --> Direct suppliers -->
Producer --> Distribution --> Final customers
Aggregate planning - ANS-looks to balance long-term strategic planning with short term
production success
ex. How much do we need to produce each day to meet the demand?
Material requirements planning - ANS-a computer-based inventory management system
designed to assist production managers in scheduling and placing orders for items of
dependent demand
ex. How much do we need for each component, given a demand for a final assembled
product? When do we need it?
Competitiveness - ANS-How effectively an organization meets the wants and needs of
customers relative to others that offer similar goods or services.
How do businesses compete using marketing? - ANS-1. identifying consumer wants
and needs
2. pricing
3. advertising and promotion
Identifying consumer wants and needs - ANS-acheive a perfect match between
consumer needs and the organization's goods or services
Pricing - ANS-A key factor in consumer buying decisions; trade-off with other aspects
Advertising and promotion - ANS-ways to inform and attract customers
How do businesses compete using operations? - ANS-1. product and service design
2. cost
3. location
4. quality
