LOMA 335 Module 1 exam with correct |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
answers
Operations - correct answer✔✔The activities involved in producing goods and services.
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Strategic Management - correct answer✔✔Process of providing overall long-term direction to
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the company.
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Functional Management - correct answer✔✔Process of providing planning and organizing
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within a given area of specialization, along with ensuring that the units activities full support
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the company's established strategic direction.
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Operations Management - correct answer✔✔Process of carrying out the organization's day-to-
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day activities, emphasizing the management functions of directing and controlling.
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The Value Chain - correct answer✔✔A model which companies can use for analyzing which
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
company functions contribute directly to a company's competitive position.
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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
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service.
Value-added Function - correct answer✔✔A function that has the effect of increasing the
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amount of money customers pay to the company.
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, 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.
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Transitional Work - correct answer✔✔Work that consists of performing routine tasks and |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
additional requires workers to hold important knowledge in a specific area.
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Knowledge Work - correct answer✔✔Work that requires workers to interpret information
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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.
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Globalization - correct answer✔✔The increasing potential for businesses to communicate, |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
conduct trade, and move funds with relative freedom across national boundaries.
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Consolidation - correct answer✔✔The trend towards mergers, which leads to fewer sellers in |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
the industry.
|||\\\
Convergence - correct answer✔✔A breakdown of traditional distinctions between sectors of |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
financial services industry. |||\\\ |||\\\
Corporate Mission - correct answer✔✔The organization's reason for being and is expressed in
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
the mission statement.
|||\\\ |||\\\
Corporate vision - correct answer✔✔Refers to a company's view of its mission as it evolves
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
into the future. |||\\\ |||\\\
answers
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.
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Globalization - correct answer✔✔The increasing potential for businesses to communicate, |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
conduct trade, and move funds with relative freedom across national boundaries.
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Consolidation - correct answer✔✔The trend towards mergers, which leads to fewer sellers in |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
the industry.
|||\\\
Convergence - correct answer✔✔A breakdown of traditional distinctions between sectors of |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
financial services industry. |||\\\ |||\\\
Corporate Mission - correct answer✔✔The organization's reason for being and is expressed in
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
the mission statement.
|||\\\ |||\\\
Corporate vision - correct answer✔✔Refers to a company's view of its mission as it evolves
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
into the future. |||\\\ |||\\\
