Business Management Exam
questions and answers graded A+
Operations Management - Systematic design, direction, and control of processes that transform
inputs into services/products for internal/external customers.
Process - Any activity/group of activities that takes one or more inputs, transforms them, and
provides one or more outputs for its customers.
Operations - Group of resources performing all or part of one or more processes.
Supply Chain - Interrelated series of processes within and across firms that produces a service or
product to the satisfaction of customers.
Supply Chain Management - Synchronization of firm's processes with those of its suppliers and
customers to match flow of materials, services, and information with customer demand.
Operations - Key function that transforms material/service inputs into product/service outputs.
Marketing - Key function responsible for producing sales revenue of outputs, which becomes returns
to investors and capital for supporting operations.
Finance - Key Function that generates resources, capital, and funds from investors and sales of its
goods and service in the marketplace.
External Customer - Customer who is either end user or an intermediary (manufacturers, financial
institutions, or retailers) buying firm's finished services/products.
Internal Customers - One or more employees or processes that rely on inputs from other
employees/processes in order to perform their work.
External Suppliers - Businesses or individuals who provide resources, services, products, and
materials for firm's short-term and long-term needs.
, Internal Suppliers - Employees or processes that supply important information or materials to firm's
processes.
Effectiveness - Getting the result, goal. (e.g. production goal)
Efficiency - How you get to that goal (e.g. reducing costs to product at a certain capacity)
Manufacturing Process - -Physical, durable output
-Outputs can be inventoried
-Low Customer Contact during process
-Long response time
-Capital Intensive
-Quality easily measured
Service Process - -Intangible, perishable output
-Output cannot be inventoried
-High Customer Contact
-Short response time
-Labor Intensive
-Quality not easily measured
Core Processes - 1. Supplier Relationship Process
2. New Service/Product Development
3. Order Fulfillment Process
4. Customer Relationship Process
Supplier Relationship Process - Core Process of employees select the suppliers of services, materials,
and information and facilitates the timely and efficient flow of these items into the firm.
New Service/Product Development - Core Process of the designing and developing of services or
products from inputs received from external customer specifications or form market in general
through customer relationship process.
questions and answers graded A+
Operations Management - Systematic design, direction, and control of processes that transform
inputs into services/products for internal/external customers.
Process - Any activity/group of activities that takes one or more inputs, transforms them, and
provides one or more outputs for its customers.
Operations - Group of resources performing all or part of one or more processes.
Supply Chain - Interrelated series of processes within and across firms that produces a service or
product to the satisfaction of customers.
Supply Chain Management - Synchronization of firm's processes with those of its suppliers and
customers to match flow of materials, services, and information with customer demand.
Operations - Key function that transforms material/service inputs into product/service outputs.
Marketing - Key function responsible for producing sales revenue of outputs, which becomes returns
to investors and capital for supporting operations.
Finance - Key Function that generates resources, capital, and funds from investors and sales of its
goods and service in the marketplace.
External Customer - Customer who is either end user or an intermediary (manufacturers, financial
institutions, or retailers) buying firm's finished services/products.
Internal Customers - One or more employees or processes that rely on inputs from other
employees/processes in order to perform their work.
External Suppliers - Businesses or individuals who provide resources, services, products, and
materials for firm's short-term and long-term needs.
, Internal Suppliers - Employees or processes that supply important information or materials to firm's
processes.
Effectiveness - Getting the result, goal. (e.g. production goal)
Efficiency - How you get to that goal (e.g. reducing costs to product at a certain capacity)
Manufacturing Process - -Physical, durable output
-Outputs can be inventoried
-Low Customer Contact during process
-Long response time
-Capital Intensive
-Quality easily measured
Service Process - -Intangible, perishable output
-Output cannot be inventoried
-High Customer Contact
-Short response time
-Labor Intensive
-Quality not easily measured
Core Processes - 1. Supplier Relationship Process
2. New Service/Product Development
3. Order Fulfillment Process
4. Customer Relationship Process
Supplier Relationship Process - Core Process of employees select the suppliers of services, materials,
and information and facilitates the timely and efficient flow of these items into the firm.
New Service/Product Development - Core Process of the designing and developing of services or
products from inputs received from external customer specifications or form market in general
through customer relationship process.
