Exam 1 mgt 366 gvsu UPDATED ACTUAL Questions And Correct Answers
C
Terms in this set (48)
What is operations management? Systematic design, direction, and control of processes that transform inputs into
services and products for customers
Characteristics of manufacturing Longer response times, more intensive, easily measured quality, low customer,
contact, physical output
Characteristics of services Intangible outputs, can't be inventory, high customer, contact, short response
time, labor, intensive, quality cannot be measured
What are the two strategic considerations? Operations strategy, and corporate strategy
What is operation strategy? Operations implement, corporate strategies to build customer driven firms
What is corporate strategy? Coordinates overall goals with its core processes. Determines markets to serve
and responses that'll be made to the environment.
What is environmental scanning? Monitoring and adjusting to changes in the business environment to stay ahead of
competition and look for opportunities and threats
What are the four core competencies and what's their Workforce, facilities, market/financial know how, systems/technology. They are
significance? unique resources and strengths used in considering strategy.
Workforce advantages Core competency. Important for service organizations to have a well
trained/flexible workforce to allow organizations to respond to market needs.
Facility advantages Core competency. Having well located facilities as a primary advantage due to
lead time of creating new locations.
Market/financial know how Core competency. An organization that usually attracts capital from stock sales
can market and distribute products and can differentiate from similar products has
a competitive edge.
System/technology Core competency. Expertise in information systems have a competitive edge in
industries that are data intensive. Also, having patterns on new technology is an
additional advantage.
What are the core processes driven by core Customer relationships, new service/product development, order fulfillment,
competencies supplier relationship
What are the two global strategies? Strategic alliances and locating abroad
C
Terms in this set (48)
What is operations management? Systematic design, direction, and control of processes that transform inputs into
services and products for customers
Characteristics of manufacturing Longer response times, more intensive, easily measured quality, low customer,
contact, physical output
Characteristics of services Intangible outputs, can't be inventory, high customer, contact, short response
time, labor, intensive, quality cannot be measured
What are the two strategic considerations? Operations strategy, and corporate strategy
What is operation strategy? Operations implement, corporate strategies to build customer driven firms
What is corporate strategy? Coordinates overall goals with its core processes. Determines markets to serve
and responses that'll be made to the environment.
What is environmental scanning? Monitoring and adjusting to changes in the business environment to stay ahead of
competition and look for opportunities and threats
What are the four core competencies and what's their Workforce, facilities, market/financial know how, systems/technology. They are
significance? unique resources and strengths used in considering strategy.
Workforce advantages Core competency. Important for service organizations to have a well
trained/flexible workforce to allow organizations to respond to market needs.
Facility advantages Core competency. Having well located facilities as a primary advantage due to
lead time of creating new locations.
Market/financial know how Core competency. An organization that usually attracts capital from stock sales
can market and distribute products and can differentiate from similar products has
a competitive edge.
System/technology Core competency. Expertise in information systems have a competitive edge in
industries that are data intensive. Also, having patterns on new technology is an
additional advantage.
What are the core processes driven by core Customer relationships, new service/product development, order fulfillment,
competencies supplier relationship
What are the two global strategies? Strategic alliances and locating abroad
