LOMA 335: Module 1 UPDATED ACTUAL Questions And Correct Answers
Terms in this set (57)
Operations The activities involved in producing goods and services.
Strategic Management Process of providing overall long-term direction to the company.
Functional Management 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 Process of carrying out the organization's day-to-day activities, emphasizing the
management functions of directing and controlling.
The Value Chain A model which companies can use for analyzing which company functions
contribute directly to a company's competitive position.
Transformative System 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 Any element that can be used to create a product or service.
Value-added Function A function that has the effect of increasing the amount of money customers pay to
the company.
Transactional Work 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 Work that consists of performing routine tasks and additional requires workers to
hold important knowledge in a specific area.
Knowledge Work 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 A part of an industry comprised of organizations carrying out a similar function
within the broader industry.
Globalization The increasing potential for businesses to communicate, conduct trade, and move
funds with relative freedom across national boundaries.
Consolidation The trend towards mergers, which leads to fewer sellers in the industry.
Convergence A breakdown of traditional distinctions between sectors of financial services
industry.
Terms in this set (57)
Operations The activities involved in producing goods and services.
Strategic Management Process of providing overall long-term direction to the company.
Functional Management 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 Process of carrying out the organization's day-to-day activities, emphasizing the
management functions of directing and controlling.
The Value Chain A model which companies can use for analyzing which company functions
contribute directly to a company's competitive position.
Transformative System 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 Any element that can be used to create a product or service.
Value-added Function A function that has the effect of increasing the amount of money customers pay to
the company.
Transactional Work 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 Work that consists of performing routine tasks and additional requires workers to
hold important knowledge in a specific area.
Knowledge Work 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 A part of an industry comprised of organizations carrying out a similar function
within the broader industry.
Globalization The increasing potential for businesses to communicate, conduct trade, and move
funds with relative freedom across national boundaries.
Consolidation The trend towards mergers, which leads to fewer sellers in the industry.
Convergence A breakdown of traditional distinctions between sectors of financial services
industry.
