Ch1: Introduction to Operations Management Questions And Answers Verified 100% Correct!!

Operations management -The management of systems or processes that create goods and/or provide services Goods - physical items that include raw materials, parts, subassemblies, and final products. Automobile Computer Oven Shampoo Services - activities that provide some combination of time, location, form or psychological value. Air travel Education Haircut Legal counsel Supply Chain - A sequence of activities and organizations involved in producing and delivering a good or service Value-added - The difference between the cost of inputs and the value or price of outputs Feedback - Measurements taken at various points in the transformation process. Control - The comparison of feedback against previously established standards to determine if corrective action is needed. Process - One or more actions that transform inputs into outputs.Upper management process - These govern the operation of the entire organization. Examples include organizational governance and organizational strategy