Operations Management Exam I questions and complete correct answers 2024

production - correct answer the creation of goods & services Operations management (OM) - correct answer activities that relate to the creation of goods & services through the transformation of inputs to outputs All organizations perform 3 functions to create goods & services - correct answer 1. Marketing (generates demand) 2. Production/operations (creates the product) 3. Finance/accounting (tracks how well the organization is doing, pays the bills, collects the money) supply chain - correct answer a global network of organizations & activities that supply a firm with goods & services We study OM for four reasons - correct answer 1. to learn how people organize themselves for productive enterprise 2. to learn how goods & services are produced 3. to understand what operations managers do 4. because OM is a costly part of an organization 10 OM strategic decisions required of operations managers - correct answer 1. design of goods & services 2. managing quality 3. process strategy 4. location strategies 5. layout strategies 6. human resources 7. supply chain management