Operations Management Exam 1 Study questions and verified correct answers 2024

Operations Management * - correct answer the management of processes used to design, supply, produce, and deliver valuable goods and services to customers. Supply Chain * - correct answer the global network of organizations and activities involved in 1) the designing a set of goods and services and their related processes, 2) transforming inputs into goods and services, 3) consuming these goods and services, 4) disposing of these goods and services Terms substituted for supply chain: - correct answer also known as demand chain, extended enterprise, supply network, or supply web. Important decisions in supply chain operations management: - correct answer What, How, When, Where and Who? What? - correct answer what types of activities, goods, services are to be delivered by the system? What product features do customers care about? What activities and resources are needed? How? - correct answer How is the good or service to be designed, made and deliver? How much should our transformation process be able to deliver? How should we measure and assess performance? When? - correct answer When should products be made, activities be carried out, services be deliver, or capacities/facilities come on line? Where and Who? - correct answer Where should certain activities be done, and who should do them: suppliers, partners, or the firm? Goods * - correct answer tangible, can be inventoried, little customer contact, long lead times, often capital-intensive, quality easily assessed, and material is transformed