Operations Management Exam 1 Terms QUESTIONS AND 100% CORRECT ANSWERS 2024

Operations Management - correct answer The business function responsible for planning, coordinating, and controlling the resources needed to produce products and services for a company. Role of Operations Management - correct answer To transform a company's inputs into the finished goods or services. Value Added - correct answer Describes the net increase between the final value of a product and the value of all the inputs. Efficiency - correct answer Being able to perform activities well and at the lowest possible cost. Manufacturing Organizations - correct answer organizations that primarily produce a tangible product and typically have low customer contact Service Organizations - correct answer Organizations that primarily produce an intangible product, such as ideas, assistance, or information, and typically have high customer contact. Strategic Decisions - correct answer decisions that set the direction for the entire company; they are broad in scope and long-term in nature Tactical Decisions - correct answer decisions that are specific and short-term in nature and are bound by strategic decisions Industrial Revolution - correct answer An industry movement that changed production by substituting machine power for labor power. Scientific Management - correct answer an approach to management that focused on improving output by redesigning jobs and determining acceptable levels of worker output