Exam 1: Introduction to Operations Management EXAM QUESTIONS AND COMPLETE CORRECT ANSWERS 2024

Operations Management - correct answer The business function responsible for planning, coordinating, controlling, and leading the resources needed to produce a company's product and/or service. Four Functions of a Manager - correct answer Planning, Coordinating, Controlling, Leading The Challenge for Operations - correct answer Operations has the responsibility to coordinate human capital, equipment, technology, raw materials, and information to produce a product or service effectively and efficiently in the quantity demanded, in the quality required, in a timely manner, at the lowest possible cost, while eliminating as much waste as possible. Operations management's role is equivalent to: - correct answer managing transformation processes. Operations management transforms INPUTS into Value Added OUTPUTS and continously improve the process using consumer feedback and performance data. Inputs in Operations Mgmt include: - correct answer human capital, buildings, processes, various technologies, and raw materials. Outputs in Operations Mgmt include: - correct answer the products and services sold. The Goal of the Transformation Process is to: - correct answer ADD CUSTOMER VALUE to the transformation in order for the company to make a PROFIT. (A Magic Money Machine) Six Types of Tranformation Processes: - correct answer Physcial, Exchange, Locational, Informational, Physiological, Psychological Ex.) Manufacturing, good year converts rubber into tires, food preparation in a cafeteria - correct answer Physical Transformation Process