Operations Management-Test 1 (Chapters 1-4) EXAM QUESTIONS AND COMPLETE CORRECT ANSWERS 2024

Production is.... - correct answer The creation of goods and services. Operations Management (OM) is... - correct answer -Is the set of activities -That creates value -In the form of goods and services -By transforming inputs into outputs Why is Operations Management important but not glamorous? - correct answer It is important because it is around us everyday at work and at home; Customers do not pay attention unless something goes wrong. Operations Management elements are... - correct answer Product Design, Technology, Inventory, Quality (Efficiency), Capacity, facilities, and layout. OM's core functions are... - correct answer -Marketing because it generates demand -Operation because it creates and delivers products or services -Finance/Accounting because it tracks how well and organization is doing, pays bills, and collects money -Customer Satisfaction -Costs OM is important because... - correct answer Three quarters of all CEO's came from an operations background and because you will probably work with operations during your career. Examples of OM in other businesses include... - correct answer -Finance Professionals (Oversight over budgets) and Marketing Professionals (Come up with new products or promotion ideas)