OPMA 3306: CH.1 (Operations & Supply
Chain Management) fully solved
Operations and Supply Chain Management (OSCM) - correct answer ✔✔ Design,
operation, and improvement of the systems that create and deliver the firm's
primary products and services
Process - correct answer ✔✔ One or more activities that transform inputs into
outputs
Product-service bundling - correct answer ✔✔ Building service activities into a
firm's product offerings to create more value for the customer
Efficiency - correct answer ✔✔ Doing something at the lowest possible cost
Effectiveness - correct answer ✔✔ Doing the right things to create the most value
for the customer
Value - correct answer ✔✔ Ratio of quality to price paid; competitive "happiness"
is being able to increase quality and reduce price while maintaining or improving
profit margins (this is a way that operations can directly increase customer
retention and gain market share)
Benchmarking - correct answer ✔✔ When one company studies the processes of
another company to identify best practices
Chain Management) fully solved
Operations and Supply Chain Management (OSCM) - correct answer ✔✔ Design,
operation, and improvement of the systems that create and deliver the firm's
primary products and services
Process - correct answer ✔✔ One or more activities that transform inputs into
outputs
Product-service bundling - correct answer ✔✔ Building service activities into a
firm's product offerings to create more value for the customer
Efficiency - correct answer ✔✔ Doing something at the lowest possible cost
Effectiveness - correct answer ✔✔ Doing the right things to create the most value
for the customer
Value - correct answer ✔✔ Ratio of quality to price paid; competitive "happiness"
is being able to increase quality and reduce price while maintaining or improving
profit margins (this is a way that operations can directly increase customer
retention and gain market share)
Benchmarking - correct answer ✔✔ When one company studies the processes of
another company to identify best practices
