LOMA 335: Module 1 Exam Questions
and Answers 100% Pass
Operations - ✔✔The activities involved in producing goods and services.
Strategic Management - ✔✔Process of providing overall long-term direction to the
company.
Functional Management - ✔✔Process of providing planning and organizing within a
given area of specialization, along with ensuring that the units activities full support the
company's established strategic direction.
Operations Management - ✔✔Process of carrying out the organization's day-to-day
activities, emphasizing the management functions of directing and controlling.
The Value Chain - ✔✔A model which companies can use for analyzing which company
functions contribute directly to a company's competitive position.
Transformative System - ✔✔System for transforming or converting resource inputs
(capital/investment/labor/sales) and converting them to product and service outputs
that increase value for company's owners (investment growth, satisfied customers).
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, Resource inputs - ✔✔Any element that can be used to create a product or service.
Value-added Function - ✔✔A function that has the effect of increasing the amount of
money customers pay to the company.
Transactional Work - ✔✔Work typically dedicated for setting work priorities and
processing transactions. Workers engage on in a limited range of customer interactions
have very little need for specialized knowledge.
Transitional Work - ✔✔Work that consists of performing routine tasks and additional
requires workers to hold important knowledge in a specific area.
Knowledge Work - ✔✔Work that requires workers to interpret information within a
specific yet broad domain and to use skills and knowledge to define problems, identify
alternatives, solve problems and develop intellectual capacity.
Industry Sector - ✔✔A part of an industry comprised of organizations carrying out a
similar function within the broader industry.
Globalization - ✔✔The increasing potential for businesses to communicate, conduct
trade, and move funds with relative freedom across national boundaries.
Consolidation - ✔✔The trend towards mergers, which leads to fewer sellers in the
industry.
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and Answers 100% Pass
Operations - ✔✔The activities involved in producing goods and services.
Strategic Management - ✔✔Process of providing overall long-term direction to the
company.
Functional Management - ✔✔Process of providing planning and organizing within a
given area of specialization, along with ensuring that the units activities full support the
company's established strategic direction.
Operations Management - ✔✔Process of carrying out the organization's day-to-day
activities, emphasizing the management functions of directing and controlling.
The Value Chain - ✔✔A model which companies can use for analyzing which company
functions contribute directly to a company's competitive position.
Transformative System - ✔✔System for transforming or converting resource inputs
(capital/investment/labor/sales) and converting them to product and service outputs
that increase value for company's owners (investment growth, satisfied customers).
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, Resource inputs - ✔✔Any element that can be used to create a product or service.
Value-added Function - ✔✔A function that has the effect of increasing the amount of
money customers pay to the company.
Transactional Work - ✔✔Work typically dedicated for setting work priorities and
processing transactions. Workers engage on in a limited range of customer interactions
have very little need for specialized knowledge.
Transitional Work - ✔✔Work that consists of performing routine tasks and additional
requires workers to hold important knowledge in a specific area.
Knowledge Work - ✔✔Work that requires workers to interpret information within a
specific yet broad domain and to use skills and knowledge to define problems, identify
alternatives, solve problems and develop intellectual capacity.
Industry Sector - ✔✔A part of an industry comprised of organizations carrying out a
similar function within the broader industry.
Globalization - ✔✔The increasing potential for businesses to communicate, conduct
trade, and move funds with relative freedom across national boundaries.
Consolidation - ✔✔The trend towards mergers, which leads to fewer sellers in the
industry.
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