LOMA 335: Module 1 questions with answers
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Operations - CORRECT ANSWERS ✔✔The activities involved in
|\ |\ |\ |\ |\ |\ |\ |\
producing goods and services.
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Strategic Management - CORRECT ANSWERS ✔✔Process of
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providing overall long-term direction to the company.
|\ |\ |\ |\ |\ |\
Functional Management - CORRECT ANSWERS ✔✔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 - CORRECT ANSWERS ✔✔Process of
|\ |\ |\ |\ |\ |\ |\
carrying out the organization's day-to-day activities, emphasizing
|\ |\ |\ |\ |\ |\
the management functions of directing and controlling.
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The Value Chain - CORRECT ANSWERS ✔✔A model which
|\ |\ |\ |\ |\ |\ |\ |\ |\
companies can use for analyzing which company functions
|\ |\ |\ |\ |\ |\ |\ |\
contribute directly to a company's competitive position.
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Transformative System - CORRECT ANSWERS ✔✔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 - CORRECT ANSWERS ✔✔Any element that can
|\ |\ |\ |\ |\ |\ |\ |\ |\
be used to create a product or service.
|\ |\ |\ |\ |\ |\ |\
Value-added Function - CORRECT ANSWERS ✔✔A function that |\ |\ |\ |\ |\ |\ |\ |\
has the effect of increasing the amount of money customers pay
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
to the company.
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Transactional Work - CORRECT ANSWERS ✔✔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 - CORRECT ANSWERS ✔✔Work that consists of |\ |\ |\ |\ |\ |\ |\ |\ |\
performing routine tasks and additional requires workers to hold
|\ |\ |\ |\ |\ |\ |\ |\ |\
important knowledge in a specific area. |\ |\ |\ |\ |\
Knowledge Work - CORRECT ANSWERS ✔✔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 - CORRECT ANSWERS ✔✔A part of an industry
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
comprised of organizations carrying out a similar function within
|\ |\ |\ |\ |\ |\ |\ |\ |\
the broader industry.
|\ |\
Globalization - CORRECT ANSWERS ✔✔The increasing potential |\ |\ |\ |\ |\ |\ |\
for businesses to communicate, conduct trade, and move funds
|\ |\ |\ |\ |\ |\ |\ |\ |\
with relative freedom across national boundaries.
|\ |\ |\ |\ |\
|\ |\ |\ |\ |\ |\
Operations - CORRECT ANSWERS ✔✔The activities involved in
|\ |\ |\ |\ |\ |\ |\ |\
producing goods and services.
|\ |\ |\
Strategic Management - CORRECT ANSWERS ✔✔Process of
|\ |\ |\ |\ |\ |\ |\
providing overall long-term direction to the company.
|\ |\ |\ |\ |\ |\
Functional Management - CORRECT ANSWERS ✔✔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 - CORRECT ANSWERS ✔✔Process of
|\ |\ |\ |\ |\ |\ |\
carrying out the organization's day-to-day activities, emphasizing
|\ |\ |\ |\ |\ |\
the management functions of directing and controlling.
|\ |\ |\ |\ |\ |\ |\
The Value Chain - CORRECT ANSWERS ✔✔A model which
|\ |\ |\ |\ |\ |\ |\ |\ |\
companies can use for analyzing which company functions
|\ |\ |\ |\ |\ |\ |\ |\
contribute directly to a company's competitive position.
|\ |\ |\ |\ |\ |\
Transformative System - CORRECT ANSWERS ✔✔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).
|\ |\ |\
, Resource inputs - CORRECT ANSWERS ✔✔Any element that can
|\ |\ |\ |\ |\ |\ |\ |\ |\
be used to create a product or service.
|\ |\ |\ |\ |\ |\ |\
Value-added Function - CORRECT ANSWERS ✔✔A function that |\ |\ |\ |\ |\ |\ |\ |\
has the effect of increasing the amount of money customers pay
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
to the company.
|\ |\
Transactional Work - CORRECT ANSWERS ✔✔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 - CORRECT ANSWERS ✔✔Work that consists of |\ |\ |\ |\ |\ |\ |\ |\ |\
performing routine tasks and additional requires workers to hold
|\ |\ |\ |\ |\ |\ |\ |\ |\
important knowledge in a specific area. |\ |\ |\ |\ |\
Knowledge Work - CORRECT ANSWERS ✔✔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 - CORRECT ANSWERS ✔✔A part of an industry
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
comprised of organizations carrying out a similar function within
|\ |\ |\ |\ |\ |\ |\ |\ |\
the broader industry.
|\ |\
Globalization - CORRECT ANSWERS ✔✔The increasing potential |\ |\ |\ |\ |\ |\ |\
for businesses to communicate, conduct trade, and move funds
|\ |\ |\ |\ |\ |\ |\ |\ |\
with relative freedom across national boundaries.
|\ |\ |\ |\ |\
