MANG 3402 - EXAM 1 STUDY GUIDE
operations management - Answer -Activities that relate to the creation of goods and
services through the transformation of inputs to outputs.
Marketing, Production/operations, and Finance/Accounting - Answer -What three
functions must organizations perform to organize goods and services?
Supply Chain - Answer -A global network of organizations and activities that supplies a
firm with goods and services.
Supply chain management - Answer -The coordination of all supply chain activities
involved in enhancing customer value.
Supply Operations Reference Model - Answer -A set of processes, metrics, and best
practices, developed by the APICS supply chain council.
To observe how people organize themselves for productive enterprise, how goods and
services are produces, to understand what operation managers do, it's a costly part of
an organization. - Answer -Why do we study Operations Mangement?
The Management Process - Answer -consists of planning, organizing, staffing, leading,
and controlling
Services - Answer -Intangible, produced and consumed simultaneously, unique, high
customer interaction, inconsistent product, often knowledge based, service dispersed,
quality may be hard to evaluate, reselling is unusual.
Goods - Answer -Tangible, product can usually be kept in inventory, similar products
produced, limited customer involvement in production, product standardized.
productivity - Answer -The ratio of outputs divided by one or more inputs.
single-factor productivity - Answer -Indicates the ratio of goods and services produced
to one resource.
Multifactor productivity - Answer -Indicates the ratio of goods and services produced to
many or all resources.
Globalization - Answer -The rapid decline in the cost of communication and
transportation has made markets global.
supply-chain partnering - Answer -Shorter product life cycles demanding customers,
and fast changes in technology materials and processes require supply-chain partners
to be in tune with the needs of end users.
, Sustainability - Answer -Operations managers continuing battle to improve productivity
is concerned with designing products and processes that are ecologically sustainable.
Technological change - Answer -Industry 4.0 is the name given to the new digital world,
some consider Industry 4.0 the fourth industrial revolution, have the name.
Mass Customization - Answer -Once manager recognize the world and providing the
standard against which operation managers must complete.
Stakeholders - Answer -Those with a vested interest in an organization, including
customers, distributors, suppliers, owners, lenders, employees, and community
members.
Improve the Supply Chain, Reduce Costs and Exchange Rates, Improve Operations,
Understand Markets, Improve Products, Attract and Retain Global Talent - Answer -6
Reasons to Globalize
Operational hedging - Answer -Maintaining excess capacity in different countries and
shifting production levels among those countries as costs and exchange rates change.
World Trade Organization (WTO) - Answer -An international organization that promotes
world trade by lowering barriers to the free flow of goods across borders.
NAFTA and USMCA - Answer -Free trade agreements Canada, Mexico, and the U.S.
European Union - Answer -Europeans trade group that has 27 members
Mission - Answer -The purpose or rationale for an organizations existence
Functional area - Answer -The major disciplines required by the firm, such as
marketing, financial/accounting, and production/operations.
strategy - Answer -How an organization expects to achieve its mission and goals.
Differentiation, Cost Leadership, and Response - Answer -Three conceptual ways firms
achieve missions.
Competitive advantage - Answer -the creation of a unique advantage over competitors
Differentiation - Answer -Distinguishing the offerings of an organization in a way that
the customer perceives as adding value.
Experience differentiation - Answer -Engaging a customer with a product through
imaginative use of the five senses, so the customer "experiences" the product.
operations management - Answer -Activities that relate to the creation of goods and
services through the transformation of inputs to outputs.
Marketing, Production/operations, and Finance/Accounting - Answer -What three
functions must organizations perform to organize goods and services?
Supply Chain - Answer -A global network of organizations and activities that supplies a
firm with goods and services.
Supply chain management - Answer -The coordination of all supply chain activities
involved in enhancing customer value.
Supply Operations Reference Model - Answer -A set of processes, metrics, and best
practices, developed by the APICS supply chain council.
To observe how people organize themselves for productive enterprise, how goods and
services are produces, to understand what operation managers do, it's a costly part of
an organization. - Answer -Why do we study Operations Mangement?
The Management Process - Answer -consists of planning, organizing, staffing, leading,
and controlling
Services - Answer -Intangible, produced and consumed simultaneously, unique, high
customer interaction, inconsistent product, often knowledge based, service dispersed,
quality may be hard to evaluate, reselling is unusual.
Goods - Answer -Tangible, product can usually be kept in inventory, similar products
produced, limited customer involvement in production, product standardized.
productivity - Answer -The ratio of outputs divided by one or more inputs.
single-factor productivity - Answer -Indicates the ratio of goods and services produced
to one resource.
Multifactor productivity - Answer -Indicates the ratio of goods and services produced to
many or all resources.
Globalization - Answer -The rapid decline in the cost of communication and
transportation has made markets global.
supply-chain partnering - Answer -Shorter product life cycles demanding customers,
and fast changes in technology materials and processes require supply-chain partners
to be in tune with the needs of end users.
, Sustainability - Answer -Operations managers continuing battle to improve productivity
is concerned with designing products and processes that are ecologically sustainable.
Technological change - Answer -Industry 4.0 is the name given to the new digital world,
some consider Industry 4.0 the fourth industrial revolution, have the name.
Mass Customization - Answer -Once manager recognize the world and providing the
standard against which operation managers must complete.
Stakeholders - Answer -Those with a vested interest in an organization, including
customers, distributors, suppliers, owners, lenders, employees, and community
members.
Improve the Supply Chain, Reduce Costs and Exchange Rates, Improve Operations,
Understand Markets, Improve Products, Attract and Retain Global Talent - Answer -6
Reasons to Globalize
Operational hedging - Answer -Maintaining excess capacity in different countries and
shifting production levels among those countries as costs and exchange rates change.
World Trade Organization (WTO) - Answer -An international organization that promotes
world trade by lowering barriers to the free flow of goods across borders.
NAFTA and USMCA - Answer -Free trade agreements Canada, Mexico, and the U.S.
European Union - Answer -Europeans trade group that has 27 members
Mission - Answer -The purpose or rationale for an organizations existence
Functional area - Answer -The major disciplines required by the firm, such as
marketing, financial/accounting, and production/operations.
strategy - Answer -How an organization expects to achieve its mission and goals.
Differentiation, Cost Leadership, and Response - Answer -Three conceptual ways firms
achieve missions.
Competitive advantage - Answer -the creation of a unique advantage over competitors
Differentiation - Answer -Distinguishing the offerings of an organization in a way that
the customer perceives as adding value.
Experience differentiation - Answer -Engaging a customer with a product through
imaginative use of the five senses, so the customer "experiences" the product.
