MNO2601

1.1 (i) Operations management is the activity of managing resources or mechanisms that transform inputs into outputs, or in other words, managing the resources that create products or services. 1.1 (ii) The difference on how operations may differ between large and small firs is that small firms at times face resource availability challenges. Small firms may not have the financial muscle that the big firms have that could pose a challenge of not being able to deliver to their customers. At times...

Three Functions all Organizations Have - ANS1. Marketing 2. Production/Operations 3. Finance/Accounting Supply Chain - ANSA global network of organizations & activities that supplies a firm with goods & services Ten Strategic OM Decisions - ANS1. Design of Goods & Services 2. Managing Quality 3. Process & Capacity Design 4. Location Strategy 5. Layout Strategy 6. Human Resources & Job Design 7. Supply-Chain Management 8. Inventory Management 9. Scheduling 10. Maint...

Production - ANSCreation of goods and services Operations Management - ANSSet of activities that creates value in the form of goods and services by transforming inputs to outputs Three Functions of a Business - ANSMarketing, Operations, Finance Supply Chain - ANSA global network of organizations and activities that supply a firm with goods and services Why do we studying OM? - ANS1. its one of the three major functions of a business 2. you need to know what OM do 3. OM is cost...

1. Which of the following words is NOT a step in the management process? (A) Planning (B) Leading (C) Producing (D) Controlling (E) Organizing - -Producing -2. A homebuilder dominates a market by offering attractive options, higher quality, and value-added services. Which of the following competitive strategies has the homebuilder adopted? (A) Cost leadership (B) Differentiation (C) Price leadership (D) Generic (E) Design focus - -Differentiation -3. Which of the following i...

The objective of supply chain management is to ___________? - --build a chain of suppliers that focuses on maximizing value to the ultimate customer -The term vertical integration means to: - --produce goods or services previously purchased. -The bullwhip effect can be aggravated by: - --local optimization. sales incentives. quantity discounts. promotions. -Supplier selection requires: - --negotiations, supplier evaluation, supplier development, and contracts. -A major issue in lo...

Production - -Creation of goods and services -Operations Management - -Set of activities that creates value in the form of goods and services by transforming inputs to outputs -Three Functions of a Business - -Marketing, Operations, Finance -Supply Chain - -A global network of organizations and activities that supply a firm with goods and services -Why do we studying OM? - -1. its one of the three major functions of a business 2. you need to know what OM do 3. OM is costly to an or...

A process that utilizes inexpensive general-purpose capital equipment will tend to have lower variable costs than a process that utilizes expensive specialized capital equipment. (T/F) - -False -A process that utilizes inexpensive general-purpose capital equipment will tend to have higher skilled workers. (T/F) - -True -Generally speaking, the more specialized the production equipment, the lower the variable costs. (T/F) - -True -Which statement is the most accurate concerning the produ...

TOPIC 1: Foundations STUDY UNIT 1: Introduction to production and ops management 1.1 Introduction  What is operations management o The activity of managing the resources which are devoted to the production and delivery of products and services. It is a core function of any business although it may not be called ops management o It is concerned with managing processes. Because all management functions manage processes it is relevant to all managers  What are the similarities between...