Mgsc 395 test 1 Study guides, Class notes & Summaries

Management Science 395 – Exam 1 Notes Primary Functions of a Manager: - Plan - Organize - Staff - Lead - Control What does an Operations Manager do? “…The systematic design, direction, and control of processes that transform inputs into services and products for internal, as well as external customers.” Productivity = the value of outputs (services and products) produced divided by the value of inputs (labor, materials, equipment, etc.) Example: Three employees process 600 in...

Management Science 395 – Exam 1 Notes Primary Functions of a Manager: - Plan - Organize - Staff - Lead - Control What does an Operations Manager do? “…The systematic design, direction, and control of processes that transform inputs into services and products for internal, as well as external customers.” Productivity = the value of outputs (services and products) produced divided by the value of inputs (labor, materials, equipment, etc.) Example: Three employees process 600 in...

MGSC 395 Exam 1 Review Practice Test. White Tiger Electronics produces CD players using an automated assembly line process. The standard cost of CD players is $143 per unit (labor, $31; materials, $67;and overhead, $45). The sales price is $300 per unit. To achieve a 13 percent multifactor productivity improvement by reducing materials costs only, one needs to reduce the materials cost by __ percent - CORRECT ANSWER 300 / 143 = 2.0979 2.0979*1.13 = 2.370629 300/2.370629= 126.54867 ...

MGSC 395 Chapter 5 Review Practice Test. The theory of constraints methods increase the firm's profits more effectively by focusing on what? - CORRECT ANSWER Making materials flow rapidly through the entire system The theory of constraints defines inventory as - CORRECT ANSWER All the money invested in a system in purchasing things that it intends to sell Of the seven key principles of the theory of constraints, which is the first principal? - CORRECT ANSWER The focus should be on ba...