OM 300 Chilcutt Exam 1 | The University of Alabama | UPDATED
Questions with 100% Verified Answers
Question: Operations Management
Answer:
the set of activities that create value in the form of goods and services by transforming inputs into outputs
Question: Marketing
Answer:
generates demand
Question: accounting
Answer:
tracks how well the organization is doing, pays bills, and collects money
Question: operations
Answer:
creates the product
Question: supply chain
Answer:
a global network of organizations and activities that supply a firm with goods and services. --Farm to fork
Question: services
Answer:
Economic activities that typically produce an intangible product (such as education, entertainment, lodging,
government, financial, and health services)
Question: manufacturers
Answer:
produce tangible products
Question: productivity
Answer:
the ratio of outputs (goods and services) divided by the inputs (resources such as labor and capital) --objective
of businesses is to improve this
, Question: multi-factor productivity
Answer:
the ratio between the amount of output produced by an industry or business sector and the amount of inputs
used --often expressed in dollars
Question: quality
Answer:
may change while the quantity of inputs and outputs remains constant
Question: external elements
Answer:
may cause an increase of decrease in productivity
Question: precise units
Answer:
may be lacking in our multi-factor productivity formula
Question: Key Variables for Improved Labor Productivity
Answer:
1. Basic Education appropriate for the labor force 2. Diet of the labor force 3. Social overhead that makes labor
available -Challenge is in maintaining and enhancing skills in the midst of rapidly changing technology and
knowledge
Question: stakeholders
Answer:
those with a vested interest in an organization, including customers, distributors, suppliers, owners, lender,
employees, and community members
Question: management
Answer:
accounts about 52% of the annual increase in productivity
Questions with 100% Verified Answers
Question: Operations Management
Answer:
the set of activities that create value in the form of goods and services by transforming inputs into outputs
Question: Marketing
Answer:
generates demand
Question: accounting
Answer:
tracks how well the organization is doing, pays bills, and collects money
Question: operations
Answer:
creates the product
Question: supply chain
Answer:
a global network of organizations and activities that supply a firm with goods and services. --Farm to fork
Question: services
Answer:
Economic activities that typically produce an intangible product (such as education, entertainment, lodging,
government, financial, and health services)
Question: manufacturers
Answer:
produce tangible products
Question: productivity
Answer:
the ratio of outputs (goods and services) divided by the inputs (resources such as labor and capital) --objective
of businesses is to improve this
, Question: multi-factor productivity
Answer:
the ratio between the amount of output produced by an industry or business sector and the amount of inputs
used --often expressed in dollars
Question: quality
Answer:
may change while the quantity of inputs and outputs remains constant
Question: external elements
Answer:
may cause an increase of decrease in productivity
Question: precise units
Answer:
may be lacking in our multi-factor productivity formula
Question: Key Variables for Improved Labor Productivity
Answer:
1. Basic Education appropriate for the labor force 2. Diet of the labor force 3. Social overhead that makes labor
available -Challenge is in maintaining and enhancing skills in the midst of rapidly changing technology and
knowledge
Question: stakeholders
Answer:
those with a vested interest in an organization, including customers, distributors, suppliers, owners, lender,
employees, and community members
Question: management
Answer:
accounts about 52% of the annual increase in productivity
