GMS 401 Final exam Study Guide
Solutions
Production - ANSWER✔✔-the creation of goods and services
Operations Management - ANSWER✔✔-Activities that relate to the creation of goods
and services through the transformation of inputs to outputs
Supply chain - ANSWER✔✔-A global network of organizations and activities that
supply a firm with goods and services
Services - ANSWER✔✔-Economic activities that typically produce an intangible
product (such as education, entertainment, lodging, government, financial, and health
services)
Service sector - ANSWER✔✔-the segment of the economy that includes trade, financial,
lodging, education, legal, medical, and other professional occupations
Management process - ANSWER✔✔-the application of planning, organizing, staffing,
leading, and controlling to the achievement of objectives
Differentiation - ANSWER✔✔-distinguishing the offerings of an organization in a way
that the customer perceives as adding value
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,Experience Differentiation - ANSWER✔✔-Engaging a customer with a product through
imaginative use of the five senses, so the customer "experiences" the product
Low cost leadership - ANSWER✔✔-achieving maximum value, as perceived by the
customer
Response - ANSWER✔✔-a set of values related to rapid, flexible, and reliable
performance
Mission - ANSWER✔✔-the purpose or rationale for an organization's existence
Strategy - ANSWER✔✔-how an organization expects to achieve its missions and goals
Productivity - ANSWER✔✔-the ratio of outputs (goods and services) divided by one or
more inputs (such as labour, capital or management)
Single factor Productivity - ANSWER✔✔-Indicates the ratio of one resource (input) to
the goods and services produced (outputs).
Multifactor productivity - ANSWER✔✔-indicates the ratio of many or all resources
(inputs) to the goods and services produced (outputs)
Productivity variables - ANSWER✔✔-the three factors critical to productivity
improvement - capital and the art and science of management
Knowledge Society - ANSWER✔✔-a society in which much of the labour force has
migrated from manual work to work based on knowledge
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, Maintenance - ANSWER✔✔-the activities involved in keeping a systems equipment in
working order
Reliability - ANSWER✔✔-the probability that a machine part or product will function
properly for a specified time under stated conditions
Mean Time Between Failures (MTBF) - ANSWER✔✔-The expected time between a
repair and the next failure of a component, machine, process, or product.
Redundancy - ANSWER✔✔-the use of components in parallel to raise reliability
Product development stages - ANSWER✔✔-Product concepts are developed from a
variety of sources, both external and internal to the firm. Concepts that survive the
product idea stage progress through various stages, with nearly constant review,
feedback, and evaluation in a highly participative environment to minimize failure
Robust design - ANSWER✔✔-a design that can be produced to requirements even with
unfavorable conditions in the production process
Modular designs - ANSWER✔✔-Designs in which parts or components of a product are
subdivided into modules that are easily interchanged or replaced
computer-aided design (CAD) - ANSWER✔✔-interactive use of a computer to develop
and document a product
Design for manufacture and assembly (DFMA) - ANSWER✔✔-software that allows
designers to look at the effect of design on manufacturing of the product
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Solutions
Production - ANSWER✔✔-the creation of goods and services
Operations Management - ANSWER✔✔-Activities that relate to the creation of goods
and services through the transformation of inputs to outputs
Supply chain - ANSWER✔✔-A global network of organizations and activities that
supply a firm with goods and services
Services - ANSWER✔✔-Economic activities that typically produce an intangible
product (such as education, entertainment, lodging, government, financial, and health
services)
Service sector - ANSWER✔✔-the segment of the economy that includes trade, financial,
lodging, education, legal, medical, and other professional occupations
Management process - ANSWER✔✔-the application of planning, organizing, staffing,
leading, and controlling to the achievement of objectives
Differentiation - ANSWER✔✔-distinguishing the offerings of an organization in a way
that the customer perceives as adding value
Copyright ©SOPHIABENNETT 2025 ACADEMIC YEARALL RIGHTS RESERVED. Page 1/23
,Experience Differentiation - ANSWER✔✔-Engaging a customer with a product through
imaginative use of the five senses, so the customer "experiences" the product
Low cost leadership - ANSWER✔✔-achieving maximum value, as perceived by the
customer
Response - ANSWER✔✔-a set of values related to rapid, flexible, and reliable
performance
Mission - ANSWER✔✔-the purpose or rationale for an organization's existence
Strategy - ANSWER✔✔-how an organization expects to achieve its missions and goals
Productivity - ANSWER✔✔-the ratio of outputs (goods and services) divided by one or
more inputs (such as labour, capital or management)
Single factor Productivity - ANSWER✔✔-Indicates the ratio of one resource (input) to
the goods and services produced (outputs).
Multifactor productivity - ANSWER✔✔-indicates the ratio of many or all resources
(inputs) to the goods and services produced (outputs)
Productivity variables - ANSWER✔✔-the three factors critical to productivity
improvement - capital and the art and science of management
Knowledge Society - ANSWER✔✔-a society in which much of the labour force has
migrated from manual work to work based on knowledge
Copyright ©SOPHIABENNETT 2025 ACADEMIC YEARALL RIGHTS RESERVED. Page 2/23
, Maintenance - ANSWER✔✔-the activities involved in keeping a systems equipment in
working order
Reliability - ANSWER✔✔-the probability that a machine part or product will function
properly for a specified time under stated conditions
Mean Time Between Failures (MTBF) - ANSWER✔✔-The expected time between a
repair and the next failure of a component, machine, process, or product.
Redundancy - ANSWER✔✔-the use of components in parallel to raise reliability
Product development stages - ANSWER✔✔-Product concepts are developed from a
variety of sources, both external and internal to the firm. Concepts that survive the
product idea stage progress through various stages, with nearly constant review,
feedback, and evaluation in a highly participative environment to minimize failure
Robust design - ANSWER✔✔-a design that can be produced to requirements even with
unfavorable conditions in the production process
Modular designs - ANSWER✔✔-Designs in which parts or components of a product are
subdivided into modules that are easily interchanged or replaced
computer-aided design (CAD) - ANSWER✔✔-interactive use of a computer to develop
and document a product
Design for manufacture and assembly (DFMA) - ANSWER✔✔-software that allows
designers to look at the effect of design on manufacturing of the product
Copyright ©SOPHIABENNETT 2025 ACADEMIC YEARALL RIGHTS RESERVED. Page 3/23
