OPMA 3306 QUIZ 1 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) ALREADY GRADED A+

OPMA 3306 QUIZ 1 QUESTIONS AND CORRECT DETAILED
ANSWERS (VERIFIED ANSWERS) ALREADY GRADED A+
Which of the following equation correctly measures inventory turnover?
a. Inventory turnover = Inventory x COGS
b. Inventory turnover = Inventory / COGS
c. Inventory turnover = COGS / Inventory
d. None of above is correct. Ans✓✓✓ c. Inventory turnover = COGS /
Inventory


Excess supply means wasted resources Ans✓✓✓ true


Operations Management Ans✓✓✓ concerned with designing,
assessing, improving, and managing the processes with the goal of
matching supply and demand in the most cost efficient way


is about developing "business models"


Excess demand means lost revenue Ans✓✓✓ true


over-capacitated Ans✓✓✓ The same call center, at another moment in
the day, is likely to have numerous representatives waiting
unproductively for consumers to call.

, under-capacitated Ans✓✓✓ A customer calling into most call centers is
likely to spend a significant time waiting before the call is taken by a
representative


Process Examples Ans✓✓✓ car factory:
inputs - auto parts, raw materials
transformation process - fabrication & assembly
outputs - cars


restaurant:
inputs - hungry customers
transformation process - serving customers
outputs -
satisfied customers


Operations Management Ans✓✓✓ the management (design, operation,
and improvement) of the transformation processes that create value for
society.


Traditional OM Ans✓✓✓ -Production planning and scheduling
-Inventory management
-Warehouse & transportation