Comm 225 Study Guide Questions and
Answers with Complete Solutions | New
Update
Operations Management - ANSWERS The management of activities and
resource that create good and/or provide services.
Efficiency - ANSWERS Operating at minimum cost and time.
Effectiveness - ANSWERS Achieving quality and timeliness.
Operations Functions - ANSWERS It is the core of most organization and
responsible for creating of an organization's goods or services.
Inputs - ANSWERS They are used to obtain finished goods or services using on
or more transformation/conversion processes.
Process - ANSWERS It is a sequence of activities/operations.
Feedback - ANSWERS To ensure that the desired outputs are obtained,
measurements are taken at various points.
, Control - ANSWERS The outputs are compared with previously established
standards to determine whether corrective action is needed.
Value Added - ANSWERS The difference between the cost of inputs and the
value or price of outputs.
Provision of Funds - ANSWERS The necessary funding of operations and the
amount and timing of funding is important, and most funds come from the
revenues of goods and services.
Economic Analysis of Capital Investment Proposals - ANSWERS The evaluation
of alternative investments in plant and equipment.
Lead Time - ANSWERS The time between ordering a good/service and
receiving it.
Model - ANSWERS An abstraction of reality; a simplified representation of
something.
Linear Programming - ANSWERS Allocating of scare resources.
Queuing Techniques - ANSWERS Analyzing situation in which waiting lines
form.
Inventory Techniques - ANSWERS Control inventories.
Answers with Complete Solutions | New
Update
Operations Management - ANSWERS The management of activities and
resource that create good and/or provide services.
Efficiency - ANSWERS Operating at minimum cost and time.
Effectiveness - ANSWERS Achieving quality and timeliness.
Operations Functions - ANSWERS It is the core of most organization and
responsible for creating of an organization's goods or services.
Inputs - ANSWERS They are used to obtain finished goods or services using on
or more transformation/conversion processes.
Process - ANSWERS It is a sequence of activities/operations.
Feedback - ANSWERS To ensure that the desired outputs are obtained,
measurements are taken at various points.
, Control - ANSWERS The outputs are compared with previously established
standards to determine whether corrective action is needed.
Value Added - ANSWERS The difference between the cost of inputs and the
value or price of outputs.
Provision of Funds - ANSWERS The necessary funding of operations and the
amount and timing of funding is important, and most funds come from the
revenues of goods and services.
Economic Analysis of Capital Investment Proposals - ANSWERS The evaluation
of alternative investments in plant and equipment.
Lead Time - ANSWERS The time between ordering a good/service and
receiving it.
Model - ANSWERS An abstraction of reality; a simplified representation of
something.
Linear Programming - ANSWERS Allocating of scare resources.
Queuing Techniques - ANSWERS Analyzing situation in which waiting lines
form.
Inventory Techniques - ANSWERS Control inventories.
