GMS 401 - Chapter 1 Exam Study Guide

Solutions

Operations Management - ANSWER-set of activities that create value (goods/services) by

transforming inputs into outputs

- discipline applied to any org activity

- costly part of organization

- opportunity to improve profitability and enhance service to society

Characteristics of Goods - ANSWER-Tangible product

Consistent product definition

Production usually separate from consumption

Can be inventoried

Low customer interaction

Characteri...
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