GMS 401 Final EXAM Questions & Answers, Well
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Terms in this set (203)
Production the creation of goods and services
Operations Management Activities that relate to the creation of goods and
services through the transformation of inputs to
outputs
Supply chain A global network of organizations and activities
that supply a firm with goods and services
Services Economic activities that typically produce an
intangible product (such as education,
entertainment, lodging, government, financial, and
health services)
Service sector the segment of the economy that includes trade,
financial, lodging, education, legal, medical, and
other professional occupations
, Management process the application of planning, organizing, staffing,
leading, and controlling to the achievement of
objectives
Differentiation distinguishing the offerings of an organization in a
way that the customer perceives as adding value
Experience Differentiation Engaging a customer with a product through
imaginative use of the five senses, so the customer
"experiences" the product
Low cost leadership achieving maximum value, as perceived by the
customer
Response a set of values related to rapid, flexible, and
reliable performance
Mission the purpose or rationale for an organization's
existence
Strategy how an organization expects to achieve its missions
and goals
Productivity the ratio of outputs (goods and services) divided
by one or more inputs (such as labour, capital or
management)
Single factor Productivity Indicates the ratio of one resource (input) to the
goods and services produced (outputs).
Multifactor productivity indicates the ratio of many or all resources (inputs)
to the goods and services produced (outputs)
Elaborated | Already Verified Test |100% Verified
solutions | Latest!!
Save
Terms in this set (203)
Production the creation of goods and services
Operations Management Activities that relate to the creation of goods and
services through the transformation of inputs to
outputs
Supply chain A global network of organizations and activities
that supply a firm with goods and services
Services Economic activities that typically produce an
intangible product (such as education,
entertainment, lodging, government, financial, and
health services)
Service sector the segment of the economy that includes trade,
financial, lodging, education, legal, medical, and
other professional occupations
, Management process the application of planning, organizing, staffing,
leading, and controlling to the achievement of
objectives
Differentiation distinguishing the offerings of an organization in a
way that the customer perceives as adding value
Experience Differentiation Engaging a customer with a product through
imaginative use of the five senses, so the customer
"experiences" the product
Low cost leadership achieving maximum value, as perceived by the
customer
Response a set of values related to rapid, flexible, and
reliable performance
Mission the purpose or rationale for an organization's
existence
Strategy how an organization expects to achieve its missions
and goals
Productivity the ratio of outputs (goods and services) divided
by one or more inputs (such as labour, capital or
management)
Single factor Productivity Indicates the ratio of one resource (input) to the
goods and services produced (outputs).
Multifactor productivity indicates the ratio of many or all resources (inputs)
to the goods and services produced (outputs)
