GMS 401 - Midterm #1 Exam Actual
Questions and Answers 2026
Operations Management -
correct answer ✅the management of activities and resources that
create goods and or provide services
Activities in Operations -
correct answer ✅Forecasting
Capacity Planning
Scheduling
Managing Inventories
Assuring Quality
Employee Motivation and Training
Location of Facilities
Buying Materials
Efficiency -
correct answer ✅Operating at minimum cost and time
Effectiveness -
correct answer ✅Achieving quality and timeliness
,GMS 401 - Midterm #1 Exam Actual
Questions and Answers 2026
Functions within Organizations -
correct answer ✅Finance ->Operations->Marketing
Operations -
correct answer ✅manages all the activities directly related to
producing goods or providing services
Value Added -
correct answer ✅the difference between the cost of input and the
value or price of outputs
Non Profit Organizations -
correct answer ✅the value of outputs is their value to society, the
greater the value added, the greater the efficiency of these
operations
For-profit Organizations -
correct answer ✅the value of outputs is measured by the prices
that customers are willing to pay for those goods or services
Finance -
correct answer ✅performs activities related to securing funds at
,GMS 401 - Midterm #1 Exam Actual
Questions and Answers 2026
favourable prices and allocating those funds throughout the
organization.
Finance and operations Management exchange information such
as: -
correct answer ✅1. Provision of funds
2. Economic analysis of capital investment proposals
Provision of Funds -
correct answer ✅the necessary funding of operations and the
amount and timing of funding can be important
Economic Analysis of Capital Investment Proposals -
correct answer ✅evaluation of alternative investments in plant
and equipment requires inputs from both operations and finance
people
Marketing -
correct answer ✅is responsible for assessing customer wants and
needs and for communicating those needs and feedback to
operations and to product design.
, GMS 401 - Midterm #1 Exam Actual
Questions and Answers 2026
Lead Time -
correct answer ✅the time between ordering a good or service and
receiving it
Other Functions that interface with operations -
correct answer ✅-Accounting
-Management Information Systems
-Purchasing
-Personnel or Human Resources
-Manufacturing Engineering
-Maintenance
-Product Design
-Logistics
The Scope of Operations Management -
correct answer ✅Designing
Planning
Scheduling
Executing
Controlling Activities/ Operations
Questions and Answers 2026
Operations Management -
correct answer ✅the management of activities and resources that
create goods and or provide services
Activities in Operations -
correct answer ✅Forecasting
Capacity Planning
Scheduling
Managing Inventories
Assuring Quality
Employee Motivation and Training
Location of Facilities
Buying Materials
Efficiency -
correct answer ✅Operating at minimum cost and time
Effectiveness -
correct answer ✅Achieving quality and timeliness
,GMS 401 - Midterm #1 Exam Actual
Questions and Answers 2026
Functions within Organizations -
correct answer ✅Finance ->Operations->Marketing
Operations -
correct answer ✅manages all the activities directly related to
producing goods or providing services
Value Added -
correct answer ✅the difference between the cost of input and the
value or price of outputs
Non Profit Organizations -
correct answer ✅the value of outputs is their value to society, the
greater the value added, the greater the efficiency of these
operations
For-profit Organizations -
correct answer ✅the value of outputs is measured by the prices
that customers are willing to pay for those goods or services
Finance -
correct answer ✅performs activities related to securing funds at
,GMS 401 - Midterm #1 Exam Actual
Questions and Answers 2026
favourable prices and allocating those funds throughout the
organization.
Finance and operations Management exchange information such
as: -
correct answer ✅1. Provision of funds
2. Economic analysis of capital investment proposals
Provision of Funds -
correct answer ✅the necessary funding of operations and the
amount and timing of funding can be important
Economic Analysis of Capital Investment Proposals -
correct answer ✅evaluation of alternative investments in plant
and equipment requires inputs from both operations and finance
people
Marketing -
correct answer ✅is responsible for assessing customer wants and
needs and for communicating those needs and feedback to
operations and to product design.
, GMS 401 - Midterm #1 Exam Actual
Questions and Answers 2026
Lead Time -
correct answer ✅the time between ordering a good or service and
receiving it
Other Functions that interface with operations -
correct answer ✅-Accounting
-Management Information Systems
-Purchasing
-Personnel or Human Resources
-Manufacturing Engineering
-Maintenance
-Product Design
-Logistics
The Scope of Operations Management -
correct answer ✅Designing
Planning
Scheduling
Executing
Controlling Activities/ Operations
