Fundamentals of Operations Management: Key Concepts and Strategies Exam Questions And Answers Practice Questions with Solutions Newest | Already Graded A+

Fundamentals of Operations Management: Key Concepts and Strategies Exam Questions And Answers Practice Questions with Solutions Newest | Already Graded A+ Transformation Process - Answer- Any activity or group of activities that takes one or more inputs, transforms and adds value to them, and provides outputs for customers or clients. Macro Operation - Answer- The overall transformation process of an organization. Micro Operation - Answer- The more detailed transformations within a macro operation. Effectiveness - Answer- Refers to making the right actions and plans in order to improve the business and add value for the customer; 'doing the right things'. Efficiency - Answer- Doing things well at the lowest cost possible by reducing unnecessary or redundant activities. Director of Operations - Answer- The top manager of an operations department. Chief Operating Officer (COO) - Answer- The figure most operations departments report to, often considered the most important figure in a firm next to the CEO. Operations - Answer- All activities required to create and deliver an organization's goods or services to its customers or clients. Operations Management (Definition) - Answer- The management of the processes that transform inputs into the goods and services that add value for the customer. Study of Operations - Answer- Deals with how the goods and services that you buy and consume every day are produced. Henry Ford - Answer- Pioneer of the assembly manufacturing process in the early 20th century, inventor of the Model T, and founder of Ford Motor Company. Assembly Line - Answer- A production process that breaks the manufacture of a good into steps that are completed in a pre-defined sequence. Competitiveness - Answer- How effectively an organization meets the wants and needs of customers relative to others that offer similar goods or services. Core Competencies - Answer- The resources and capabilities that comprise the strategic advantages of a business (e.g., McDonald's standardization or Apple's style). Strategic Management - Answer- The broadest level of management that applies to all parts of the firm and incorporates the longest time horizon. Tactics - Answer- The methods and actions used to accomplish strategies. Quality-based Strategy - Answer- Strategy that focuses on quality in all phases of an organization. Time-based Strategy - Answer- Strategy that focuses on the reduction of time needed to accomplish tasks. Order Lead Time - Answer- The amount of time elapsed from the receipt of the customer's order until the products are shipped. Productivity - Answer- A measure of the effective use of resources, usually expressed as the ratio of output to input. Basic Productivity Formula - Answer- Productivity = Output / Input. Productivity Growth Formula - Answer- [(Current Productivity - Previous Productivity) / Previous Productivity] x 100. Labor Productivity - Answer- Units of output per labor hour or per shift. Machine Productivity - Answer- Units of output per machine hour.