LONG QUESTIONS AND ANSWERS MNO2601 CHAPTER 1 2023

Chapter One - -The Operations Function -Operations Management - -The production of goods and services. -Value - -Tangible and intangible benefits that customers can derive from consuming a good or service at a price they are willing to pay. -Purchasing Function - -Sources inputs into the transformation process of the organization from other for-profit and nonprofit organizations. -Logistics Function - -Responsible for the actual movement of goods and/or services across organizations. -Supply Chain - -The network of manufacturing and service operations that supply one another from raw materials through manufacturing to the ultimate customer. It consists of the physical flow of materials, money and information along the entire chain of purchasing, production, and distribution.