Samenvatting Operations Management 8th edition, Nigel Slack Questions and Answers Grade A+ 2023

What is Operations Management? - -The management of systems or processes that create goods and/or services. -What are the three basic functions in business organizations? - -The three basic functions in business organization are finance, operations, and marketing. -What general items make up a supply chain? - -The supply chain is made up of the supplier's suppliers, direct suppliers, the producer, distributor, then final customers. -What is meant by the term "value added"? - -The term used to describe the difference between the costs of input and the value or price of outputs. -The operations function oversees a transformation or conversion process. Explain briefly. - -The creation of goods and services involves transforming inputs into outputs. To ensure the desired outputs are obtained, an organization takes measurements at various points in the transformation process(feedback) and then compares them with previously established standards to determine whether corrective action is needed (control).