Mno2601 Unit 1- Operations Management Exam with highlighted accurate solutions available

Production - ANSCreation of goods and services Operations Management - ANSSet of activities that creates value in the form of goods and services by transforming inputs to outputs Three Functions of a Business - ANSMarketing, Operations, Finance Supply Chain - ANSA global network of organizations and activities that supply a firm with goods and services Why do we studying OM? - ANS1. its one of the three major functions of a business 2. you need to know what OM do 3. OM is costly to an organization 4. you need to know how goods and services are produced 10 Strategic Operations Management Decisions - ANS1. Design of goods and services 2. Managing quality 3. Process and capacity strategy 4. Location strategy 5.Layout strategy 6. Human resources and job design 7. Supply chain management 8. Inventory Management 9. Scheduling 10. Maintenance Productivity - ANSRatio of output to inputs; not the same as production; outputs/inputs. Improving productivity means improving efficiency Productivity Variables - ANSLabor 10% Capital 38% Management 52% Knowledge Societies - ANSWhere labor force has shifted from manual work to technical and information proccessing work, requiring more education Globalization - ANScustomers, talent, and suppliers are worldwide; impacts quality, variety, customization, convenience, timeliness and cost; complicates OM buy adding complexity, risk and competition