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GMS 401 FINAL EXAM WITH CORRECT
ACTUAL QUESTIONS AND CORRECTLY
WELL DEFINED ANSWERS LATEST
ALREADY GRADED A+ 2025 – 2026
Production - (ANSWER)the creation of goods and services
Operations Management - (ANSWER)Activities that relate to the creation of
goods and services through the transformation of inputs to outputs
Supply chain - (ANSWER)A global network of organizations and activities that
supply a firm with goods and services
Services - (ANSWER)Economic activities that typically produce an intangible
product (such as education, entertainment, lodging, government, financial, and
health services)
Service sector - (ANSWER)the segment of the economy that includes trade,
financial, lodging, education, legal, medical, and other professional occupations
Management process - (ANSWER)the application of planning, organizing, staffing,
leading, and controlling to the achievement of objectives
Differentiation - (ANSWER)distinguishing the offerings of an organization in a way
that the customer perceives as adding value
, 2
Experience Differentiation - (ANSWER)Engaging a customer with a product
through imaginative use of the five senses, so the customer "experiences" the
product
Low cost leadership - (ANSWER)achieving maximum value, as perceived by the
customer
Response - (ANSWER)a set of values related to rapid, flexible, and reliable
performance
Mission - (ANSWER)the purpose or rationale for an organization's existence
Strategy - (ANSWER)how an organization expects to achieve its missions and
goals
Productivity - (ANSWER)the ratio of outputs (goods and services) divided by one
or more inputs (such as labour, capital or management)
Single factor Productivity - (ANSWER)Indicates the ratio of one resource (input)
to the goods and services produced (outputs).
Multifactor productivity - (ANSWER)indicates the ratio of many or all resources
(inputs) to the goods and services produced (outputs)
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Productivity variables - (ANSWER)the three factors critical to productivity
improvement - capital and the art and science of management
Knowledge Society - (ANSWER)a society in which much of the labour force has
migrated from manual work to work based on knowledge
Maintenance - (ANSWER)the activities involved in keeping a systems equipment
in working order
Reliability - (ANSWER)the probability that a machine part or product will function
properly for a specified time under stated conditions
Mean Time Between Failures (MTBF) - (ANSWER)The expected time between a
repair and the next failure of a component, machine, process, or product.
Redundancy - (ANSWER)the use of components in parallel to raise reliability
Product development stages - (ANSWER)Product concepts are developed from a
variety of sources, both external and internal to the firm. Concepts that survive
the product idea stage progress through various stages, with nearly constant
review, feedback, and evaluation in a highly participative environment to
minimize failure
GMS 401 FINAL EXAM WITH CORRECT
ACTUAL QUESTIONS AND CORRECTLY
WELL DEFINED ANSWERS LATEST
ALREADY GRADED A+ 2025 – 2026
Production - (ANSWER)the creation of goods and services
Operations Management - (ANSWER)Activities that relate to the creation of
goods and services through the transformation of inputs to outputs
Supply chain - (ANSWER)A global network of organizations and activities that
supply a firm with goods and services
Services - (ANSWER)Economic activities that typically produce an intangible
product (such as education, entertainment, lodging, government, financial, and
health services)
Service sector - (ANSWER)the segment of the economy that includes trade,
financial, lodging, education, legal, medical, and other professional occupations
Management process - (ANSWER)the application of planning, organizing, staffing,
leading, and controlling to the achievement of objectives
Differentiation - (ANSWER)distinguishing the offerings of an organization in a way
that the customer perceives as adding value
, 2
Experience Differentiation - (ANSWER)Engaging a customer with a product
through imaginative use of the five senses, so the customer "experiences" the
product
Low cost leadership - (ANSWER)achieving maximum value, as perceived by the
customer
Response - (ANSWER)a set of values related to rapid, flexible, and reliable
performance
Mission - (ANSWER)the purpose or rationale for an organization's existence
Strategy - (ANSWER)how an organization expects to achieve its missions and
goals
Productivity - (ANSWER)the ratio of outputs (goods and services) divided by one
or more inputs (such as labour, capital or management)
Single factor Productivity - (ANSWER)Indicates the ratio of one resource (input)
to the goods and services produced (outputs).
Multifactor productivity - (ANSWER)indicates the ratio of many or all resources
(inputs) to the goods and services produced (outputs)
, 3
Productivity variables - (ANSWER)the three factors critical to productivity
improvement - capital and the art and science of management
Knowledge Society - (ANSWER)a society in which much of the labour force has
migrated from manual work to work based on knowledge
Maintenance - (ANSWER)the activities involved in keeping a systems equipment
in working order
Reliability - (ANSWER)the probability that a machine part or product will function
properly for a specified time under stated conditions
Mean Time Between Failures (MTBF) - (ANSWER)The expected time between a
repair and the next failure of a component, machine, process, or product.
Redundancy - (ANSWER)the use of components in parallel to raise reliability
Product development stages - (ANSWER)Product concepts are developed from a
variety of sources, both external and internal to the firm. Concepts that survive
the product idea stage progress through various stages, with nearly constant
review, feedback, and evaluation in a highly participative environment to
minimize failure
