Ch 2 Business
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Questions and Answers

What is the primary goal of Production and Operations Management (POM)?

  • To reduce inventory turnover
  • To optimize supply chain management
  • To meet customer demands while minimizing costs and maximizing productivity (correct)
  • To maximize profits
  • What is the process of converting inputs into outputs effectively and efficiently?

  • Production and Operations Management (correct)
  • Materials Requirement Planning
  • Inventory Control
  • Supply Chain Management
  • Which of the following is NOT an activity involved in Production and Operations Management?

  • Marketing strategy (correct)
  • Product design
  • Quality control
  • Capacity planning
  • What is the primary objective of inventory management in POM?

    <p>To optimize inventory turnover</p> Signup and view all the answers

    What is the term for the process of managing inventory levels on behalf of a buyer?

    <p>Vendor-Managed Inventory</p> Signup and view all the answers

    Which of the following systems aims to minimize inventory levels by producing and delivering just in time?

    <p>Just-in-Time System</p> Signup and view all the answers

    What is the process of determining the quantity of materials required to produce a product?

    <p>Materials Requirement Planning</p> Signup and view all the answers

    What is the ratio of the number of times inventory is sold and replaced during a period?

    <p>Inventory Turnover</p> Signup and view all the answers

    What is the process of managing the flow of goods, services, and information from raw materials to end customers?

    <p>Supply Chain Management</p> Signup and view all the answers

    What is the primary benefit of implementing a Just-in-Time System?

    <p>Minimizing inventory levels</p> Signup and view all the answers

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