Entrepreneurship 101: Management and Production

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What is the initial step in achieving effective operations management?

Procurement of machines and equipment

Conducting market research

Selection of the method of production

Hiring the right people (correct)

What is a key consideration when selecting a method of production?

Mode of production (correct)

Availability of raw materials

Market demand for the product

Number of employees required

What is the primary function of operations proper?

Recruiting new employees

Implementing and running the factory or service shop (correct)

Conducting financial analysis

Implementing marketing strategies

What is the consequence of using wrong methods in operations?

Inability to attain desired results (C) Signup and view all the answers

What is the significance of machines in business operations?

They are necessary for efficient operations (A) Signup and view all the answers

What is a key criterion for hiring workforce according to Aduana (2017)?

Educational qualifications and experience (A) Signup and view all the answers

What is one of the primary goals of the 4Ms of Operations?

To achieve a specific business opportunity (D) Signup and view all the answers

What is the term for the series of actions or steps taken to achieve a particular end?

Method (C) Signup and view all the answers

What is the primary function of manpower in the production process?

To provide the skills and expertise needed to produce goods or services (C) Signup and view all the answers

What is one of the primary benefits of effective production management to the firm's reputation?

Improved goodwill and image (C) Signup and view all the answers

How does production management support other functional areas in the organization?

By allowing human resources to manage the workforce more effectively (A) Signup and view all the answers

What is an example of a machine in the production process?

A gas stove (B) Signup and view all the answers

What is one of the key benefits of production management in terms of resource utilization?

Optimum utilization of resources such as manpower, machines, methods, and materials (D) Signup and view all the answers

What is the term for the raw materials needed in the production process?

Materials (A) Signup and view all the answers

What is a consequence of effective production management on the firm's cost objectives?

Achieving cost efficiency objectives (D) Signup and view all the answers

What is the result of the production process?

A finished product (D) Signup and view all the answers

How does production management impact the firm's growth prospects?

It enables the firm to expand and grow (D) Signup and view all the answers

What is a broader impact of production management on the economy?

It generates employment opportunities (A) Signup and view all the answers

What is management in the context of entrepreneurship?

The art of getting things done with and through other people (B) Signup and view all the answers

What is the primary purpose of Operations Management?

To produce goods and services that provide the reason for the organization's existence (A) Signup and view all the answers

What are the four components of the 4M's of operations?

Manpower, Method, Machine, and Materials (A) Signup and view all the answers

What is the role of manpower in the manufacturing process?

To operate and maintain machines (C) Signup and view all the answers

What is the output of the production process?

Final Product (A) Signup and view all the answers

Why are good people required to operate and maintain machines?

Because factories require good people to operate and maintain the machine (C) Signup and view all the answers

What is the primary concern of a Human Resource Manager when starting a business?

Getting the right people (A) Signup and view all the answers

During the Covid-19 pandemic, what is a key consideration for a Human Resource Manager of SM City Naga?

Staff protection (B) Signup and view all the answers

What is the purpose of creating an infographic in Activity 3?

To communicate important information visually (B) Signup and view all the answers

What is an essential element of a well-designed infographic, according to the rubric?

All of the above (D) Signup and view all the answers

What is the minimum distance from which labels on an infographic should be readable?

3 feet (A) Signup and view all the answers

What is the purpose of including a source citation for borrowed graphics in an infographic?

To avoid plagiarism (C) Signup and view all the answers