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Questions and Answers
What is the main function of the finance/accounting department in an organization?
What is the main function of the finance/accounting department in an organization?
- To design goods and services
- To manage the supply chain and distribution network
- To lead and manage the organization's employees
- To track the organization's financial performance, pay bills, and collect money (correct)
Which of the following best describes the supply chain as described in the text?
Which of the following best describes the supply chain as described in the text?
- A global network of organizations and activities that supplies a firm with goods and services (correct)
- A vertical integration of a single company that controls all stages of production
- A single organization that handles all aspects of production and distribution
- A distributor that sells directly to consumers
Why is it important to study operations management?
Why is it important to study operations management?
- Because it is the easiest part of an organization to understand
- Because it is the least costly part of an organization
- Because it is the most important function of an organization
- Because it is one of the three major functions of any organization (correct)
Which of the following is NOT one of the basic management functions described in the text?
Which of the following is NOT one of the basic management functions described in the text?
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According to the table in the text, which strategic decision is covered in Chapters 5 and the Supplement to Chapter 5?
According to the table in the text, which strategic decision is covered in Chapters 5 and the Supplement to Chapter 5?
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Study Notes
Human Resources and Job Design
- Recruit, motivate, and retain personnel with the required talent and skills
- Integral and expensive part of the total system design
Strategic Decisions
- 10 key decisions in operations management:
- Design of goods and services
- Managing quality
- Process and capacity strategy
- Location strategy
- Layout strategy
- Human resources and job design
- Supply chain management
- Inventory management
- Scheduling
- Maintenance
Supply Chain Management
- Integrate supply chain into the firm's strategy
- Determine what is to be purchased, from whom, and under what conditions
- A global network of organizations and activities that supplies a firm with goods and services
Inventory Management
- Inventory ordering and holding decisions
- Optimize considering customer satisfaction, supplier capability, and production schedules
Scheduling
- Determine and implement intermediate and short-term schedules
- Utilize personnel and facilities while meeting customer demands
Maintenance
- Consider facility capacity, production demands, and personnel
- Maintain a reliable and stable process
Operations Management
- OM is one of three major functions of any organization
- OM is responsible for producing goods and services
- Operations managers perform basic management functions:
- Planning
- Organizing
- Staffing
- Leading
- Controlling
Importance of Operations Management
- OM is a costly part of an organization
- Understanding OM is crucial for effective management and competitiveness
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