Introduction to Operations Management Quiz

Operations management = Designing the operating system to align competencies with the organization’s desired competitive position Supply chain management = Managing the flow of goods and services, including the movement and storage of raw materials, work-in-process inventory, and finished goods from point of origin to point of consumption Logistics management = Coordinating and optimizing the flow of products, services, and information from suppliers to customers Operations (Supply Chain) strategy = Developing a plan to reach an objective and determining the means to achieve it

Resources processes = Operation’s activities used in transforming inputs to outputs Assets = Items or things of value that are owned by a company Competencies = The joint configuration of resources and processes resulting in aligned organizational capabilities with the desired competitive position Strategy Operations = A plan to reach an objective and the means to get to that objective

Maximizing NPV of profits = For-profit organizations Minimizing cost subject to specified constraints = Not-for-profit organizations Quality, time, flexibility metrics = Not-for-profit organizations Financial and non-financial metrics = For-profit organizations

<p>‘Best’ measured as maximizing NPV of profits = For-profit organizations' objectives ‘Best’ enabling and implementing organization's strategy = Operations strategy focus Joint configuration of resources and processes = Competencies alignment with desired competitive position Operations strategy design focus = Operating system design to align competencies with desired competitive position</p> Signup and view all the answers

<p>Operations management = Transforming inputs to outputs efficiently and effectively Supply chain management = Managing the flow of goods and services from origin to consumption Logistics management = Coordinating and optimizing product, service, and information flow from suppliers to customers Operations (Supply Chain) strategy = Developing a plan to reach an objective and determining the means to achieve it</p> Signup and view all the answers

<p>The task of operations strategy is to design the operating system, which is the joint configuration of resources and processes, such that its resulting competencies are aligned with the organization’s desired competitive position.</p> Signup and view all the answers

<p>'Best' can be measured as maximizing the net present value (NPV) of profits.</p> Signup and view all the answers

<p>For not-for-profits organizations, 'best' could mean minimizing (NPV of) cost subject to strategically specified constraints on quality, time, flexibility and other non-financial metrics.</p> Signup and view all the answers

<p>Operations management involves the design and management of processes and resources used in transforming inputs to outputs in order to achieve organizational objectives.</p> Signup and view all the answers

<p>The purpose of operations management is to provide the means to reach organizational objectives through the effective use of resources and processes.</p> Signup and view all the answers

<p>False</p> Signup and view all the answers

<p>False</p> Signup and view all the answers

<p>True</p> Signup and view all the answers

<p>False</p> Signup and view all the answers

<p>True</p> Signup and view all the answers