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Questions and Answers
What is the focus of operations management?
What is the focus of operations management?
- Creating demand for goods and services
- Tracking financial performance of the organization
- Carefully managing processes to produce and distribute products & services (correct)
- Maximizing profits through efficient resource allocation
Which function is responsible for generating demand in the essential functions to produce goods and services?
Which function is responsible for generating demand in the essential functions to produce goods and services?
- Production/operations
- Finance/accounting
- Marketing (correct)
- Supply chain management
What is the distinction between goods and services in operations management?
What is the distinction between goods and services in operations management?
- Goods are produced, services are marketed
- Goods have variable costs, services have fixed costs
- Goods are tangible, services are intangible (correct)
- Goods involve physical transformation, services involve financial transformation
What is the purpose of the supply chain in operations management?
What is the purpose of the supply chain in operations management?
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Study Notes
Focus of Operations Management
- Operations management aims to efficiently produce goods and services while maximizing output and minimizing costs.
- Key objectives include improving quality, enhancing productivity, and optimizing processes.
Function Responsible for Generating Demand
- Marketing is the primary function responsible for generating demand, playing a critical role in promoting products and services to consumers.
- Demand generation is essential for aligning production with market needs.
Distinction Between Goods and Services
- Goods are tangible products that can be stored and transported, allowing for inventory management; examples include cars and electronics.
- Services are intangible, experienced, and cannot be stored or transported; examples include healthcare and education.
- The delivery of services often involves direct interaction with customers, influencing customer satisfaction.
Purpose of the Supply Chain
- The supply chain encompasses all activities related to sourcing raw materials, manufacturing products, and delivering them to consumers.
- It aims to streamline operations, reduce costs, and improve efficiency while ensuring that products are available at the right time and place.
- Effective supply chain management enhances customer satisfaction by ensuring timely and quality delivery of goods and services.
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