14 Questions
What is the primary goal of operations management?
To convert inputs into outputs to deliver goods and services to the end customer
Which of the following is a characteristic of manufacturing operations?
Tangible product which can be inventoried
In service operations, what is a common characteristic compared to manufacturing operations?
Product can't be inventoried
What is the role of operations management in the conversion process?
Performing a transformation role in converting inputs into finished goods and services
Which of the following is an example of an input for operations management?
Customer feedback
What differentiates service operations from manufacturing operations?
Customer involvement in the production process
What is the responsibility of an operations manager in product design?
To ensure that the products sold to consumers meet their needs and match market trends
What does forecasting involve in operations management?
Making predictions of future events based on past data
What is involved in supply chain management?
Managing the production process from raw materials to the finished product
What is the responsibility of an operations manager in delivery management?
Ensuring that goods are delivered to consumers in a timely manner and meeting their functionality needs
What is the primary objective of financial management?
Ensuring sufficient availability of funds
What does financial management help in estimating?
Capital requirements for running the business
What is involved in deciding the capital structure as per financial management?
Deciding on the mix of debt and equity for financing
What does financial management methodology aim to do?
Monitor and govern revenue, expenses, and assets to maximize profitability and ensure sustainability
Study Notes
Operations Management
- The primary goal of operations management is to transform inputs into outputs in an efficient and effective manner.
- A characteristic of manufacturing operations is that they involve the production of tangible goods.
- In service operations, a common characteristic compared to manufacturing operations is that they involve intangible goods or services.
- The role of operations management in the conversion process is to oversee the transformation of inputs into outputs.
Operations Manager Responsibilities
- An operations manager is responsible for managing product design, ensuring that it meets customer requirements and is feasible to produce.
- In delivery management, an operations manager is responsible for ensuring that products or services are delivered to customers on time and in the correct quantities.
- Forecasting in operations management involves predicting future demand to make informed decisions about production and resource allocation.
Supply Chain Management
- Supply chain management involves the coordination and management of activities involved in sourcing, producing, and delivering products or services to customers.
Financial Management
- The primary objective of financial management is to maximize shareholder wealth.
- Financial management helps in estimating the cost of capital and determining the optimal capital structure.
- In deciding the capital structure, financial management involves determining the mix of debt and equity that minimizes the cost of capital.
- The financial management methodology aims to optimize the allocation of resources to maximize returns and minimize costs.
Test your knowledge of operations management within the context of the Organization and Management subject. Understand the transformation of inputs into outputs and its significance in organizational performance.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
