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Questions and Answers
What is one of the key roles of an operations manager?
What is one of the key roles of an operations manager?
Economic conditions have no significant impact on management decisions today.
Economic conditions have no significant impact on management decisions today.
False
List one key issue that operations managers face today.
List one key issue that operations managers face today.
Risk management
The ________ principle states that the good done by an action should outweigh any harm it causes.
The ________ principle states that the good done by an action should outweigh any harm it causes.
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Which of the following is a focus for companies competing in a global economy?
Which of the following is a focus for companies competing in a global economy?
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Cybersecurity is becoming less relevant due to increased automation.
Cybersecurity is becoming less relevant due to increased automation.
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What is emphasized in ensuring quality at customer service points?
What is emphasized in ensuring quality at customer service points?
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Match the operations management focus area with its description:
Match the operations management focus area with its description:
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Which principle emphasizes respect for the moral rights of others?
Which principle emphasizes respect for the moral rights of others?
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The Common Good Principle supports actions that harm the community if the benefits outweigh the costs.
The Common Good Principle supports actions that harm the community if the benefits outweigh the costs.
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What does the Fairness Principle advocate for?
What does the Fairness Principle advocate for?
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The __________ Principle involves actions that align with virtues like honesty and compassion.
The __________ Principle involves actions that align with virtues like honesty and compassion.
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Match the following supply chain challenges with their descriptions:
Match the following supply chain challenges with their descriptions:
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Which factor has led to a greater emphasis on improving supply chain operations?
Which factor has led to a greater emphasis on improving supply chain operations?
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Ethical frameworks only guide personal decisions and have no relevance in business operations.
Ethical frameworks only guide personal decisions and have no relevance in business operations.
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What is the goal of supply chain management in light of competitive pressures?
What is the goal of supply chain management in light of competitive pressures?
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Which type of variation can be reduced or eliminated through corrective action?
Which type of variation can be reduced or eliminated through corrective action?
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Structural variation in demand includes random fluctuations that cannot be predicted.
Structural variation in demand includes random fluctuations that cannot be predicted.
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What is the primary focus of operations management within an organization?
What is the primary focus of operations management within an organization?
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The ______ variation in demand includes trends and seasonal variations.
The ______ variation in demand includes trends and seasonal variations.
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Which of the following best describes operations management?
Which of the following best describes operations management?
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Match the following operational activities with their descriptions:
Match the following operational activities with their descriptions:
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Goods are intangible items that cannot be physically touched.
Goods are intangible items that cannot be physically touched.
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Name the three basic functions of a business organization.
Name the three basic functions of a business organization.
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Which of the following activities is NOT part of operations management?
Which of the following activities is NOT part of operations management?
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Random variation is present in all processes and is influenced by managers.
Random variation is present in all processes and is influenced by managers.
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The sequence that involves organizations, facilities, functions, and activities in producing and delivering a product is called the _________.
The sequence that involves organizations, facilities, functions, and activities in producing and delivering a product is called the _________.
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What is one of the four major elements of the supply chain?
What is one of the four major elements of the supply chain?
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What is capacity planning essential for in a service organization?
What is capacity planning essential for in a service organization?
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What is the primary role of operations in a business?
What is the primary role of operations in a business?
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Match the basic functions of business with their responsibilities:
Match the basic functions of business with their responsibilities:
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Effective integration in the supply chain can lead to increased errors and costs.
Effective integration in the supply chain can lead to increased errors and costs.
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What is the goal of operations management?
What is the goal of operations management?
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Distribution is the final phase of the supply chain.
Distribution is the final phase of the supply chain.
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What term describes the difference between the cost of inputs and the value or price of outputs?
What term describes the difference between the cost of inputs and the value or price of outputs?
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The three categories of business processes include upper-management processes, _________ processes, and supporting processes.
The three categories of business processes include upper-management processes, _________ processes, and supporting processes.
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Match the type of business process to its description:
Match the type of business process to its description:
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Which of the following is NOT a source of process variation?
Which of the following is NOT a source of process variation?
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Profit organizations measure their value of outputs by the value they add to society.
Profit organizations measure their value of outputs by the value they add to society.
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What is meant by 'process variation'?
What is meant by 'process variation'?
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Study Notes
Operations Management Overview
- Operations management oversees processes transforming inputs into goods and services, enhancing customer value.
- Operations are integral to businesses, focusing on the production of goods and services.
- Goods include raw materials, parts, components, and final products, while services involve activities that offer time, location, form, or physical benefits.
Basic Functions of Business
- Finance manages financial resources, budgeting, and investments.
- Marketing analyzes consumer needs, selling, and promoting products or services.
- Operations focuses on manufacturing goods and delivering services.
Supply Chain Dynamics
- Supply chain encompasses the network involved in producing and delivering products, starting with raw material suppliers to the final customer.
Four Major Elements of Supply Chain
- Integration: Essential for communication and collaboration among all parties to minimize errors.
- Operations: Daily operations are critical for maintaining supply chain efficiency and monitoring progress.
- Purchasing: Requires proactive management to prevent material shortages or excess purchases.
- Distribution: Ensures products reach retail locations or customers effectively.
Value Creation
- Value added is the difference between the cost of inputs and the selling price of outputs.
- Nonprofit organizations emphasize societal value, while for-profit organizations value outputs based on market prices.
Operations Management Goals
- Aim to maximize efficiency while effectively meeting customer demands.
Categories of Business Processes
- Upper-management processes: Governing the entire organization, including strategy.
- Operational processes: Core activities generating value, such as purchasing and marketing.
- Supporting processes: Facilitate core processes, including roles like accounting and HR.
Managing Process Variations
- Capacity must align with demand to ensure efficient output.
Four Sources of Variation
- Variety of offerings affects production requirements.
- Structural variations depend on trends and seasonal demands.
- Random variations occur naturally and are unpredictable.
- Assignable variations stem from defects and can be mitigated through corrective actions.
Scope of Operations Management
- Encompasses product/service design, process selection, technology management, work systems, and facilities planning.
Operations in Service Organizations
- Involves forecasting demand, capacity planning, facility location decisions, optimizing layout, scheduling, inventory management, assuring quality, and employee training.
Decision-Making in Operations Management
- Operations managers play a crucial role in planning and making strategic decisions.
Key Issues Facing Business Operations
- Economic conditions necessitate cautious management.
- Innovation is essential for value creation.
- Quality control is crucial given operational failures.
- Risk management involves identifying and mitigating potential risks.
- Cybersecurity requires enhanced measures against data breaches.
- Competing globally demands careful analysis of operational strategies.
Ethical Conduct Principles
- Utilitarian Principle: Actions should yield more good than harm.
- Rights Principle: Respecting individuals’ moral rights is vital.
- Fairness Principle: Equal treatment and evaluation standards are essential.
- Common Good Principle: Contributions to community welfare are important.
- Virtue Principle: Actions should align with virtues like honesty and integrity.
Importance of Supply Chain Management
- Organizations prioritize supply chain management to enhance operations, manage outsourcing, control transportation costs, respond to competitive pressures, and navigate globalization challenges.
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Description
This quiz covers the fundamentals of Operations Management as introduced in Lesson 1. Learn about the transformation processes that convert inputs into goods and services, and understand the roles of goods and services in a business context.
