Operations Management Overview

<p>Grants (C)</p> Signup and view all the answers

<p>Outsourcing work to an external provider outside the home country (A)</p> Signup and view all the answers

<p>Gaining full control over production (D)</p> Signup and view all the answers

<p>Access to cheaper labor pools (B)</p> Signup and view all the answers

<p>A cut in the amount of tax paid (A)</p> Signup and view all the answers

<p>Color of the office decor (B)</p> Signup and view all the answers

<p>Improved communication and transport (C)</p> Signup and view all the answers

<p>Creating products according to specific customer orders (B)</p> Signup and view all the answers

<p>Ability to achieve economies of scale (A)</p> Signup and view all the answers

<p>Inflexibility in the manufacturing process (B)</p> Signup and view all the answers

<p>Mass customization (A)</p> Signup and view all the answers

<p>Personal preferences of the owner (B)</p> Signup and view all the answers

<p>Labor and natural resources (B)</p> Signup and view all the answers

<p>It is market-oriented and tailored to specific client demands. (D)</p> Signup and view all the answers

<p>Labor is largely unskilled and used for quality control. (B)</p> Signup and view all the answers

<p>Long production time due to retooling processes. (B)</p> Signup and view all the answers

<p>Proximity to competitors (D)</p> Signup and view all the answers

<p>High setup costs requiring large initial investment. (C)</p> Signup and view all the answers

<p>It allows for the personalization of large quantities of products. (B)</p> Signup and view all the answers

<p>Tax rates and land availability (A)</p> Signup and view all the answers

<p>Goods are physical products and services are intangible. (C)</p> Signup and view all the answers

<p>The cost of raw materials. (D)</p> Signup and view all the answers

<p>Optimizing production processes to achieve the best possible outcome. (D)</p> Signup and view all the answers

<p>Both industries involve the transformation of resources into a final product or service. (D)</p> Signup and view all the answers

<p>Economic, Social, and Environmental. (D)</p> Signup and view all the answers

<p>To produce the goods and services that meet consumer needs and wants. (D)</p> Signup and view all the answers

<p>Marketing influences what operations produces. (D)</p> Signup and view all the answers

<p>By providing insights on employee motivation. (D)</p> Signup and view all the answers

<p>Minimizing waste and optimizing resource utilization. (B)</p> Signup and view all the answers

<p>A framework for measuring business performance based on economic, social, and environmental factors. (B)</p> Signup and view all the answers

Fundamental activities of organizations that determine how they produce goods and services.

The art of managing production to achieve the best end product.

A basic process of transformation that applies to both manufacturing and services industries.

The difference between the cost of inputs and the price of finished goods.

Involves the extraction of raw materials, such as mining or harvesting.

Centers around industrial manufacturing and production of goods.

Focuses on providing services, such as healthcare or education.

Using available resources wisely to ensure ongoing profitability.

Considers human factors in business decisions for better stakeholder outcomes.

Concept that includes economic, social, and ecological factors in decision-making.

Essential services like electricity, water, and Internet.

Non-returnable, one-time funds provided by governments.

Funds offset against production costs, often provided by governments.

Internal reasons that encourage businesses to operate overseas.

External scenarios attracting businesses to relocate abroad.

Contracting out work to another business for efficiency.

Benefits include cost reduction and improved focus.

Risks include dependence on suppliers and loss of control.

Outsourcing to an external provider in another country.

Bringing outsourced activities back in-house.

Production of a unique, one-off product for a specific customer.

High mark-up, customer satisfaction, motivates skilled workers, and flexible.

Can be expensive, time-consuming, and labor-intensive with potential client misunderstandings.

Production of groups (batches) of identical products with some customization.

Achieves economies of scale, offers customer choice, and useful for trialling products.

Production time lost during retooling and requires holding large stocks.

High volume production of identical, standardized products using continuous flow.

Low labor costs, quick reaction to demand, and easy maintenance once set up.

High setup costs, inflexible, and demotivating work due to repetition.

Combines mass production techniques with the personalization of products.

Includes target market, technology, resource availability, and regulations.

Affects production costs, taxes, employee availability, and market access.

Determining factor depends on starting or relocating, including land and labor.

Includes lower costs, customer proximity, and improved brand image.

Ability to adapt production methods based on market needs and resources.