10 Questions
Which of the following best defines operations management?
The management of systems that create goods and provide services
What are goods?
Physical items such as raw materials and final products
Where do operations take place?
Restaurants, retail stores, supermarkets, factories, hospitals, and colleges/universities
What is the responsibility of finance within an organization?
Securing financial resources and allocating them throughout the organization
What is the responsibility of marketing within an organization?
Assessing consumer wants and needs
Which one of the following best defines goods?
Physical items produced by business organizations
Which one of the following best defines services?
Activities that provide some combination of time, location, form, and psychological value
Which one of the following best defines operation management?
The management of systems or processes that create goods and/or provide services
Which one of the following best defines supply chain?
The sequence of organizations involved in producing and delivering a product or service
Which one of the following best describes the internal parts of a supply chain?
They are part of the operations function itself, supplying operations with parts
Study Notes
Operations Management
- Operations management deals with the design, operation, and improvement of the systems that create and deliver an organization's products and services.
Goods
- Goods are tangible products that can be seen, touched, and possessed, such as food, clothing, and electronics.
Operations
- Operations take place in factories, warehouses, and offices where products are produced, stored, and distributed.
Functions of Departments
- The finance function within an organization is responsible for managing money and making strategic financial decisions.
- The marketing function within an organization is responsible for promoting and selling products and services.
Definitions
- Goods are tangible products that can be seen, touched, and possessed.
- Services are intangible products that cannot be seen, touched, or possessed, such as healthcare and education.
- Operations management involves the design, operation, and improvement of systems that create and deliver products and services.
- Supply chain refers to the network of organizations, people, activities, information, and resources involved in producing and delivering a product.
- Internal supply chain refers to the departments and processes within an organization that work together to produce and deliver products and services.
Test your knowledge of operations management with this quiz! Learn about the management of systems and processes that create goods and provide services in various industries such as restaurants, retail stores, factories, hospitals, and more.
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