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Questions and Answers
Which of the following best defines operations management?
Which of the following best defines operations management?
- The management of financial resources within an organization
- The assessment of consumer wants and needs
- The analysis of investment proposals
- The management of systems that create goods and provide services (correct)
What are goods?
What are goods?
- Processes that provide services or create goods
- Activities that provide time, location, form, or psychological value
- Financial resources
- Physical items such as raw materials and final products (correct)
Where do operations take place?
Where do operations take place?
- Consumer locations
- Financial organizations
- Restaurants, retail stores, supermarkets, factories, hospitals, and colleges/universities (correct)
- Marketing departments
What is the responsibility of finance within an organization?
What is the responsibility of finance within an organization?
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What is the responsibility of marketing within an organization?
What is the responsibility of marketing within an organization?
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Which one of the following best defines goods?
Which one of the following best defines goods?
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Which one of the following best defines services?
Which one of the following best defines services?
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Which one of the following best defines operation management?
Which one of the following best defines operation management?
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Which one of the following best defines supply chain?
Which one of the following best defines supply chain?
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Which one of the following best describes the internal parts of a supply chain?
Which one of the following best describes the internal parts of a supply chain?
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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.
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