15 Questions
Who first described the concept of the value chain?
Michael Porter
What is the basis of the idea of the value chain?
Process view of organizations
What are the inputs, transformation processes, and outputs that involve value chain activities?
Acquisition and consumption of resources – money, labour, materials, equipment, buildings, land, administration, and management
What determines costs and affects profits in value chain activities?
How value chain activities are carried out
According to the OECD Secretary-General (Gurría 2012), what provided a catalyst in the late 1990s?
The emergence of global value chains (GVCs)
Who first described the concept of the value chain?
Michael Porter
What is the idea behind the value chain?
The process view of organizations and seeing a manufacturing (or service) organization as a system, made up of subsystems each with inputs, transformation processes, and outputs.
What factors are involved in the inputs, transformation processes, and outputs of the value chain?
Resources such as money, labour, materials, equipment, buildings, land, administration, and management.
What determines costs and affects profits in the value chain?
How value chain activities are carried out.
According to the OECD Secretary-General, what did the late 1990s witness the emergence of?
Global value chains (GVCs)
What is operations management concerned with?
Operations management is concerned with designing and controlling the production of goods or services, ensuring that businesses are efficient in using resources to meet customer requirements.
What are the sectors covered by operations management?
Operation management covers sectors like banking systems, hospitals, companies, working with suppliers, customers, and using technology.
What are the major functions in an organization along with operations?
Supply chains, marketing, finance, and human resources are the major functions in an organization along with operations.
What types of decisions are made in managing manufacturing or service operations?
Several types of decisions are made including operations strategy, product design, process design, quality management, capacity, facilities planning, production planning.
What does the operations function require management of?
The operations function requires management of both the strategic and day-to-day production of goods and services.
Test your knowledge of value chain management with this quiz! Learn about the progression of activities involved in delivering a valuable product to the end customer, as described by Michael Porter. Explore the concept and its significance in business management.
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