AN 300 Anita Lee-Post Exam 1 Study Guide with Complete Solutions 100% Verified Operations Management (OM) - Correct Answer the business function that plans, organizes, coordinates, and controls the resources needed to produce a company's goods and services Role of OM - Correct Answer to transform a company's inputs into the finished goods or services Value Added - Correct Answer the net increase created during the transformation of inputs into final outputs Efficiency - Correct Answer performing activities well and at the lowest possible cost ratio of actual output to standard output Manufacturing Organizations - Correct Answer organizations that primarily produce a tangible product and typically have low customer contact Service Organizations - Correct Answer organizations that primarily produce an intangible product, such as ideas, assistance info, and typically have high customer contact Strategic Decisions - Correct Answer decisions that set the direction for the entire company; they are broad in scope and long-term in nature Tactical Decisions - Correct Answer decisions that are specific and short-term in nature and are bound by strategic decisions Industrial Revolution - Correct Answer an industry movement that changed production by substituting machine power for labor power (1770s - 1790) Scientific Management - Correct Answer an approach to management that focused on improving output by redesigning jobs and determining acceptable levels of worker output Hawthorne Studies - Correct Answer the studies responsible for creating the human relations movement, which focused on giving more consideration to workers' needs 1 / 3
Human Relations Movement - Correct Answer a philosophy based on the recognition that factors other than money can contribute to worker productivity Management Science - Correct Answer a field of study that focuses on the development of quantitative techniques to solve operations problems Just In Time (JIT) - Correct Answer a philosophy designed to achieve high-volume production through elimination of waste and continuous improvement Total Quality Management (TQM) - Correct Answer philosophy that seeks to improve quality by eliminating causes of product defects and by making quality the responsibility of everyone in the organization Reengineering - Correct Answer redesigning a company's processes to make them more efficient Flexibility - Correct Answer an organizational strategy in which the company attempts to offer a greater variety of product choices to its customers Mass Customization - Correct Answer the ability of a firm to highly customize its goods and services at high volumes Time-Based Competition - Correct Answer an organizational strategy focusing on efforts to develop new products and deliver them to customers faster than competitors Supply Chain Management (SCM) - Correct Answer management of the flow of materials from suppliers to customers in order to reduce overall cost and increase responsiveness to customers Global Marketplace - Correct Answer a trend in business focusing on customers, suppliers, and competitors from a global perspective Sustainability - Correct Answer a trend in business to consciously reduce waste, recycle, and reuse products and parts Business-to-Business (B2B) - Correct Answer electronic commerce between businesses 2 / 3
Business-to-Customers (B2C) - Correct Answer electronic commerce between businesses and their customers Customer-to-Customer (C2C) - Correct Answer electronic commerce between customers Lean Systems - Correct Answer a concept that takes a total system approach to creating efficient operations Customer Relationship Management (CRM) - Correct Answer software solutions that enable the firm to collect customer-specific data Enterprise Resource Planning (ERP) - Correct Answer large, sophisticated software systems used for identifying and planning the enterprise-wide resources needed to coordinate all activities involved in producing and delivering products Cross-Functional Decision Making - Correct Answer the coordinated interaction and decision making that occur among the different functions of the organization Operations Strategy - Correct Answer a long-range plan for the operations function that specifies the design and use of resources to support the business strategy Business Strategy - Correct Answer a long-range plan for a business Mission - Correct Answer a statement defining what business an organization is in, who its customers are, and how its core beliefs shape its business Environmental Scanning - Correct Answer monitoring the external environment for changes and trends to determine business opportunities and threats Core to Competencies - Correct Answer the unique strengths of a business Competitive Priorities - Correct Answer capabilities that the operations function can develop in order to give a company a competitive advantage in its market
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