Cherish May_Sayson_Final Exam.docx - Name Cherish May L Sayson Course BSBA-OM Date Production and Operations Management Final Exam 1 In your own words

Cherish May_Sayson_Final Exam.docx - Name Cherish May L...

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Name: Cherish May L. Sayson Course: BSBA-OM Date: September 09, 2019 Production and Operations Management Final Exam 1. In your own words, what are the differences and similarities of production and operations management? – 10 pts. Answer: The Production Management can be defined as the administration of the set of activities concerning the creation of goods or transformation of raw material into finished goods. Conversely, Operations Management is used to mean that branch of management which deals with the administration both production of goods and provision of services to the customers. The Operation Management is a step ahead of production management, or it can be said that the production management is a part of the operations management. Operations Management, as the name suggests is the administration of business operations, by the managers of the organization. 2. What are the ultimate goals supply chain and why do we need to manage inventory? – 10 points Answer: The One of the most important goals of the supply chain is to pitch in towards the financial success of the organization. We need to manage inventory in our company to keeps track of your inventory and offers a centralized view of stock, controls your cost by making stock reports for analysis of your inventory, improves your delivery by managing stock-outs and meeting customer expectations, manage
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