Backup of ch01_study_out

Backup of ch01_study_out - STUDY OUTLINE FOR CHAPTER 1...

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STUDY OUTLINE FOR CHAPTER 1 INTRODUCTION TO OPERATIONS MANAGEMENT 1. Operations management is The management of systems or processes that create goods and/or provide services 2. What are the three basic functions in business organizations? 1) finance 2) marketing 3) operations 3. A supply chain consists of 4. What is meant by the term value-added ? Value-added is the difference between the cost of inputs and the value or price of outputs 5. The operations function oversees a transformation or conversion process. Explain briefly. In order to create goods or services the process must take place. In this an organization must take the steps necessary to obtain the outputs to make the product. They look at this and decide whether the previous steps taken are going correctly or if they need to be revaluated. This part of the process if feedback. Then the corrective action would be the control. Goods and services occur jointly. As the example in the book, getting an oil change is a service but the oil is a good. 6. Explain the term goods-service continuum.
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Backup of ch01_study_out - STUDY OUTLINE FOR CHAPTER 1...

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