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Model Answer of Assignment 1

Model Answer of Assignment 1 - b Cost technology...

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Model Answer of Assignment 1 1. The term production/operations management relates to the management of systems or processes that create goods and/or provide services. These processes involve the planning, coordination, and execution of all activities that create goods and services. 2. The three primary functions are operations, finance, and marketing. Operations is concerned with the creation of goods and services, finance is concerned with provision of funds necessary for operation, and marketing is concerned with promoting and/or selling goods or services. 4. Among the important differences between manufacturing and service operations are: a. The nature and consumption of output. b. Uniformity of input. c. Labor content of jobs. d. Uniformity of output. e. Measurement of productivity. 9. a. Initial cost, convenience, parking, taxes, time, repairs, upkeep, etc.
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Unformatted text preview: b. Cost, technology, productivity, convenience, software applicability, etc. c. Initial cost, repairs, warranty, upkeep, monthly payments and interest, dependability, insurance costs, etc. d. Control of the situation, class participation, perception, image, etc. 15. Value added is defined as the difference between the cost of inputs before the transformation process and the value or the price of output after the transformation process. In a manufacturing process as the inputs are transformed to outputs, value is added to products in a number of different ways. The value adding can take many different forms. For example, value can be added by changing the product structurally (physical change) or transporting a product (a product may have more value if it is located somewhere other than where it currently is)....
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