Summary Operations Management questions and Answers 2023
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A process - -one or more actions that transform various inputs into desired outputs -A system - -set of inter-related parts that must work together to be successful -Compared to product operatio... ns, service operations... - -require or involve: more direct customer contact and work with higher labor content -Compared to service operations, product operations... - -have less difficulty measuring: productivity and quality -competitiveness - -how effectively an enterprise meets wants or needs of customers relative to other businesses -consumer surveys - -forecasts using data collected by sampling consumer opinion -Core competencies - -attributes or abilities that give an organization a competitive edge -cycles - -wave like variations in data over longer periods of time than seasonality -Environmental scanning - -systematic monitoring of current events and trends that may present an enterprise with real opportunities or threats -executive opinions - -forecasts using data created collectively by top managers and executives -Forecast - -a statement of the future value of a variable such as market demand for product or service -Forecasting critical elements - -accuracy and reliable [Show More]
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