OM 300 Midterm: Operations Management Test Review

• School: University of Alabama
• Department: Operations Management
• Course: OM 300
• Professor: Andrea Marks

Document Summary

Production- the creation of goods and services. Operations management (om)- activities that relate to the creation of goods and services through the transformation of inputs to outputs. All organizations perform three functions to create goods and services: marketing- which generates demand, production/operations- which creates the product, finance/accounting- which tracks how well the organization is doing, pays the bills, and collects the money. Supply chain- a global network of organizations and activities that supplies a firm with goods and services. 10 strategic om decisions- 1) design of goods and services; 2) managing quality; 3) process strategy; 4) location strategies; 5) layout strategies; 6) human resources; 7) supply chain management; 8) inventory management; 9) scheduling: maintenance. Services- economic activities that typically produce an intangible product (such as education, entertainment, lodging, government, financial, and health services) Service sector- the segment of the economy that includes trade, financial, lodging, education, legal, medical, and other professional occupations.