Operations Management Exam 1 Terms & Formulas – Flashcards
Unlock all answers in this set
Unlock answersquestion
production
answer
the creation of goods and services
question
operations management
answer
the set of activities that creates value in the form of goods and services by transforming inputs into outputs
question
management process
answer
the application of planning, organizing, staffing, leading, and controlling to the achievement of objectives
question
services
answer
economic activities that typically produce and intangible product, such as: repair and maintenance, government, food and lodging, transportation, insurance, trade, financial, real estate, education, legal, medical, entertainment, etc.
question
service sector
answer
the segment of the economy that includes trade, financial, lodging, education, legal, medical, and other professional occupations
question
productivity
answer
the ration of outputs (goods and services) divided by one or more inputs (resources such as labor, capital or management)
question
productivity variables
answer
the three factors critical to productivity improvement - labor, capital, management
question
knowledge society
answer
a society in which much of the labor force has migrated from manual work to work based on knowlege
question
single-factor productivity
answer
indicates the ratio of one resource (input to the goods and services produced (outputs)
question
multifactor productivity (total factor)
answer
indicates the ration of many or all resources (inputs) to the goods and services produced (outputs)
question
Productivity formula
answer
productivity = units produced/ inputs used
question
single-factor productivity formula
answer
productivity = units produced/ labor - hours used
question
multifactor productivity (total factor) formula
answer
productivity = output/ labor + materials + energy + capital + misc.
