Operations Management Chapter 1 Flashcards Q uestions and Answers

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-Operations Management (OM) - -the science and art of ensuring that goods and services are created and delivered successfully to customers -3 core issues in Operations Management - -- Cost: Cost of... operations - Efficiency: How well resources are used in creating output - Quality: The quality of goods and services that create customer satisfaction -Goods - -Physical product that a person can see, touch, or consume -Durable goods - -product that does not quickly wear out and typically lasts at least three years Ex: vehicles, dishwashers, and furniture -Non-Durable - -No longer useful once it's used, perishable and lasts for less than three years Ex: toothpaste, clothing, and food -Goods producing firms - -are found in industries such as manufacturing, farming, forestry, mining, construction, and fishing -Service providing firms - -are found in industries such as banking, lodging, education, health care -Services - -Any primary or complementary activity that does not directly produce a physical product [Show More]

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