Questions
If total productivity was $0.65 of output/$ of input in June and $0.55 of output/$ of input in July, what is the percentage change in total productivity between the two months?
(new-old)*100 ------------------ Old =-15.39
Assume that, among multiple production factors, a firm employed non-zero amounts of labor and energy to manufacture finished goods. If the partial productivity of labor is $3.50 of output per $ of labor, then the multi-factor productivity of labor and energy must be ?
< $3.50 of output/$ of labor
What is operations management (OM) ?
Activities that relate to the creation of goods and services through the transformation of inputs to outputs
A strategy that is not one of the 10 strategic operations management decisions is: ?
Advertising strategies
Services often?
Are knowledge based
ExxonMobil is one of world's largest oil and gas companies. What layout would best support Exxon's oil refineries?
Continuous process
Services are ?
INTANGIBLE activities or benefits that an organization provides to satisfy consumers' needs in exchange for money or something else of value
Multi-factor productivity is ?
Indicates the ratio of goods and services produced (outputs) to many or all resources (inputs).
Single-factor productivity is ?
Indicates the ratio of goods and services produced (outputs) to one resource (input)
Productivity increases when: ?
Inputs decrease while outputs remain the same Outputs ---------- Inputs
Productivity: ?
Is the SAME thing as effectiveness
What are the 3 productivity variables ?
Labor (10%), capital (38%), and management (52%).
Productivity increases each year in the U.S. are a result of three factors: ?
Labor, capital, management
What process strategy would be best suited for making digital cameras?
Repetitive
What is production ?
The creation of goods and services
Stakeholders are ?
Those with a vested interest in an organization
Single-factor productivity: ?
Usually uses labor as a factor
Multifactor productivity: ?
Usually uses substitutes as common variables for the factors of production.