Entrepreneurship Chap 1-5

What is the main objective of operations management?

• To minimize costs

• To satisfy customer needs and wants while achieving targeted profits

• To increase market share

• To maximize profits

Why is it important for entrepreneurs to eventually delegate managerial roles?

• To focus on innovation and growth

• To avoid responsibility

• To reduce costs

• To limit the business's potential

What does the transformation process involve?

• Converting raw materials into finished products

• Converting competitors into customers

• Converting input into output

• Converting output into input

How do entrepreneurs and managers differ in their roles within a business?

• Entrepreneurs focus on long-term vision, managers focus on day-to-day operations

• Managers focus on long-term vision, entrepreneurs focus on day-to-day operations

• Entrepreneurs focus on financial management, managers focus on marketing

• Managers focus on financial management, entrepreneurs focus on marketing

How do intrapreneurs differ from regular employees within a corporation?

• Regular employees focus on innovation, intrapreneurs focus on routine tasks

• Regular employees work on existing projects, intrapreneurs start new ventures

• Regular employees have high entrepreneurial characteristics, intrapreneurs have low entrepreneurial characteristics

• Regular employees are not given any tasks, intrapreneurs are given new venture tasks

How is the productivity index calculated?

• Total Value of Output - Total Value of Input

• Total Value of Output + Total Value of Input

• Total Value of Input / Total Value of Output

• Total Value of Output / Total Value of Input

What is the purpose of a production schedule?

• To determine the layout of the production facility

• To ensure the quantity of production meets market demand

• To calculate the operational costs

• To identify the target market

What is the first step in material requirement planning?

• Identify and list down the raw materials required

• Calculate the quantity of raw material required

• Identify the supplier

• Prepare the bill of materials

What does layout planning involve?

• Arranging machinery, equipment, and facilities

• Identifying the target market

• Determining the total operational cost

• Calculating the productivity index

What is the purpose of capacity planning?

• To identify the competitors

• To determine the daily production capacity

• To calculate the material requirements

• To prepare the production schedule