OPMs

It is the management of processes that transform inputs into goods and services that add value for the customer.

It is the science and art of ensuring that goods and services are created and delivered successfully to customers.

The principles of OM help one to view a business enterprise as a ____________, in which all activities are coordinated not only vertically throughout the organization, but also horizontally across multiple functions.

It is to maximize efficiency while producing goods and services that effectively fulfill customer needs.

It is one of the three strategic functions of any organization.

The other two areas of strategic importance to the organization are _________________.

The _______ uses information from past and current financial statements in an effort to predict future events such as sales, and capital investment.

Functions of operations management

________________________ include decisions that are strategic in nature, meaning that they have long-term consequences and often involve a great deal of expense and resource commitments.

_________________________ decisions have short to medium term impact on the organization, often involve less commitment of resources, and can be changed more easily than strategic decisions.