Business Operations
Bus 675 Final Exam (individual work only and remember to always answer all parts of the question; in some cases you have up to 3 parts in 1 questions). Keep your answers short, max one paragraph per question.
1. What is Operation, what is Supply Chain; relate this to a product or service and provide some examples?
Operations is the manufacturing and service processes that are used to transform the resources employed by a firm into products/services desired by the customer. Manufacturing takes raw resources and produces a physical product such as car or furniture where as a service produces an intangible product such as a call center or a hospital. For example, a furniture manufacturer first receives materials from its suppliers. They then manufacture the raw materials to produce furniture it can then distribute to local furniture stores. Another example of services goods would be an insurance company. An auto insurance company produces an intangible good, an insurance policy that meets a client’s specific insurance needs and requirements. Although, it can offer many types of insurance programs, they are all tailored to meet a client’s need and provide them with protection and peace of mind.
Supply chain is the process that moves information and material to and from the manufacturing and service processes of the firm. These includes the logistics processes that physically move product and the warehousing and storage processes that position products for quick delivery to the customer. In simple terms, it is the management process of the flow of goods.
2. Larry's Auto Body Repair Shop had revenues that averaged $60,000 per week in April and $50,000 per week in May. During both months, the shop employed six full-time (40 hours/week) workers. In April the firm also had four part-time workers working 25 hours per week, but in May there were only two part-time workers and they only worked 10 hours per week. What is the percentage change in labor productivity
1. What is Operation, what is Supply Chain; relate this to a product or service and provide some examples?
Operations is the manufacturing and service processes that are used to transform the resources employed by a firm into products/services desired by the customer. Manufacturing takes raw resources and produces a physical product such as car or furniture where as a service produces an intangible product such as a call center or a hospital. For example, a furniture manufacturer first receives materials from its suppliers. They then manufacture the raw materials to produce furniture it can then distribute to local furniture stores. Another example of services goods would be an insurance company. An auto insurance company produces an intangible good, an insurance policy that meets a client’s specific insurance needs and requirements. Although, it can offer many types of insurance programs, they are all tailored to meet a client’s need and provide them with protection and peace of mind.
Supply chain is the process that moves information and material to and from the manufacturing and service processes of the firm. These includes the logistics processes that physically move product and the warehousing and storage processes that position products for quick delivery to the customer. In simple terms, it is the management process of the flow of goods.
2. Larry's Auto Body Repair Shop had revenues that averaged $60,000 per week in April and $50,000 per week in May. During both months, the shop employed six full-time (40 hours/week) workers. In April the firm also had four part-time workers working 25 hours per week, but in May there were only two part-time workers and they only worked 10 hours per week. What is the percentage change in labor productivity