Unit 3 business

Question 1

Operations Management

Answer 1

is the area of management responsible for the activities necessary to produce goods and services

Question 2

Conversion

Answer 2

is the process of changing and improving resources to create goods or services

Question 3

Materials

Answer 3

processing is changing the form of raw materials for another use

Question 4

Mass production

Answer 4

is the manufacturing of goods in large quantities using standard techniques

Question 5

Business purchasing

Answer 5

is the activity of acquiring materials, supplies, or services necessary to create a product

Question 6

Perpetual inventory-control system

Answer 6

is a method of counting inventory that always shows the quantity on hand

Question 7

Periodic inventory-control system

Answer 7

is a method of measuring inventory that involves taking a physical count of merchandise at regular periods, such as weekly, monthly, or yearly

Question 8

Just-in-time (JIT) inventory-control system

Answer 8

is a method of managing inventory that keeps a minimal number of raw materials on hand to meet production needs

Question 9

Product planning

Answer 9

is the process of deciding which products will be most strategic for the organization to produce

Question 10

Repositioning

Answer 10

is marketing an existing product in a new way to create a new opinion or view of the product in the minds of customers to increase sales

Question 11

Brand

Answer 11

is a name, term, or design that sets a product or business apart from its competition

Question 12

Trial run

Answer 12

consists of testing a service on a few select customers to make sure that everything runs smoothly

Question 13

Test marketing

Answer 13

introduces a new product to a small portion of the target market to learn how it will sell

Question 14

Human resources

Answer 14

are the employees who work for a business

Question 15

Human resources management (HRM)

Answer 15

is the process of hiring, training, and developing employees

Question 16

Job description

Answer 16

Job description defines the position and expectations of a job
Recruiting is a strategy to find qualified people
Screening interview is the first interview

Question 17

Compensation

Answer 17

is payment to an employee for work performed, including wages or salaries, incentives, and benefits

Question 18

Competitive wages

Answer 18

are wages that are at least equal to those paid by similar businesses in the area.

Question 19

Professional development

Answer 19

is education for people who have already completed their formal schooling and training

Question 20

Incentives

Answer 20

are a type of compensation based on performance; pay for performance

Question 21

Piecework

Answer 21

is a wage based on a rate per unit of work completed

Question 22

Diversity

Answer 22

means having representatives from different backgrounds, cultures, or demographics in a group

Question 23

Ergonomics

Answer 23

is a science concerned with designing and arranging things people use so that they can interact efficiently and safely

Question 24

Production process

Answer 24

is all the activities required to create a product

Question 25

List of the production process

Answer 25

Planning, Purchasing, Scheduling, Inventory control, Quality control