Define the terms operations and product and explain why operations is important to organizations.
What will be an ideal response?
Operations is the function concerned with transforming resource inputs into product outputs. A product is a good, a service, or a combination of the two. Because the mission of all organizations revolves around providing products, the operations department is a primary focus of performance.
You might also like to view...
A federal court may have jurisdiction to hear a case because of which basis?
A. Home-rule question B. State question C. Diversity of citizenship D. Police powers
The Mighty Music Company produces and sells a desktop speaker for $100. The company has the capacity to produce 50,000 speakers each period. At capacity, the costs assigned to each unit are as follows: Unit level costs$45 Product level costs$15 Facility level costs$5 The company has received a special order for 500 speakers. If this order is accepted, the company will have to spend $15,000 on additional costs. Assuming that no sales to regular customers will be lost if the order is accepted, at what selling price will the company be indifferent between accepting and rejecting the special order?
A. $45 B. $60 C. $75 D. $95
The payables turnover is measured
a. in days. b. as a percentage. c. in dollars. d. in times.
A corporation issued 8% bonds with a par value of $1,000,000, receiving a $20,000 premium. On the interest date 5 years later, after the bond interest was paid and after 40% of the premium had been amortized, the corporation called the bonds at $990,000. The gain or loss on this retirement is:
A. $22,000 gain. B. $0. C. $10,000 loss. D. $22,000 loss. E. $10,000 gain.