Describe the correlation between operations management and information technology.
What will be an ideal response?
Managers can use IT to heavily influence OM decisions including productivity, costs, flexibility, quality, and customer satisfaction. One of the greatest benefits of IT for OM is in making operational decisions as operations management exerts considerable influence over the degree to which the goals and objectives of the organization are realized. Most OM decisions involve many possible alternatives that can have varying impacts on revenues and expenses. OM information systems are critical for managers to be able to make well-informed decisions.
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Indicate whether the statement is true or false
A vision provides a ______ for the future. It describes where the organization is headed.
A. focus point B. formal plan C. specific plan D. mission
A system has four components: A, B, C, and D. These components have reliability of 0.85, 0.90, 0.95, and 0.99, respectively. Which component should have a backup?
a. Component A b. Component B c. Component C d. Component D
The California Fitness Company completed the flexible budget analysis for the second quarter, which is given below
Actual Results Flexible Budget Variance Flexible Budget Sales Volume Variance Static Budget Units 12,860 0 12,860 1,060 F 11,800 Sales Revenue $62,720 $1,290 U $64,010 $4,010 F $60,000 Variable Costs 27,620 720 U 26,900 $1,700 U 25,200 Contribution Margin $35,100 $2,010 U $37,110 $2,310 F $34,800 Fixed Costs 34,250 250 U 34,000 $0 34,000 Operating Income/(loss) $850 $2,260 U $3,110 $2,310 F $800 Which of the following statements would be a correct analysis of the flexible budget variance for variable costs? A) decrease in sales price per unit B) increase in variable cost per unit C) increase in sales volume D) increase in fixed costs