Operations Management Converts Resources into Goods and Services

question 170

True/False

Operations management converts resources into goods and services.

Design incentive programs that reward both team and individual performance without fostering detrimental competition.

Explain Tom Rath and Donald Clifton's Theory of the Dipper and the Bucket and apply it to workplace dynamics.

Utilize effective thank-you letter writing principles following a job interview.

Understand the principles of Just-in-Time (JIT) manufacturing and Total Quality Management (TQM).

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Definitions:

Sales Discounts

A reduction in the price of goods or services sold, offered by the seller as an incentive to buyers.

Cash Flow

The net amount of cash and cash-equivalents being transferred into and out of a business.

Merchandisers

Businesses that purchase goods for resale at a profit, dealing primarily in tangible products that are marketed to consumers or other businesses.

Credit

An accounting entry that increases a liability or equity account, or decreases an asset or expense account; also refers to the provision of resources based on a trust agreement.