Planning Is the Development of a View of the Future

question 50

True/False

Planning is the development of a view of the future to make better decisions in the future.

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Definitions:

Operations Management

The administration of business practices aimed at ensuring maximum efficiency within a company, focusing on converting materials and labor into goods and services as effectively as possible.

Inputs

The resources—such as labor, money, materials, and energy—that are converted into outputs.

Transforming Resources

The assets, materials, and inputs used by a company to create products or deliver services efficiently.