As a Functional Area of a Business, Operations Translates Materials

question 33

True/False

As a functional area of a business, Operations translates materials and services into outputs.

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Definitions:

Opportunity Cost

The value of the next best alternative that is forgone as a result of making a particular choice.

Inputs

In economics, inputs are the resources used in the production of goods and services, such as labor, materials, and capital.

Trade-off

A situation where making a decision to gain one thing requires sacrificing another.

Opportunity Cost

The loss of potential gain from other alternatives when one alternative is chosen over others.