The Basic Reason the Term Production Management Has Been Replaced

question 250

Multiple Choice

The basic reason the term production management has been replaced by the term operations management is that:

• A) the U.S. economy has moved toward a more socialist approach with government controlling a greater share of the production process.
• B) a much larger share of total output is being produced by nonprofit organizations.
• C) the United States is now a service economy.
• D) the United States now exports more than it imports.

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Definitions:

Interest

Money paid regularly at a particular rate for the use of money lent, or for delaying the repayment of a debt.

Outstanding Balance

It signifies the total amount still owed on a loan or credit line, factoring in both principal and interest, at a certain point in time.

Interest Rate

The amount charged, expressed as a percentage of principal, by a lender to a borrower for the use of assets over a specific period.

Per Annum

Annually or by the year; often used to specify interest rates, salaries, and other financial measurements that occur on a yearly basis.