Contemporary Operations Management Planning Is an Interfirm Process

question 242

Multiple Choice

Contemporary operations management planning is an interfirm process. This means:

• A) the process must integrate all of the functional units of a firm's operation, including production, marketing, finance, and logistics.
• B) the process is a confidential plan that is not shared with suppliers or customers. It stays within the firm.
• C) it is a process where several firms work closely together to produce goods and services, and anticipate a changing environment.
• D) it is a process that seeks stability by adhering to top-down management.

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Definitions:

Farm Subsidies

Financial assistance provided by the government to farmers, intended to supplement their income and stabilize food prices.

Agricultural Act of 2014

A United States federal law that established policies for agricultural and food programs, often referred to as the 2014 Farm Bill.

Crop Insurance

A risk management tool that protects agricultural producers against loss of their crops due to natural disasters, such as flood, hail, drought, or loss in revenue due to declines in the prices of agricultural commodities.

Price Support

A government intervention mechanism to maintain the price of a commodity at a certain level by buying excess supply or offering subsidies.