In Today's Competitive Markets, Operations Managers

question 19

Multiple Choice

In today's competitive markets, operations managers:

• A)realize that a product that offers better features is more attractive than one that has a lower price.
• B)recognize that achieving efficiency is more important than achieving effectiveness.
• C)concentrate primarily on keeping costs low to keep prices competitive.
• D)focus solely on the benefits of products, while completely ignoring the costs of those products.

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Definitions:

Interarrival Time

The time interval between the arrivals of successive entities, such as customers or data packets, in a system.

Service Time

The amount of time taken to complete a task or service for a customer, often a crucial factor in service and production environments.

Monte Carlo Simulation

A mathematical technique used to estimate the possible outcomes of an uncertain event by simulating the process with random variables numerous times.