The Field of Management That Specializes in Production of Goods

question 120

True/False

The field of management that specializes in production of goods and services and uses special tools and techniques for solving production problems is called operations management.

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Definitions:

Forecast

A prediction or estimate of future events or trends, particularly regarding weather, market conditions, or sales figures.

Statistics

Statistics is the branch of mathematics dealing with the collection, analysis, interpretation, and presentation of masses of numerical data, used for making decisions and predicting trends.

Forward Buying

A purchasing strategy where buyers purchase larger quantities of goods than needed in the short term to take advantage of lower prices or discounts.

Buying Pattern

The habitual purchasing behavior exhibited by consumers or organizations, often influenced by factors like seasonality, economic conditions, and marketing efforts.