In the Effort to Design Innovative New Products,several Leading-Edge Companies-Including

question 119

Multiple Choice

In the effort to design innovative new products,several leading-edge companies-including Electronic Arts,GE,and BMW-have begun which of the following?

• A)using sophisticated laboratory analysis and expert computer systems to make the development process more scientifically rigorous
• B)outsourcing their design work to companies that specialize in this type of work
• C)allowing customers to participate directly in the product development process
• D)devoting a greater share of their internal resources to their marketing departments

Understand what productivity means and how it is measured.

Recognize the importance of both efficiency and attractiveness in operations management within theme restaurants.

Identify the universal presence of a production function across various types of organizations.

Acknowledge the diverse educational backgrounds that can contribute to a career in operations management.

---

Definitions:

Supply Curves

Graphical representations showing the relationship between the price of a good and the quantity of the good that producers are willing to supply.

Willingness To Pay

The maximum amount an individual is prepared to spend to obtain a good or service or to avoid something undesirable.

Consumer Surplus

Consumer surplus is the difference between the maximum price consumers are willing to pay for a product or service and the actual price they pay.

Producer Surplus

Producer Surplus is the difference between what producers are willing to accept for a good or service versus what they actually receive, often depicted as the area above the supply curve and below the market price.