Operations Management Is Concerned with

question 91

Multiple Choice

Operations management is concerned with

• A) the application of various processes and systems used by an organization.
• B) systems created to store and provide information for managerial decision making.
• C) the scientific analysis of the work elements of a job.
• D) the development of mathematical and statistical tools and techniques for managerial decision making.
• E) None of these choices

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Definitions:

Lemonade

A beverage typically made from lemon juice, water, and sugar.

Marginal Utility

The additional satisfaction gained from consuming one more unit of a good or service.

Market Basket

A set of goods and services used to represent what is consumed by a typical consumer for the purpose of measuring inflation or cost of living.

Utility Maximization

The process by which individuals allocate their resources to obtain the highest possible level of satisfaction or utility, subject to their budget constraint.