Up Until the Latter Parts of the 20^th Century, Operations

question 16

Multiple Choice

Up until the latter parts of the 20^th century, operations management mainly focused on:

• A)Design
• B)Internal production
• C)External Outsourcing
• D)Globalization

Recognize the components and importance of strategic planning in the context of organizational success.

Understand the characteristics of competitive advantage and the factors that contribute to sustaining it.

Identify and analyze the patterns of strategic decision-making within organizations.

Recognize the role of organizational culture in shaping strategic direction.

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Definitions:

Inventory

The total amount of goods and materials held by a company intended for sale or production.

Total Inventory Cost

Total inventory cost includes all costs associated with holding and managing inventory, such as purchasing, storing, and handling costs.

Carrying Cost

The total cost of holding inventory, including storage, insurance, taxes, and opportunity costs, among others.

Order Quantity

The amount of stock or goods a company purchases or plans to purchase in a single order.