Homework #1fdfgg
Ch 1- Intro to OM
Question #3: Describe the operations function and the nature of the operations manager’s job. Operations focus on Cost management. Managers receive estimated product demands and product budget. The management of systems or processes that create goods/ or provide services.
Question #5: Briefly discuss each of these terms related to the historical evolution of operation management: a. Industrial Revolution: goods were produced using craft production: highly skilled workers using simple, flexible tools produced goods according to customer specifications. b. Scientific Management: Scientific Management was the era which people work with mass production: System in which low-skilled workers use specialized machinery to produce high volumes of standardized goods. c. Interchangeable parts: Parts of product made to such precision that they do not have to be custom fitted. d. Division of Labor: The breaking up of a production process into small tasks, so that each worker performs a small portion of the overall job.
Question7: Why are models and why are they important? Model: An abstraction of reality; a simplified representation of something. Because the model is all decision making aids and simplification of more complex real-life phenomena. However, models play a significant role in operations management decision making, they are heavily integrated into the material of this text. We will learn its purpose, how it is used to generate results, how these results are interpreted and used, and what assumptions and limitations apply.

Question 12: Discuss the importance of each of following: a. Matching supply and demand: is an economic model of price determination in a market. It concludes that in a competitive market, the unit price for a particular good will vary until it settles at a point where