Functions of Operations Management - Explanation of GDP - Management Assessment Answer

Management Assignment Answer

1. It is possible for a company to be the lowest cost producer in its industry and simultaneously have an output that is the most valued by customers. Discuss this statement.

2. Why was it profitable for GM and Ford to integrate backward into component-parts manufacturing in the past, and why are both companies now buying more of their parts from outside suppliers?

1. The Big Mac Index is also known as ___________________________________ Explain the term in a few sentences.

2. What is GDP? What effect does the country’s population have on the GDP, explain in a few sentences

3. Name two countries each of High and Low Context Societies a.____________ and b.____________. What are the three typical characteristics of these societies

High Context	Low Context

4. The Global Business is right in your backyard. Do you agree to this statement? Elaborate in a few sentences

6. With India in the 90s as an example, what is the effect of “closed economy” on a country? In your business opinion why is North Korea negotiated peace.
7. Name typical three modes of entry in International Business. Explain any two.

   1. A sales analyst is interested in forecasting weekly firm sales in thousands of units. The analyst collects 15 weekly observations in 2018 as recorded below:

   • Compute the forecast for period 16 using a 4-period moving average.

   • Compute the forecast for period 16 using weighted moving average taking the weights as 0.4 for the most recent period, 0.3 for the next most recent, 0.2 for the next and 0.1for the next period.

   • Compute the forecast for period 16 using exponential smoothed series of forecasts, considering ? = 0.4 and ? = 0.8.

   • Forecast for the period 16, 17 and 18 using the linear trend method.

   • Compute the MSE, MAD, MAPE and tracking signal for the original data and conclude which method might be best suitable and why?

2. What are the main functions of operations management within the service industries? 

3. Describe current issues in business that impact operations management.

4. Explain the strategic importance of product and service design.

5. Mention the new technologies used in product and process design.

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