question
Value which is defined as "economic compensation" is known as:
answer
Transactional Value
question
Operations and ____________ focuses on budgets, capital allocation, cost analysis, and provision of funds.
answer
finance
question
The three elements of the business model includes
answer
Value proposition
Key customer
Firm's capabilities
Key customer
Firm's capabilities
question
Operations management is:
answer
the management of processes
question
A value proposition is defined as:
answer
Tangible and intangible benefits that a customer expects from a firm.
question
Characteristics of a service include the following
answer
Labor intensive
Consumed on delivery
High customer contact
Consumed on delivery
High customer contact
question
Cooking hamburgers over the grill and applying condiments to the bun would be considered:
answer
transformation
question
If a restaurant has an input cost of $4.50 and a transformational cost of $2.00 and the selling price is $10.00. What is the economic value delivered to the restaurant?
answer
$3.50
question
Describe in your own words, describe the 3 process elements of a process. Give an example process.
answer
Input: gathering ingredients
Transformation: cooking
Output: the final food product
Transformation: cooking
Output: the final food product
question
As a key customer, Marquette's College of Business is the capable supplier, what is the value proposition of attending business classes at Marquette University?
answer
good education, degree, college experience, etc.
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