Topics: Manufacturing, Industrial Revolution, Marketing Pages: 3 (406 words) Published: January 30, 2013
The Pareto phenomenon is one of the most important and pervasive concepts that can be applied at all levels of management. Prior to the Industrial Revolution, goods were produced primarily by craftsmen or their apprentices using custom made parts. Most people encounter operations only in profit-making organizations. Among Ford's many contributions was the introduction of mass production, using the concept of interchangeable parts and division of labor. Often, the collective success or failure of companies' operations functions will impact the ability of a nation to compete with other nations. A modern firm has two supply chain considerations - external links with suppliers and customers, and an internal network of flows to and between the operations function itself. Operations, marketing, and finance function independently of each other in most organizations. Elton Mayo's "Hawthorne Experiment" was the focal point of the Human Relations Movement, which emphasized the importance of the human element in job design. One concern in the design of production systems is the degree of standardization.

A 'product package' consists of:
| the exterior wrapping|
| goods if a manufacturing organization|
| a combination of goods and services|
| customer relations if a service organization|
| the shipping container|
Operations and sales are the two ________ functions in businesses. | support|
| line|
| strategic|
| tactical|
| value-adding|
Budgeting, analysis of investment proposals, and provision of funds are activities associated with the _______ function. | marketing|
| internal audit|
| finance|
| purchasing|
| operation|
Some companies attempt to maximize the revenue they receive from fixed operating capacity by influencing demands through price manipulation. This is an example of __________________: | Volume analysis|

| Outsourcing|
| Revenue management|
| Illegal price discrimination|
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