25. (p. 236) In recent years, operations management has become more focused on providing services, because that
is where the growth and profit potential is greatest.
26. (p. 236) Production is the creation of goods and services using the factors of production: land, labor, capital,
entrepreneurship, and knowledge.
27. (p. 236) The difference between production and production management is that production describes all the
activities managers do to help their firms create goods, while production management creates goods and
services using the factors of production.
28. (p. 236) Operations management is a specialized area in management that converts or transforms resources into
goods and services.
29. (p. 237) Operations management in service industries is about creating a good experience for the customer.