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What is meant by a process? Describe important features. {Ans: A process means a set of tasks that transform input into useful outputs. The important features of process are the tasks, flow of material and information and storage of material and information.}Recently some operations management experts have begun insisting that simply minimizing process velocity, which actually means minimizing the time that it takes to process something through the system, is the single most important measure for improving a process. Can you think of a situation in which this might not be true? {Ans: The problem with focusing exclusively on process velocity is that other dimensions might be ignored, such as quality or safety. There are many examples. One would be if drying time was reduced, this might impact the quality of the process. Another example would be whiskey, reducing the aging time would likely impact its quality.}List some practical limits to economies of scale; that is, when should a plant stop growing? {Ans: A plant should stop growing when its long-run average cost curve hits the inflection point and starts increasing. Factors leading to this situation include difficulties coordinating and managing a large facility, fluctuations in demand