1. a) Operations management involves managing the process by which raw materials, labor, and energy are converted into goods and services. People skills, creativity, rational analysis, and technological knowledge are all important for success in operations management. Discuss the principles of traditional and modern operations management in business and manufacturing operations. b) Compare and contrast Value Chain and Supply Chain. 2. a) Discuss operation assembly line balancing and its benefits. How can it be achieved? b) Enumerate the critical decision areas of operations management providing appropriate examples. 3. a) Describe the main sources of waste in operations. b) What is value added in operations management? How do organizations create value? 4. a) Facility location is the process of identifying the best geographic location for a service or production facility. Discuss the factors that affect location decisions. b) Enumerate the basic procedures and methods of making location decisions