Managing service and manufacturing operations quiz -Cohort 6B

inventory is not important if you know you have a lot of a product

• True

• False

What is operations management?

• Managing the daily production of goods and services

• A measure of performance that indicates how many inputs it takes to produce or create an output

• an integrated principle-based, organization wide strategy for improving product and service quality.

• Collaboration between managers and nonmanagers across business functions and between customers and suppliers.

When company begins processing orders or assembling products when they receive the customer’s order

• Make to order operation

• Assemble to order operation

• Make to stock operation

_______ is the Cost associated with ordering the inventory. Example: completing paperwork, making phone calls, getting bids, and correcting mistakes

• Setup costs

• Holding costs

• Ordering Costs

• Stock out costs

____ is The cost of changing or adjusting a machine so that it can produce a different type of inventory.  Example you can use same machine to make different types of products in a product line. 

• Ordering costs

• Holding costs

• Stock out Costs

• Setup Costs

What is Managing inventory?

Stockout costs is Cost of keeping inventory until itssold. Example: Storage facilitiesinsurance to protect product.

• True

• False

A Just in time (JIT) Is _____

• Production and inventory system that determines the production scheduled, batch sizes, and inventory needed to complete products.

• Parts arrive from suppliers just as they are needed at each state of production.

When company orders parts and assembles standardized products before receiving customer orders.

• Make-to-order operation

• Make to stock operations

• Assemble-to-order

When company divides manufacturing processes into separate parts or modules that are combined to create semi customized products.

• Make-to-stock

• Make-to-order

• Assemble to order