OPSMGT 255 Wk2: Strategy & Decision Analysis

A strategy is

• an action plan to achieve a mission.

• the purpose for which an organisation is established.

• a function area of a firm

• the goal that is to be achieved.

Three levels of Strategy Hierarchy includes:

• Corporate level,

  Business level, and

  Finance

• Corporate level,

  Business level, and

  Functional level

• Corporate level,

  Marketing strategy,

  and Operations Strategy

• Operations department,

  Marketing department,

  and Finance department

Which of the following is NOT a strategic OM decision?

• quality

• procurement

• layout design

• marketing

A core competency is

• a common vision that

  unites an organization, provides

  consistency in decisions

• the essential capabilities that create a firm's sustainable competitive advantage

• characteristics of a product

  or service that qualify it to be

  considered for purchase

• when you've been doing lots of sit-ups and have really good core muscles

The characteristics of a product or service that wins orders in the marketplace

• Order winners

• Quality Dimensions

• Order Qualifier

• Orders

Once established, competitive advantages last forever whether the firm is in a high technology environment or not.

• True

• False

Which decision-making criteria can be described as optimistic?

• maximin

• minimax regret

• equal likelyhood

• maximax

The maximum value you would be willing to pay to know the future state is called

• expected value of perfect information

• value of future predictions
• expected value of maximax

• cost of uncertainty

Airlines such as JetStar, Ryan Air and Air Asia compete on:

• Flexibility

• Quality

• Cost

• Comfortability

Clothing company Zara competes on

• quality

• service

• cost

• speed