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WorksheetsPRELIM EXAMINATION II (OPERATIONS MANAGEMENT)
Total questions: 45
Worksheet time: 28mins
(a) is a process where a firm identifies its primary and support activities that add value to its final product and then analyze these activities to reduce costs or increase differentiation.
The value that's created and captured by a company is the (a)
The business function responsible for planning, coordinating, and controlling the resources needed to produce a company’s goods and services.
(a)
(a) is the function of an organization that generates sales for goods and services
(a) is carried out for scaling and diversifying businesses with aggressive growth plans in terms of marketing activities, product portfolio expansion and consideration of competitor activities and external economic environment.
Understanding how your company creates value, and looking for ways to add more value, are critical elements in developing a _______________
marketing strategy
operations strategy
competitive strategy
finance strategy
_____________ introduced the generic value chain model in 1985. Value chain represents all the internal activities a firm engages in to produce goods and services.
MARY FOLLET
MICHAEL PORTER
PETER DRUCKER
HENRY KOOTZ
Primary activities add value directly to the production process, they are necessarily more important than support activities.
TRUE
FALSE
MAYBE
SOMEHOW
In the LONG TERM FORECASTING, the seasonal pattern of demand and the effect of tactical decisions on the customer demand are taken into consideration.
CORRECT
INCORRECT
SOMEHOW CORRECT
EITHER CORRECT OR INCORRECT
______________ is carried out for evaluating the strategic objectives of a business like product portfolio expansion, entering new customer segments, technological disruptions, a paradigm shift in consumer behavior and risk mitigation strategies.
INTERNEL FORECASTING
ENVIRONMENTAL FORECASTING
EXTERNAL FORECASTING
ECONOMICAL FORECASTING
There are two different approaches on how to perform the analysis, which depend on what type of competitive advantage a company wants to create, it includes? (choose two answers)
cost advantage
focus advantage
differentiation advantage
niche advantage
TRUE OR FALSE
For operations management to be successful, it must add value during the distribution process.
(a)
All business has three main functions. One of which is ______________ and it primary role is to analyze all activities, eliminate those that do not add value, and restructure processes and jobs to achieve greater efficiency.
finance
marketing
operations
human resource
In manufacturing organizations most customers have no direct contact with the operation. Customer contact occurs through distributors and retailers.
true
false
maybe
i don't know
In service organizations the customers are typically present during the creation of the service. Hospital is an example of service organizations in which the customer is present during the creation of the service.
TRUE
FALSE
Most manufacturers provide services as part of their business, and many service firms manufacture physical goods that they deliver to their customers or consume during service delivery
TRUE
FALSE
WHICH OF THE FOLLOWING IS NOT A STRATEGIC DECISION?
What market do we plan to compete in?
Who will work the 2nd shift tomorrow?
What do we believe will be the demand for our product?
What are the unique features of our product?
In market research forecasting technique, surveys are often in the form of (a)
To gain cost advantage a firm has to go through 5 analysis steps: The first one is to---
Establish the relative importance of each activity in the total cost of the product.
Identify cost drivers for each activity.
Identify the firm’s primary and support activities.
Identify opportunities for reducing costs.
This type of forecasting method could be beneficial for products that have little to no demand history.
delphi method
sale force opinion
trend projection method
market research
In trend projection method, the historical data generates a “ (a) ” which represents the past sales and projected demand for a specific product category under normal conditions by a graphical plotting method or the least square method.
In a book publisher's marketing and sales activity, _____________ include making sales calls to bookstores, advertising, and selling online.
quality activities
indirect sub- activities
direct sub-activities
none of these
This is how well a company recruits, hires, trains, motivates, rewards, and retains its workers.
(a)
Minimizing information technology costs, staying current with technological advances, and maintaining technical excellence are sources of value creation are included in what support activity?
procurement
infrastructure
HR Management
technological development
VCA is done differently when a firm competes on differentiation rather than costs. This is because the source of cost advantage comes from creating superior products, adding more features and satisfying varying customer needs, which results in higher cost structure.
true
false
Managers can use the following strategies to increase product differentiation and customer value: (choose four)
Add more product features
Focus on customer service and responsiveness
Recruit skilled workers
Increase customization
Offer complementary products
An industry movement that changed production by substituting machine power for labor power.
(a)
Division of labor allowed higher volumes to be produced, which, coupled with the advances in transportation of steam-powered boats and railroads, opened up distant markets.
true
false
(a) introduced the concept of interchangeable parts.
These activities deliver your product or service to your customer. These are things like collection, storage, and distribution systems, and they may be internal or external to your organization.
(a)
(a) systems are large, sophisticated software programs for identifying and planning the enterprise-wide resources needed to coordinate all activities involved in producing and delivering products to customers.
The coordinated interaction and decision making that occur among the different functions of the organization.
(a)
A trend in business to consciously reduce waste, recycle, and reuse products and parts.
(a)
One example of flexibility is _________________, which is the ability of a firm to produce highly customized goods and services and to do it at the high volumes of mass production.
MASS PRODUCTION
MASS CUSTOMIZATION
MASS MEDIA
MASS COMMUNICATION
Philosophy that seeks to improve quality by eliminating causes of product defects and by making quality the responsibility of everyone in the organization.
(a)
(a) organizations produce physical, tangible goods that can be stored in inventory before they are needed.
Decisions that set the direction for the entire company; they are broad in scope and long-term in nature.
(a)
Scientific management was an approach to management promoted by (a) at the turn of the twentieth century.
Combining technology with scientific management, Ford introduced the (a) to produce Ford cars.
(a) , a sociologist from Harvard, concluded that the workers were actually motivated by the attention they were given.
A philosophy designed to achieve high-volume production through elimination of waste and continuous improvement
(a)
Performing activities well and at the lowest possible cost.
EFFICIENCY
EFFECTIVENESS
PRODUCTIVITY
RELIABILITY
Operations management is responsible for orchestrating all the resources needed to produce the final product. This includes the following EXCEPT:
DESIGNING WORK METHODS
DESIGNING THE PRODUCT
GENERATING SALES
MANAGING INVENTORY
The role of operations management is---
to generate sales
to acquire equipment
to transform input into output
to retain customers
Management of the flow of materials from suppliers to customers in order to reduce overall cost and increase responsiveness to customers.
(a)
