question

Efficiency means doing the right things to create the most value for a company

answer

False

question

Effectiveness means doing the right things to create the most value for a company

answer

True

question

If a doctor completes a surgery but the patient dies, the doctor would be referred to as being efficient but not effective

answer

True

question

The term "value" refers to the relationship between quality and the price paid by the consumer

answer

True

question

Central to the concept of operations strategy are the notions of operations focus and trade-offs

answer

True

question

Supply networks cannot be constructed for every product or service

answer

False

question

Supply and demand planning is needed to coordinate the manufacturing, service, and supply chain processes

answer

True

question

Supply and demand planning involves forecasting demand, making intermediate term plans for how demand will be met, controlling types of inventory, but NOT the detailed weekly scheduling of processes

answer

False

question

Services are homogeneous

answer

False

question

Services are intangible processes that cannot be weighed or measured.

answer

True

question

A reason for studying OSCM is what?

answer

All managers should understand the basic principles that guide the design of transformation processes.

question

What are the categories of the Goods-Services Continuum?

answer

Pure goods, core goods, core services, pure services

question

What are core goods?

answer

Appliances, data storage systems, automobiles

question

What are core services?

answer

Hotels, airlines, ISP's

question

What are pure goods?

answer

Food, chemicals, book publishing

question

What are pure services?

answer

Teaching, medical advice, financial consulting

question

One of the package of features that make up a service are:

answer

Facilitiating goods

question

An operations and supply chain strategy must be integrated with the organization's corporate strategy

answer

True

question

One of the competitive dimensions that form the competitive position of a company when planning their strategies is cost.

answer

True

question

One of the competitive dimensions that form the competitive position of a company when planning their strategies is delivery speed.

answer

True

question

The process when a company seeks to match the benefits of a successful position while maintaining its existing position by adding new features, services, and technologies into its current portfolio is called _________

answer

Straddling

question

By following a straddling strategy, firms can broaden their capabilities and effectively compete with more focused firms in markets requiring low cost for success.

answer

False

question

An _____ ______ is a set of criteria that differentiates the products or services of one firm from another.

answer

Order winner

question

An ___________ _________ is a set of screening criteria that permits a firm's products to be considered as possible candidates for purchase.

answer

Order Qualifier

question

During a recession, efficient firms often have an opportunity to increase _______ ______ while maintaining _________

answer

Market Share ; Profitability

question

Once an operations strategy is adopted and articulated, the primary emphasis becomes perfecting the system of activities that make up the strategy through detailed refinements over a long period of time.

answer

False (Operations strategy is continually revised, re-planned & coordinated with the ever-changing corporate strategy.)

question

The triple bottom line considers evaluating the firm against social, economic, and environmental criteria

answer

True

question

Sustainability means meeting a firm's current needs without excessively compromising the ability of future generations to meet their own needs

answer

False

question

According to the economic aspect of the triple bottom line concept the firm is obligated to compensate stakeholders by earning a competitive return on investment.

answer

False (The firm is obligated to compensate shareholders who provide capital through stock purchases and other financial instruments via a competitive return on investment.)

question

Within a sustainability framework, the economic dimension of the triple bottom line concept goes beyond just profit for the firm but also provides lasting economic benefit to society

answer

True

question

Which of the following is not a major strategic operational competitive dimension that forms a company's competitive position

answer

Management ability (acumen)

question

A major competitive dimension that forms a company's operational competitive position in their strategic planning is what?

answer

Cost or price

question

When developing an operations and supply chain strategy, what is an important product-specific criteron to consider?

answer

Technical liaison

question

Which of the following is not a measure of operations and supply chain management efficiency used by Wall Street?

answer

Earnings per share

question

Which of the following is a measure of operations and supply chain management efficiency used by Wall Street?

answer

Receivable Turnover

question

What are the three criteria of the triple bottom line?

answer

Social, economic, environmental

question

5 Common measures of operations and supply management efficiency used by Wall Street

answer

Income per employee, revenue per employee, inventory turnover, asset turnover, receivable turnover

question

Project management can be defined as planning, directing, and controlling resources to meet the technical, cost, and time constraints of the project.

answer

True

question

The second step in managing a project is writing the Statement of Work

answer

False. That's the first step.

question

Complex projects are often subdivided into a series of tasks that are typically configured to be not longer than several months in duration.

answer

True

question

A work breakdown structure is used in project management but it is not used when the critical path method is involved.

answer

False (Activities are defined within the context of the work breakdown structure and are pieces of work that consume time. Activities are the essence of the Critical path Method. Hence, the work breakdown structure is used when the critical path method is involved.)

question

The Gantt chart is an example of a project control chart.

answer

True

question

The critical path of activities in a project is the sequence of activities that form the shortest chain in a project network of activities.

answer

False, it is the LONGEST.

question

CPM is an abbreviation for Critical Path Method.

answer

True

question

In CPM the late start time estimate is the latest time you can start an activity and still keep the entire project on schedule.

answer

True

question

Slack activity time is the difference between the early start and the late finish of a project activity time.

answer

False (The difference between the late start time and early start time is the slack time.)

question

In a CPM analysis if you subtract the early start from the late start the result is the activity's slack time.

answer

True (The difference between the late start time and early start time is the slack time.)

question

The critical path in a CPM analysis is found by locating the activities times with zero slack.

answer

True

question

Calculating the early start and early finish times for each activity in a CPM analysis does not provide any useful information.

answer

False . (One motivation for using a late start schedule is that savings are realized by postponing purchases of materials, the use of labor, and other costs until necessary. Using a early start schedule allows for unforeseen circumstances on non-critical activities to be handled without disrupting the critical path activities.)

question

One criticism of using CPM analysis in project management is that the zero slack path through a network may not be the ultimate determinant of the project completion time.

answer

True

question

A project can be subdivided into what small parts?

answer

Work Packages

question

A project starts out as which of the following?

answer

Statement of work

question

What is a work breakdown structure?

answer

A definition of the hierarchy of project tasks, subtasks, and work packages.

question

PERT is an abbreviation for which of the following methodologies?

answer

Program evaluation and review technique

question

You do a CPM analysis and found more than one path through the project network that has zero slack values. What can you conclude?

answer

Multiple critical paths

question

What are project milestones?

answer

Specific events to be accomplished by a certain date.

Operations Management Exam 1 (Chapters 1,2,3,4,7) – Flashcards

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