OSC Midterm Exam 1 (Modules 1-3)
Exam Questions With Complete
Solutions
/.What is Value? - Answer-✅Economic value is a measure of the benefit provided by a
good or service to an economic agent.
/.What is Operations Management? - Answer-✅The transformation of inputs into
outputs. It is essentially the process of making things.
/.What is the materials manager responsible for? - Answer-✅The materials manager is
responsible for ensuring that the inventory is adequate for production.
/.What is a purchasing agent responsible for? - Answer-✅A purchasing agent is
responsible for buying the materials.
/.What is a production scheduler responsible for? - Answer-✅The production scheduler
is responsible for matching the product orders with a sale forecast to get the factory
running smoothly.
/.What does quality management do? - Answer-✅They guarantee that the products are
free of defects.
/.What are some inputs? - Answer-✅Human labor, materials and parts, energy,
machinery
/.What are examples of "the process"? - Answer-✅Manufacturing, assembly, location
change (shipping),
surgical operation
/.What are some outputs? - Answer-✅Finished products, service interaction with
customer, a medical diagnosis, customer satisfaction
/.What are the important decisions in operations management? - Answer-✅How to
increase productivity without sacrificing quality, producing as many as possible with as
little input as possible,
/.How is productivity calculated? - Answer-✅Productivity is calculated as the ratio of
output to input
, /.What is operations management and what are the three most important operations
management practices? - Answer-✅Operations management is the management of
processes that transform inputs into goods and services that add value for the
customer. the three most important practices are: total quality management, supply
chain management, and just in time/lean operations
/.Why is it important to understand and creat value? - Answer-✅Understanding what
customers value is the first step in delivering customer value... there are two stages at
which customers assess value: before and after they purchase a product or service.
Value is perceived at various levels; therefore, value needs be to be delivered at various
levels
/.What is supply chain management? - Answer-✅The management of the flow of
information and materials from the suppliers to customers
/.What is a supply chain? - Answer-✅A network of organizations that work together to
concert and move goods from raw materials to the end customer
/.What are the differences between operations and supply chain management? -
Answer-✅Operations management refers to processes within a single firm whereas
supply chain management refers to processes and exchanges across multiple firms
/.What are the two major supply chain areas for companies? - Answer-✅Sourcing/
purchasing and logistics
/.What is sourcing/purchasing? - Answer-✅the processes associated with identifying
material and service needs, locating and selecting suppliers, negotiating contract and
payment terms, and tracking to assess supplier performance
/.What are logistics? - Answer-✅Plans, implements, and manages the efficient,
effective flow and storage of goods and services from the point of origin to the point of
end consumption
/.What is the global nature of supply chains? - Answer-✅China's trade with the US has
been growing and china is currently our largest goods trading partner. There are
numerous challenges in managing the global supply chain including, different laws,
languages, cultures and political strife
/.Gartner's top supply chain of 2020 - Answer-✅masters category includes amazon,
apple, mcdonalds, p&g, unilever, and the notable brands include cisco, colgate, johnson
& johnson, Nestle, pepsico
Exam Questions With Complete
Solutions
/.What is Value? - Answer-✅Economic value is a measure of the benefit provided by a
good or service to an economic agent.
/.What is Operations Management? - Answer-✅The transformation of inputs into
outputs. It is essentially the process of making things.
/.What is the materials manager responsible for? - Answer-✅The materials manager is
responsible for ensuring that the inventory is adequate for production.
/.What is a purchasing agent responsible for? - Answer-✅A purchasing agent is
responsible for buying the materials.
/.What is a production scheduler responsible for? - Answer-✅The production scheduler
is responsible for matching the product orders with a sale forecast to get the factory
running smoothly.
/.What does quality management do? - Answer-✅They guarantee that the products are
free of defects.
/.What are some inputs? - Answer-✅Human labor, materials and parts, energy,
machinery
/.What are examples of "the process"? - Answer-✅Manufacturing, assembly, location
change (shipping),
surgical operation
/.What are some outputs? - Answer-✅Finished products, service interaction with
customer, a medical diagnosis, customer satisfaction
/.What are the important decisions in operations management? - Answer-✅How to
increase productivity without sacrificing quality, producing as many as possible with as
little input as possible,
/.How is productivity calculated? - Answer-✅Productivity is calculated as the ratio of
output to input
, /.What is operations management and what are the three most important operations
management practices? - Answer-✅Operations management is the management of
processes that transform inputs into goods and services that add value for the
customer. the three most important practices are: total quality management, supply
chain management, and just in time/lean operations
/.Why is it important to understand and creat value? - Answer-✅Understanding what
customers value is the first step in delivering customer value... there are two stages at
which customers assess value: before and after they purchase a product or service.
Value is perceived at various levels; therefore, value needs be to be delivered at various
levels
/.What is supply chain management? - Answer-✅The management of the flow of
information and materials from the suppliers to customers
/.What is a supply chain? - Answer-✅A network of organizations that work together to
concert and move goods from raw materials to the end customer
/.What are the differences between operations and supply chain management? -
Answer-✅Operations management refers to processes within a single firm whereas
supply chain management refers to processes and exchanges across multiple firms
/.What are the two major supply chain areas for companies? - Answer-✅Sourcing/
purchasing and logistics
/.What is sourcing/purchasing? - Answer-✅the processes associated with identifying
material and service needs, locating and selecting suppliers, negotiating contract and
payment terms, and tracking to assess supplier performance
/.What are logistics? - Answer-✅Plans, implements, and manages the efficient,
effective flow and storage of goods and services from the point of origin to the point of
end consumption
/.What is the global nature of supply chains? - Answer-✅China's trade with the US has
been growing and china is currently our largest goods trading partner. There are
numerous challenges in managing the global supply chain including, different laws,
languages, cultures and political strife
/.Gartner's top supply chain of 2020 - Answer-✅masters category includes amazon,
apple, mcdonalds, p&g, unilever, and the notable brands include cisco, colgate, johnson
& johnson, Nestle, pepsico
