OSC Midterm Exam 1 (Modules 1-3)
Exam Questions And 100% Outlined
Answers
\Q\.What is Value? - ANSWERS✔-Economic value is a measure of the benefit
provided by a good or service to an economic agent.
\Q\.What is Operations Management? - ANSWERS✔-The transformation of inputs
into outputs. It is essentially the process of making things.
\Q\.What is the materials manager responsible for? - ANSWERS✔-The materials
manager is responsible for ensuring that the inventory is adequate for production.
\Q\.What is a purchasing agent responsible for? - ANSWERS✔-A purchasing agent
is responsible for buying the materials.
\Q\.What is a production scheduler responsible for? - ANSWERS✔-The production
scheduler is responsible for matching the product orders with a sale forecast to
get the factory running smoothly.
\Q\.What does quality management do? - ANSWERS✔-They guarantee that the
products are free of defects.
,\Q\.What are some inputs? - ANSWERS✔-Human labor, materials and parts,
energy, machinery
\Q\.What are examples of "the process"? - ANSWERS✔-Manufacturing, assembly,
location change (shipping),
surgical operation
\Q\.What are some outputs? - ANSWERS✔-Finished products, service interaction
with customer, a medical diagnosis, customer satisfaction
\Q\.What are the important decisions in operations management? - ANSWERS✔-
How to increase productivity without sacrificing quality, producing as many as
possible with as little input as possible,
\Q\.How is productivity calculated? - ANSWERS✔-Productivity is calculated as the
ratio of output to input
\Q\.What is operations management and what are the three most important
operations management practices? - ANSWERS✔-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
\Q\.Why is it important to understand and creat value? - ANSWERS✔-
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
\Q\.What is supply chain management? - ANSWERS✔-The management of the
flow of information and materials from the suppliers to customers
\Q\.What is a supply chain? - ANSWERS✔-A network of organizations that work
together to concert and move goods from raw materials to the end customer
\Q\.What are the differences between operations and supply chain management?
- ANSWERS✔-Operations management refers to processes within a single firm
whereas supply chain management refers to processes and exchanges across
multiple firms
\Q\.What are the two major supply chain areas for companies? - ANSWERS✔-
Sourcing/ purchasing and logistics
\Q\.What is sourcing/purchasing? - ANSWERS✔-the processes associated with
identifying material and service needs, locating and selecting suppliers,
negotiating contract and payment terms, and tracking to assess supplier
performance
\Q\.What are logistics? - ANSWERS✔-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
Exam Questions And 100% Outlined
Answers
\Q\.What is Value? - ANSWERS✔-Economic value is a measure of the benefit
provided by a good or service to an economic agent.
\Q\.What is Operations Management? - ANSWERS✔-The transformation of inputs
into outputs. It is essentially the process of making things.
\Q\.What is the materials manager responsible for? - ANSWERS✔-The materials
manager is responsible for ensuring that the inventory is adequate for production.
\Q\.What is a purchasing agent responsible for? - ANSWERS✔-A purchasing agent
is responsible for buying the materials.
\Q\.What is a production scheduler responsible for? - ANSWERS✔-The production
scheduler is responsible for matching the product orders with a sale forecast to
get the factory running smoothly.
\Q\.What does quality management do? - ANSWERS✔-They guarantee that the
products are free of defects.
,\Q\.What are some inputs? - ANSWERS✔-Human labor, materials and parts,
energy, machinery
\Q\.What are examples of "the process"? - ANSWERS✔-Manufacturing, assembly,
location change (shipping),
surgical operation
\Q\.What are some outputs? - ANSWERS✔-Finished products, service interaction
with customer, a medical diagnosis, customer satisfaction
\Q\.What are the important decisions in operations management? - ANSWERS✔-
How to increase productivity without sacrificing quality, producing as many as
possible with as little input as possible,
\Q\.How is productivity calculated? - ANSWERS✔-Productivity is calculated as the
ratio of output to input
\Q\.What is operations management and what are the three most important
operations management practices? - ANSWERS✔-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
\Q\.Why is it important to understand and creat value? - ANSWERS✔-
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
\Q\.What is supply chain management? - ANSWERS✔-The management of the
flow of information and materials from the suppliers to customers
\Q\.What is a supply chain? - ANSWERS✔-A network of organizations that work
together to concert and move goods from raw materials to the end customer
\Q\.What are the differences between operations and supply chain management?
- ANSWERS✔-Operations management refers to processes within a single firm
whereas supply chain management refers to processes and exchanges across
multiple firms
\Q\.What are the two major supply chain areas for companies? - ANSWERS✔-
Sourcing/ purchasing and logistics
\Q\.What is sourcing/purchasing? - ANSWERS✔-the processes associated with
identifying material and service needs, locating and selecting suppliers,
negotiating contract and payment terms, and tracking to assess supplier
performance
\Q\.What are logistics? - ANSWERS✔-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
