SCM 311 EXAM 1QUESTIONS &
ANSWERS(GRADED A+)
system - ANSWERgroup of items, events, actions that are interdependent
e-commerce promotes - ANSWERbetter customer relations, more efficient
processes, lower cost of materials, IT synergy, new forms of orgs, expanded supply
chains, higher customer expectations, new ways of doing business, globalization,
competition, dependence on JIT supply
competitiveness - ANSWERthe degree to which companies can produce goods and
services that meet the test of international market while simultaneously maintaining
or expanding the real incomes of its shareholders
measures of competitiveness - ANSWER- productivity
- GDP growth
- market capitalization
- technological infrastructure
- quality of education
- efficiency of government
Operations as a Transformation Process - ANSWER-Input: Material, machines,
labor, management, capital
--> Transformation process
-Output: goods, services
--feedback--
primary objective of operations management - ANSWERto add value
eli whitney - ANSWERinterchangeable parts 1790
- change barrel in guns for the army
Henry Ford contributions to OM - ANSWER- moving assembly line
- operations research: black cars cured faster so only sold black cars -
reduce/reuse/recycle: floorboards of the car were sides of wooden boxes that parts
were sent in
eft - ANSWER1980s, electronic fund transfer: direct deposit, venmo
block chain - ANSWERdigital chain of evidence
productivity = - ANSWERoutput/input
, competition within industries should increase when - ANSWER-Firms are relatively
equal in size and resources
-Products and services are standardized
-Industry growth is slow or exponential
key differences between products and services - ANSWER- services are intangible,
hard to take inventory on, usually labor intensive, forecasting is difficult
how do we add value? - ANSWER- increase productivity: cut production time and
cost
- improve product quality
- enhance flexibility to meet changing demand
- improve customer service: shorten response/delivery time
strategic decisions - ANSWERdecisions that set the direction for the entire company;
they are broad in scope and long-term in nature
examples of strategic decisions - ANSWER- product design
- where to locate a new factory
- how much capacity to build
- technology choice
mission - ANSWERwhat the organization does (rarely changes)
vision - ANSWER
strategy - ANSWERhow the organization is going to accomplish their mission and
vision
SWOT - ANSWERstrengths, weaknesses, opportunities, threats
STEEPLE analysis - ANSWERan acronym standing for social, technological,
economic, environmental, political, legal and ethical external factors that impact on
business; it refers to a framework for analyzing the external environmental factors
affecting business objectives and strategies.
Order Qualifiers - ANSWERcharacteristics that customers perceive as minimum
standards of acceptability to be considered as a potential for purchase (ex. any suit
in my size)
decision making - ANSWERthe means by which leaders and senior managers
translate their vision of where the company/division should go from a vision to action
a good decision making process - ANSWER-Analytical process
-Approach to problem solving
-Helps leaders to examine a situation and reach logical decisions.
-Applies thoroughness, clarity, sound judgement, logic, and professional knowledge
to reach a decision.
-Detailed, deliberate, and sequential process when time allows.
ANSWERS(GRADED A+)
system - ANSWERgroup of items, events, actions that are interdependent
e-commerce promotes - ANSWERbetter customer relations, more efficient
processes, lower cost of materials, IT synergy, new forms of orgs, expanded supply
chains, higher customer expectations, new ways of doing business, globalization,
competition, dependence on JIT supply
competitiveness - ANSWERthe degree to which companies can produce goods and
services that meet the test of international market while simultaneously maintaining
or expanding the real incomes of its shareholders
measures of competitiveness - ANSWER- productivity
- GDP growth
- market capitalization
- technological infrastructure
- quality of education
- efficiency of government
Operations as a Transformation Process - ANSWER-Input: Material, machines,
labor, management, capital
--> Transformation process
-Output: goods, services
--feedback--
primary objective of operations management - ANSWERto add value
eli whitney - ANSWERinterchangeable parts 1790
- change barrel in guns for the army
Henry Ford contributions to OM - ANSWER- moving assembly line
- operations research: black cars cured faster so only sold black cars -
reduce/reuse/recycle: floorboards of the car were sides of wooden boxes that parts
were sent in
eft - ANSWER1980s, electronic fund transfer: direct deposit, venmo
block chain - ANSWERdigital chain of evidence
productivity = - ANSWERoutput/input
, competition within industries should increase when - ANSWER-Firms are relatively
equal in size and resources
-Products and services are standardized
-Industry growth is slow or exponential
key differences between products and services - ANSWER- services are intangible,
hard to take inventory on, usually labor intensive, forecasting is difficult
how do we add value? - ANSWER- increase productivity: cut production time and
cost
- improve product quality
- enhance flexibility to meet changing demand
- improve customer service: shorten response/delivery time
strategic decisions - ANSWERdecisions that set the direction for the entire company;
they are broad in scope and long-term in nature
examples of strategic decisions - ANSWER- product design
- where to locate a new factory
- how much capacity to build
- technology choice
mission - ANSWERwhat the organization does (rarely changes)
vision - ANSWER
strategy - ANSWERhow the organization is going to accomplish their mission and
vision
SWOT - ANSWERstrengths, weaknesses, opportunities, threats
STEEPLE analysis - ANSWERan acronym standing for social, technological,
economic, environmental, political, legal and ethical external factors that impact on
business; it refers to a framework for analyzing the external environmental factors
affecting business objectives and strategies.
Order Qualifiers - ANSWERcharacteristics that customers perceive as minimum
standards of acceptability to be considered as a potential for purchase (ex. any suit
in my size)
decision making - ANSWERthe means by which leaders and senior managers
translate their vision of where the company/division should go from a vision to action
a good decision making process - ANSWER-Analytical process
-Approach to problem solving
-Helps leaders to examine a situation and reach logical decisions.
-Applies thoroughness, clarity, sound judgement, logic, and professional knowledge
to reach a decision.
-Detailed, deliberate, and sequential process when time allows.
