OPM 311: EXAM #1 PREP CORRECT
100%
In Operations Management, Planning is __% and Execution is __% -
ANSWERPlanning is 80% and Execution is 20%
The Two Major Sides of Business are _____ and ______ - ANSWERFulfillment and
Demand
The MOST important metric in Operational Planning is _________ -
ANSWERCustomer Service/Satisfaction
The 2ND MOST important metric in Operational Planning is _________ -
ANSWERCost
True of False- ERP is only a tool - ANSWERFalse- ERP is both a computer system
tool used for business integration AND a process of planning and execution
A great deal of _____ exists within Operations Management - ANSWERVariation
Name TWO ways a business can improve its Flexibility and Responsiveness
(Speed)? - ANSWERBuffer Capacity-Agility
Buffer Inventory-Responsiveness
How does Wealth Creation occur? - ANSWERInputs (Raw Materials, Capital,
Resources) gain value and are converted to Outputs (Goods and/or Services)
Sustainability is __________? - ANSWERThe ability to meet current resource needs
without compromising the ability of future generations to meet their needs. (Not just a
marketing tactic)
A Stakeholder is ? - ANSWERAn individual or organizations who are directly or
indirectly influenced by the actions of the firm
A Shareholder is? - ANSWERAn individual or companies that legally own one or
more shares of stock in the company
An Activity System Map is..... - ANSWERA tool that shows how a company's strategy
is delivered through a set of supporting activities to assist in planning.
True of False- Corporations should work closely with Suppliers? - ANSWERTrue-
Corporations should work closely with Suppliers to try and prevent future supply
chain failures.
100%
In Operations Management, Planning is __% and Execution is __% -
ANSWERPlanning is 80% and Execution is 20%
The Two Major Sides of Business are _____ and ______ - ANSWERFulfillment and
Demand
The MOST important metric in Operational Planning is _________ -
ANSWERCustomer Service/Satisfaction
The 2ND MOST important metric in Operational Planning is _________ -
ANSWERCost
True of False- ERP is only a tool - ANSWERFalse- ERP is both a computer system
tool used for business integration AND a process of planning and execution
A great deal of _____ exists within Operations Management - ANSWERVariation
Name TWO ways a business can improve its Flexibility and Responsiveness
(Speed)? - ANSWERBuffer Capacity-Agility
Buffer Inventory-Responsiveness
How does Wealth Creation occur? - ANSWERInputs (Raw Materials, Capital,
Resources) gain value and are converted to Outputs (Goods and/or Services)
Sustainability is __________? - ANSWERThe ability to meet current resource needs
without compromising the ability of future generations to meet their needs. (Not just a
marketing tactic)
A Stakeholder is ? - ANSWERAn individual or organizations who are directly or
indirectly influenced by the actions of the firm
A Shareholder is? - ANSWERAn individual or companies that legally own one or
more shares of stock in the company
An Activity System Map is..... - ANSWERA tool that shows how a company's strategy
is delivered through a set of supporting activities to assist in planning.
True of False- Corporations should work closely with Suppliers? - ANSWERTrue-
Corporations should work closely with Suppliers to try and prevent future supply
chain failures.
