OM 300 EXAM 1 NUNNELLEY QUESTIONS AND
ANSWERS
operations management - Answers - the set of activities that create value by efficiently
and effectively transforming inputs into outputs
operations - Answers - A large percentage of the revenue of most firms is spent on
which function?
Essential Functions of Companies - Answers - 1) Marketing
2) Production/Operations
3) Finance/Accounting
market, finance/accounting, operations - Answers - the three main functions of any
business
operations managers - Answers - Planning, organizing, staffing, leading, and controlling
are decisions made by
service - Answers - a unique, intangible activity that is produced and consumed
simultaneously
good - Answers - a tangible item that can be replicated and stored in inventory
productivity - Answers - the ratio of goods and services divided by resources
increases - Answers - When inputs decrease while outputs remain the same,
productivity
decreases - Answers - When outputs decrease while inputs remain the same,
productivity
outputs/ inputs - Answers - single-factor productivity formula
supply chain - Answers - A global network of organizations and activities that supply a
firm with goods and services is referred to as a
10 Strategic Decisions - Answers - 1. Design of goods and services
2. Managing quality
3. Process and capacity design
4. Location strategy
5. Layout strategy
6. Human resources and job design
7. Supply-chain management
, 8. Inventory management
9. Scheduling
10. Maintenance
Reasons to Globalize - Answers - 1. Improve the supply chain
2. Reduce costs (labor, taxes, tariffs, etc.)
3. Improve operations
4. Understand markets
5. Improve products
6. Attract and retain global talent
Issues of Globalization - Answers - Leads to cultural, legal, and accountability issues.
Environmental issues too.
companies - Answers - Competition in the 21st century is no longer between
____________; it is between supply chains.
mission statement - Answers - A statement saying where an organization is going
strategy - Answers - tells an organization how it will get to its goal
3 Strategies for competitive advantage - Answers - 1. Differentiation - better, or at least
different
2. Cost leadership - cheaper
3. Response - more responsive
introduction - Answers - part of product life cycle; best period to increase market share;
research and development is critical
Product Life Cycle - Answers - introduction, growth, maturity, decline
autonomous vehicles are in the __________ stage of the product life cycle - Answers -
Introduction
growth - Answers - part of product life cycle; practical to change price or quality image;
strengthen niche
electric vehicles are in the _______ stage of the product life cycle - Answers - Growth
maturity - Answers - part of product life cycle; poor time to change image, price, or
quality; competitive costs become critical; defend market position
Xbox is in the _______ stage of the product life cycle - Answers - Maturity
decline - Answers - part of product life cycle; cost control is crtitical
ANSWERS
operations management - Answers - the set of activities that create value by efficiently
and effectively transforming inputs into outputs
operations - Answers - A large percentage of the revenue of most firms is spent on
which function?
Essential Functions of Companies - Answers - 1) Marketing
2) Production/Operations
3) Finance/Accounting
market, finance/accounting, operations - Answers - the three main functions of any
business
operations managers - Answers - Planning, organizing, staffing, leading, and controlling
are decisions made by
service - Answers - a unique, intangible activity that is produced and consumed
simultaneously
good - Answers - a tangible item that can be replicated and stored in inventory
productivity - Answers - the ratio of goods and services divided by resources
increases - Answers - When inputs decrease while outputs remain the same,
productivity
decreases - Answers - When outputs decrease while inputs remain the same,
productivity
outputs/ inputs - Answers - single-factor productivity formula
supply chain - Answers - A global network of organizations and activities that supply a
firm with goods and services is referred to as a
10 Strategic Decisions - Answers - 1. Design of goods and services
2. Managing quality
3. Process and capacity design
4. Location strategy
5. Layout strategy
6. Human resources and job design
7. Supply-chain management
, 8. Inventory management
9. Scheduling
10. Maintenance
Reasons to Globalize - Answers - 1. Improve the supply chain
2. Reduce costs (labor, taxes, tariffs, etc.)
3. Improve operations
4. Understand markets
5. Improve products
6. Attract and retain global talent
Issues of Globalization - Answers - Leads to cultural, legal, and accountability issues.
Environmental issues too.
companies - Answers - Competition in the 21st century is no longer between
____________; it is between supply chains.
mission statement - Answers - A statement saying where an organization is going
strategy - Answers - tells an organization how it will get to its goal
3 Strategies for competitive advantage - Answers - 1. Differentiation - better, or at least
different
2. Cost leadership - cheaper
3. Response - more responsive
introduction - Answers - part of product life cycle; best period to increase market share;
research and development is critical
Product Life Cycle - Answers - introduction, growth, maturity, decline
autonomous vehicles are in the __________ stage of the product life cycle - Answers -
Introduction
growth - Answers - part of product life cycle; practical to change price or quality image;
strengthen niche
electric vehicles are in the _______ stage of the product life cycle - Answers - Growth
maturity - Answers - part of product life cycle; poor time to change image, price, or
quality; competitive costs become critical; defend market position
Xbox is in the _______ stage of the product life cycle - Answers - Maturity
decline - Answers - part of product life cycle; cost control is crtitical
