OM 300 EXAM 4 QUESTIONS AND ANSWERS
The 3 primary business functions? - Answers - marketing, operations, finance
Supply Chain - Answers - A global network of organizations and activities that supply a
firm with goods and services
The objective of supply chain mgmt.? - Answers - to build a chain of suppliers that
focuses on maximizing value to the ultimate customer
Productivity - Answers - the ratio of output (good and services) divided by the inputs
(resources such as labor and capital)
what are the critical variables in enhancing productivity? - Answers - labor, capital,
management
what are the variables for labor productivity? - Answers - base education, diet, social
overhead
mission - Answers - tells an organization where it is going
strategy - Answers - tells the organization how to get there
outsourcing - Answers - transferring a firm's activities that have traditionally been
internal to external suppliers
What are the 4 phases of the product life cycle? - Answers - introductory, growth,
maturity, decline
critical path - Answers - the longest path through the network
Forward Pass - Answers - a process that identifies all the early start and early finish
times
Backward Pass - Answers - a process that identifies all the late start and late finish
times
Slack Time - Answers - free time for an activity
Process Chain Network (PCN) Analysis - Answers - a design process to determine the
best level of interaction between firms and their customers
TQM (Total Quality Management) - Answers - a management approach to long-term
success through customer satisfaction
The 3 primary business functions? - Answers - marketing, operations, finance
Supply Chain - Answers - A global network of organizations and activities that supply a
firm with goods and services
The objective of supply chain mgmt.? - Answers - to build a chain of suppliers that
focuses on maximizing value to the ultimate customer
Productivity - Answers - the ratio of output (good and services) divided by the inputs
(resources such as labor and capital)
what are the critical variables in enhancing productivity? - Answers - labor, capital,
management
what are the variables for labor productivity? - Answers - base education, diet, social
overhead
mission - Answers - tells an organization where it is going
strategy - Answers - tells the organization how to get there
outsourcing - Answers - transferring a firm's activities that have traditionally been
internal to external suppliers
What are the 4 phases of the product life cycle? - Answers - introductory, growth,
maturity, decline
critical path - Answers - the longest path through the network
Forward Pass - Answers - a process that identifies all the early start and early finish
times
Backward Pass - Answers - a process that identifies all the late start and late finish
times
Slack Time - Answers - free time for an activity
Process Chain Network (PCN) Analysis - Answers - a design process to determine the
best level of interaction between firms and their customers
TQM (Total Quality Management) - Answers - a management approach to long-term
success through customer satisfaction
