MGMT 2500 EXAM NEWEST ACTUAL EXAM COMPLETE QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+||BRAND NEW VERSION!!

MGMT 2500 EXAM NEWEST ACTUAL EXAM COMPLETE QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+||BRAND NEW VERSION!! Reasons to Globalize - Answer- reduce costs, improve supply chain, provide better goods and services, understand markets, and learn to improve operations, attract and retain global talent Improve the Supply Chain - Answer- locating facilities closer to unique resources Provide better goods and services - Answer- Objective and subjective characteristics of goods and services - On time deliveries, cultural variables, and improved customer service Understand Markets - Answer- Interacting with foreign customers, suppliers, competition can lead to new opportunities - cell phone design coming from a Europe, cell phone fads from Japan, and extend the product life cycle Learn to Improve Operations - Answer- Learning does not take place in isolation. Remains open to the free flow of ideas. For example, GM found that it could improve operations by jointly building and running, with the Japanese, an auto assembly plant in San Jose, California. This strategy allowed GM to contribute its capital and knowledge of U.S. labor and environmental laws while the Japanese contributed production and inventory ideas. Attract and Retain Global Talent - Answer- Offer better employment opportunities - better growth opportunities and insulation against unemployment - relocate unneeded personnel to more prosperous locations Missions - Answer- Tell an organization where it's going - organization's purpose for being, provides boundaries and focus - answers "what do we provide society?" Factors affecting mission - Answer- philosophy and values profitability and growth public image benefit to society customers environment SWOT Analysis - Answer- Internal Strengths, Internal Weaknesses, External Opportunities, External Threats Strategy - Answer- Tells the organization how to get there - action plan to achieve mission - functional areas have strategies # exploit opportunities and strengths, neutralize threats, and avoid weaknesses Strategies for competitive advantage - Answer- differentiation, cost leadership, and response Differentiation - Answer- Better, or at least different - uniqueness beyond physical characteristics and service attributes to encompass everything that impacts customers' perception of value Competing on cost - Answer- Provide the maximum value as perceived by customer. Does not imply low quality. - porter airlines: secondary airports, few fare options, smaller crews, no expensive ticket offices Competing on Response - Answer- - Flexibility is matching market changes in design innovation and volumes - Reliability is meeting schedules - Timeliness is quickness in design, production, and delivery Strategy development process - Answer- 1. Analyze the Environment 2. Determine the Corporate Mission 3. Form a Strategy Analyze the Environment - Answer- Identify the strengths, weaknesses, opportunities, and threats. Understand the environment, customers, industry, and competitors. Determine the Corporate Mission - Answer- State the reason for the firm's existence and identify the value it wishes to create Form a Strategy - Answer- Build a competitive advantage, such as low price, design, or volume flexibility, quality, quick delivery, dependability, after-sale service, broad product lines Strategic Process - Answer- Organization's Mission - Functional Area Missions - (Marketing, Operations, Finance/accounting) Product Life Cycle - Answer- introduction, growth, maturity, decline introduction stage - Answer- - best period to increase market share - r&d engineering is critical - improve quality & change the price - frequent product & process design changes - short production runs - high production costs - limited models - attention to quality Growth stage - Answer- - forecasting critical - product and process reliability - competitive product improvements options - increase capacity -shift toward product focus -enhance distribution Maturity stage - Answer- - standardization - fewer product changes, more minor changes - optimum capacity - increasing stability of process - long production runs - product improvement and cost cutting Decline stage - Answer- - little production differentiation - cost minimization - overcapacity in the industry - prune line to eliminate items not returning good margin - reduce capacity 10 Strategic OM Decisions - Answer- 1. Design of goods and services 2. Managing quality 3. Process and capacity design 4. Location selection 5. Layout design 6. Human Resources and job design 7. Supply-chain management 8. Inventory 9. Scheduling 10. Maintenance 4 International Operations Strategies - Answer- International strategy Global strategy Multi domestic strategy Transnational strategy Global Strategy - Answer- - standardized product - economies of scale - cross-cultural learning International Strategy - Answer- - import/export or license existing products - U.S. Steel, Harley Davidson 7 types of waste - Answer- over production, queues, transportation, inventory, motion, overprocessing, defective products Lean operations - Answer- starts with understanding what the customer wants, optimize the entire process from the customer's perspective, eliminate waste service blueprinting - Answer- process analysis technique that lends itself to a focus on the customer and the provider's interaction with the customer Value-Stream mapping - Answer- process that helps managers understand how to add value in the flow of material and information through the entire production process Types of layouts - Answer- office, retail, warehouse, fixed-position, process=oriented, work-cell, and product oriented Office layout - Answer- positions workers, their equipment, and spaces/offices to provide for movement of information