GMS 401- FINAL EXAM QUESTIONS
WITH VERIFIED ANSWERS
\.Production - ANSWERS-the creation of goods and services
\.Operations Management - ANSWERS-Activities that relate to the creation of
goods and services through the transformation of inputs to outputs
\.Supply chain - ANSWERS-A global network of organizations and activities that
supply a firm with goods and services
\.Services - ANSWERS-Economic activities that typically produce an intangible
product (such as education, entertainment, lodging, government, financial, and
health services)
\.Service sector - ANSWERS-the segment of the economy that includes trade,
financial, lodging, education, legal, medical, and other professional occupations
\.Management process - ANSWERS-the application of planning, organizing,
staffing, leading, and controlling to the achievement of objectives
\.Differentiation - ANSWERS-distinguishing the offerings of an organization in a
way that the customer perceives as adding value
,\.Experience Differentiation - ANSWERS-Engaging a customer with a product
through imaginative use of the five senses, so the customer "experiences" the
product
\.Low cost leadership - ANSWERS-achieving maximum value, as perceived by the
customer
\.Response - ANSWERS-a set of values related to rapid, flexible, and reliable
performance
\.Mission - ANSWERS-the purpose or rationale for an organization's existence
\.Strategy - ANSWERS-how an organization expects to achieve its missions and
goals
\.Productivity - ANSWERS-the ratio of outputs (goods and services) divided by one
or more inputs (such as labour, capital or management)
\.Single factor Productivity - ANSWERS-Indicates the ratio of one resource (input)
to the goods and services produced (outputs).
\.Multifactor productivity - ANSWERS-indicates the ratio of many or all resources
(inputs) to the goods and services produced (outputs)
\.Productivity variables - ANSWERS-the three factors critical to productivity
improvement - capital and the art and science of management
, \.Knowledge Society - ANSWERS-a society in which much of the labour force has
migrated from manual work to work based on knowledge
\.Maintenance - ANSWERS-the activities involved in keeping a systems equipment
in working order
\.Reliability - ANSWERS-the probability that a machine part or product will
function properly for a specified time under stated conditions
\.Mean Time Between Failures (MTBF) - ANSWERS-The expected time between a
repair and the next failure of a component, machine, process, or product.
\.Redundancy - ANSWERS-the use of components in parallel to raise reliability
\.Product development stages - ANSWERS-Product concepts are developed from a
variety of sources, both external and internal to the firm. Concepts that survive
the product idea stage progress through various stages, with nearly constant
review, feedback, and evaluation in a highly participative environment to minimize
failure
\.Robust design - ANSWERS-a design that can be produced to requirements even
with unfavorable conditions in the production process
\.Modular designs - ANSWERS-Designs in which parts or components of a product
are subdivided into modules that are easily interchanged or replaced
WITH VERIFIED ANSWERS
\.Production - ANSWERS-the creation of goods and services
\.Operations Management - ANSWERS-Activities that relate to the creation of
goods and services through the transformation of inputs to outputs
\.Supply chain - ANSWERS-A global network of organizations and activities that
supply a firm with goods and services
\.Services - ANSWERS-Economic activities that typically produce an intangible
product (such as education, entertainment, lodging, government, financial, and
health services)
\.Service sector - ANSWERS-the segment of the economy that includes trade,
financial, lodging, education, legal, medical, and other professional occupations
\.Management process - ANSWERS-the application of planning, organizing,
staffing, leading, and controlling to the achievement of objectives
\.Differentiation - ANSWERS-distinguishing the offerings of an organization in a
way that the customer perceives as adding value
,\.Experience Differentiation - ANSWERS-Engaging a customer with a product
through imaginative use of the five senses, so the customer "experiences" the
product
\.Low cost leadership - ANSWERS-achieving maximum value, as perceived by the
customer
\.Response - ANSWERS-a set of values related to rapid, flexible, and reliable
performance
\.Mission - ANSWERS-the purpose or rationale for an organization's existence
\.Strategy - ANSWERS-how an organization expects to achieve its missions and
goals
\.Productivity - ANSWERS-the ratio of outputs (goods and services) divided by one
or more inputs (such as labour, capital or management)
\.Single factor Productivity - ANSWERS-Indicates the ratio of one resource (input)
to the goods and services produced (outputs).
\.Multifactor productivity - ANSWERS-indicates the ratio of many or all resources
(inputs) to the goods and services produced (outputs)
\.Productivity variables - ANSWERS-the three factors critical to productivity
improvement - capital and the art and science of management
, \.Knowledge Society - ANSWERS-a society in which much of the labour force has
migrated from manual work to work based on knowledge
\.Maintenance - ANSWERS-the activities involved in keeping a systems equipment
in working order
\.Reliability - ANSWERS-the probability that a machine part or product will
function properly for a specified time under stated conditions
\.Mean Time Between Failures (MTBF) - ANSWERS-The expected time between a
repair and the next failure of a component, machine, process, or product.
\.Redundancy - ANSWERS-the use of components in parallel to raise reliability
\.Product development stages - ANSWERS-Product concepts are developed from a
variety of sources, both external and internal to the firm. Concepts that survive
the product idea stage progress through various stages, with nearly constant
review, feedback, and evaluation in a highly participative environment to minimize
failure
\.Robust design - ANSWERS-a design that can be produced to requirements even
with unfavorable conditions in the production process
\.Modular designs - ANSWERS-Designs in which parts or components of a product
are subdivided into modules that are easily interchanged or replaced
