OSC Midterm Exam 1 (Modules 1-3) with all Correct &
100% Verified Answers |Actual Complete Exam |Already
Graded A+
What is Value? ✔Correct Answer-Economic value is a measure of the benefit provided by a
good or service to an economic agent.
What is Operations Management? ✔Correct Answer-The transformation of inputs into
outputs. It is essentially the process of making things.
What is the materials manager responsible for? ✔Correct Answer-The materials manager is
responsible for ensuring that the inventory is adequate for production.
What is a purchasing agent responsible for? ✔Correct Answer-A purchasing agent is
responsible for buying the materials.
What is a production scheduler responsible for? ✔Correct Answer-The production scheduler
is responsible for matching the product orders with a sale forecast to get the factory running
smoothly.
What does quality management do? ✔Correct Answer-They guarantee that the products are
free of defects.
What are some inputs? ✔Correct Answer-Human labor, materials and parts, energy,
machinery
What are examples of "the process"? ✔Correct Answer-Manufacturing, assembly, location
change (shipping),
surgical operation
What are some outputs? ✔Correct Answer-Finished products, service interaction with
customer, a medical diagnosis, customer satisfaction
What are the important decisions in operations management? ✔Correct Answer-How to
increase productivity without sacrificing quality, producing as many as possible with as little
input as possible,
How is productivity calculated? ✔Correct Answer-Productivity is calculated as the ratio of
output to input
, What is operations management and what are the three most important operations
management practices? ✔Correct Answer-Operations management is the management of
processes that transform inputs into goods and services that add value for the customer. the
three most important practices are: total quality management, supply chain management, and
just in time/lean operations
Why is it important to understand and creat value? ✔Correct Answer-Understanding what
customers value is the first step in delivering customer value... there are two stages at which
customers assess value: before and after they purchase a product or service. Value is perceived
at various levels; therefore, value needs be to be delivered at various levels
What is supply chain management? ✔Correct Answer-The management of the flow of
information and materials from the suppliers to customers
What is a supply chain? ✔Correct Answer-A network of organizations that work together to
concert and move goods from raw materials to the end customer
What are the differences between operations and supply chain management? ✔Correct
Answer-Operations management refers to processes within a single firm whereas supply chain
management refers to processes and exchanges across multiple firms
What are the two major supply chain areas for companies? ✔Correct Answer-Sourcing/
purchasing and logistics
What is sourcing/purchasing? ✔Correct Answer-the processes associated with identifying
material and service needs, locating and selecting suppliers, negotiating contract and payment
terms, and tracking to assess supplier performance
What are logistics? ✔Correct Answer-Plans, implements, and manages the efficient, effective
flow and storage of goods and services from the point of origin to the point of end consumption
What is the global nature of supply chains? ✔Correct Answer-China's trade with the US has
been growing and china is currently our largest goods trading partner. There are numerous
challenges in managing the global supply chain including, different laws, languages, cultures and
political strife
Gartner's top supply chain of 2020 ✔Correct Answer-masters category includes amazon,
apple, mcdonalds, p&g, unilever, and the notable brands include cisco, colgate, johnson &
johnson, Nestle, pepsico
What is operations role within business strategy? ✔Correct Answer-set the broad guide for
what the company will be doing for the future especially that which is included in the
companies mission statement
100% Verified Answers |Actual Complete Exam |Already
Graded A+
What is Value? ✔Correct Answer-Economic value is a measure of the benefit provided by a
good or service to an economic agent.
What is Operations Management? ✔Correct Answer-The transformation of inputs into
outputs. It is essentially the process of making things.
What is the materials manager responsible for? ✔Correct Answer-The materials manager is
responsible for ensuring that the inventory is adequate for production.
What is a purchasing agent responsible for? ✔Correct Answer-A purchasing agent is
responsible for buying the materials.
What is a production scheduler responsible for? ✔Correct Answer-The production scheduler
is responsible for matching the product orders with a sale forecast to get the factory running
smoothly.
What does quality management do? ✔Correct Answer-They guarantee that the products are
free of defects.
What are some inputs? ✔Correct Answer-Human labor, materials and parts, energy,
machinery
What are examples of "the process"? ✔Correct Answer-Manufacturing, assembly, location
change (shipping),
surgical operation
What are some outputs? ✔Correct Answer-Finished products, service interaction with
customer, a medical diagnosis, customer satisfaction
What are the important decisions in operations management? ✔Correct Answer-How to
increase productivity without sacrificing quality, producing as many as possible with as little
input as possible,
How is productivity calculated? ✔Correct Answer-Productivity is calculated as the ratio of
output to input
, What is operations management and what are the three most important operations
management practices? ✔Correct Answer-Operations management is the management of
processes that transform inputs into goods and services that add value for the customer. the
three most important practices are: total quality management, supply chain management, and
just in time/lean operations
Why is it important to understand and creat value? ✔Correct Answer-Understanding what
customers value is the first step in delivering customer value... there are two stages at which
customers assess value: before and after they purchase a product or service. Value is perceived
at various levels; therefore, value needs be to be delivered at various levels
What is supply chain management? ✔Correct Answer-The management of the flow of
information and materials from the suppliers to customers
What is a supply chain? ✔Correct Answer-A network of organizations that work together to
concert and move goods from raw materials to the end customer
What are the differences between operations and supply chain management? ✔Correct
Answer-Operations management refers to processes within a single firm whereas supply chain
management refers to processes and exchanges across multiple firms
What are the two major supply chain areas for companies? ✔Correct Answer-Sourcing/
purchasing and logistics
What is sourcing/purchasing? ✔Correct Answer-the processes associated with identifying
material and service needs, locating and selecting suppliers, negotiating contract and payment
terms, and tracking to assess supplier performance
What are logistics? ✔Correct Answer-Plans, implements, and manages the efficient, effective
flow and storage of goods and services from the point of origin to the point of end consumption
What is the global nature of supply chains? ✔Correct Answer-China's trade with the US has
been growing and china is currently our largest goods trading partner. There are numerous
challenges in managing the global supply chain including, different laws, languages, cultures and
political strife
Gartner's top supply chain of 2020 ✔Correct Answer-masters category includes amazon,
apple, mcdonalds, p&g, unilever, and the notable brands include cisco, colgate, johnson &
johnson, Nestle, pepsico
What is operations role within business strategy? ✔Correct Answer-set the broad guide for
what the company will be doing for the future especially that which is included in the
companies mission statement
