IE BBA Management Final Exam Review
Questions With Answers
System
An interconnected and coordinated set of elements and processes that converts inputs to desired
outputs
Point View
A single task is completed in isolation
Line View
A series of related tasks are completed in succession
Circular View
A series of related tasks are completed in succession, the results are analyzed, and the insights are
used to improve quality and efficiency of the next cycle of the process
Value Chain
All the elements and processes that add value as raw materials are transformed into the final
products made available to the ultimate customer
Value Webs
Networks of suppliers and outsourcing partners
Supply Chain
Set of connected systems that coordinates the flow of goods and materials from suppliers all the way
through to final customers
Outsourcing
Contracting out certain business functions or operations to other companies
Offshoring
Transferring a part or all of a business function to a facility in another country
Supply Chain Management (SCM)
Business procedures, policies, and computer systems that integrate the various elements of the
supply chain into a cohesive system
Inventory
Goods and materials kept in stock for production or sale
Inventory Control
Determining the right quantities of supplies and products to have on hand and tracking where those
items are
, Procurement
Acquisition of the raw materials, parts, components, supplies, and finished products required to
produce goods and services
Production and Operations Management
Overseeing all the activities involved in producing goods and services
Capacity Planning
Establishing the overall level of resources needed to meet customer demand
Critical Path
In a PERT network diagram, the sequence of operations that requires the longest time to complete
Productivity
Efficiency with which an organization can convert inputs to outputs
Lean Systems
Systems (in manufacturing and other functional areas) that maximize productivity by reducing waste
and delays
Just in Time (JIT)
Inventory management in which goods and materials are delivered throughout the production
process right before they are needed
Mass production
Manufacturing identical goods or services, usually in large quantities
Mass customization
Part of the product is mass produced and the remaining features are customized for each buyer
Customized production
Creation of a unique good or service for each customer
Quality
Degree to which a product or process meets reasonable or agreed-upon expectations
Quality Control
Measuring quality against established standards after the good or service has been produced and
weeding out any defective products
Quality assurance
Comprehensive approach of companywide policies, practices, and procedures to ensure that every
product meets quality standards
Questions With Answers
System
An interconnected and coordinated set of elements and processes that converts inputs to desired
outputs
Point View
A single task is completed in isolation
Line View
A series of related tasks are completed in succession
Circular View
A series of related tasks are completed in succession, the results are analyzed, and the insights are
used to improve quality and efficiency of the next cycle of the process
Value Chain
All the elements and processes that add value as raw materials are transformed into the final
products made available to the ultimate customer
Value Webs
Networks of suppliers and outsourcing partners
Supply Chain
Set of connected systems that coordinates the flow of goods and materials from suppliers all the way
through to final customers
Outsourcing
Contracting out certain business functions or operations to other companies
Offshoring
Transferring a part or all of a business function to a facility in another country
Supply Chain Management (SCM)
Business procedures, policies, and computer systems that integrate the various elements of the
supply chain into a cohesive system
Inventory
Goods and materials kept in stock for production or sale
Inventory Control
Determining the right quantities of supplies and products to have on hand and tracking where those
items are
, Procurement
Acquisition of the raw materials, parts, components, supplies, and finished products required to
produce goods and services
Production and Operations Management
Overseeing all the activities involved in producing goods and services
Capacity Planning
Establishing the overall level of resources needed to meet customer demand
Critical Path
In a PERT network diagram, the sequence of operations that requires the longest time to complete
Productivity
Efficiency with which an organization can convert inputs to outputs
Lean Systems
Systems (in manufacturing and other functional areas) that maximize productivity by reducing waste
and delays
Just in Time (JIT)
Inventory management in which goods and materials are delivered throughout the production
process right before they are needed
Mass production
Manufacturing identical goods or services, usually in large quantities
Mass customization
Part of the product is mass produced and the remaining features are customized for each buyer
Customized production
Creation of a unique good or service for each customer
Quality
Degree to which a product or process meets reasonable or agreed-upon expectations
Quality Control
Measuring quality against established standards after the good or service has been produced and
weeding out any defective products
Quality assurance
Comprehensive approach of companywide policies, practices, and procedures to ensure that every
product meets quality standards
