MGT 3500 Exam Questions 100%
Correct Answers Verified Answers
What is product-service bundling - Answers - ✔✔Product-service bundling is adding
Value-added services to a firm's product offerings to create more value for the
customer.
What are the three elements that require integration to be successful in operations and
supply chain management? - Answers - ✔✔Strategy, Processes, and Analytics
Operations and supply chain management is concerned with the design and
management of the entire system that has what function? - Answers - ✔✔Produces a
product or delivers a service
Which major OSCM concept can be described as an integrated set of activities
designed to achieve high-volume production using minimal inventories of parts that
arrive at workstations exactly when they are needed - Answers - ✔✔Just-in-time (JIT)
production
Operations and supply chain ________________ leverage the vast amount of data in
enterprise resource planning systems to make decisions related to managing resources.
- Answers - ✔✔analytics
Which current issue in OSCM relates to the ability of a firm to maintain balance in a
system, considering the ongoing economic, employee, and environmental viability of the
firm? - Answers - ✔✔Sustainability
What is the name of the process in which one company studies the processes of
another firm in order to identify best practices? - Answers - ✔✔Benchmarking
Shell Oil Company's motto "People, Planet and Profit" is a real-world implementation of
what OSCM concept? - Answers - ✔✔Triple bottom line
2. A firm's strategy should describe how it intends to create and sustain value for
________________________. - Answers - ✔✔its current shareholders
3. What is the term used to describe individuals or organizations that are influenced by
the actions of the firm? - Answers - ✔✔Stakeholders
4. How often should a company develop and refine the operations and supply chain
strategy. - Answers - ✔✔At least yearly
, 5. What is the term used to describe product attributes that attract certain customers
and can be used to form the competitive position of a firm? - Answers - ✔✔Competitive
dimensions
6. What are the two main competitive dimensions related to product delivery? - Answers
- ✔✔Delivery speed and delivery reliability
7. What are the two characteristics of a product or service that define quality? - Answers
- ✔✔Design quality and process quality
8. A diagram that shows how a company's strategy is delivered by a set of supporting
activities is called a _____________________________. - Answers - ✔✔activity-
system map
9. In implementing supply chain strategy a firm must minimize its total cost without
compromising the needs of its ____________________________. - Answers -
✔✔Customers
10. What is defined as the likelihood of disruption that would impact the ability of a
company to continuously supply products or services? - Answers - ✔✔Supply chain
risk
11. Risks caused by natural or manmade disasters, and therefore impossible to reliably
predict, are called ______________________. - Answers - ✔✔Disruption risks
Country risks - Answers - ✔✔Currency hedging, local sourcing
Regulatory risk - Answers - ✔✔Good legal advice, compliance
Logistics failure - Answers - ✔✔Detailed tracking, alternate suppliers
Natural disaster - Answers - ✔✔Contingency planning, insurance
Major quality failure - Answers - ✔✔Carefully select and monitor suppliers
13. The assessment of the probability of a negative event against the aggregate
severity of the related loss is called _____________________________. - Answers -
✔✔Risk mapping
1. Which phase of the generic development process involves construction and
evaluation of multiple preproduction versions of the product? - Answers - ✔✔Testing
and refinement
Correct Answers Verified Answers
What is product-service bundling - Answers - ✔✔Product-service bundling is adding
Value-added services to a firm's product offerings to create more value for the
customer.
What are the three elements that require integration to be successful in operations and
supply chain management? - Answers - ✔✔Strategy, Processes, and Analytics
Operations and supply chain management is concerned with the design and
management of the entire system that has what function? - Answers - ✔✔Produces a
product or delivers a service
Which major OSCM concept can be described as an integrated set of activities
designed to achieve high-volume production using minimal inventories of parts that
arrive at workstations exactly when they are needed - Answers - ✔✔Just-in-time (JIT)
production
Operations and supply chain ________________ leverage the vast amount of data in
enterprise resource planning systems to make decisions related to managing resources.
- Answers - ✔✔analytics
Which current issue in OSCM relates to the ability of a firm to maintain balance in a
system, considering the ongoing economic, employee, and environmental viability of the
firm? - Answers - ✔✔Sustainability
What is the name of the process in which one company studies the processes of
another firm in order to identify best practices? - Answers - ✔✔Benchmarking
Shell Oil Company's motto "People, Planet and Profit" is a real-world implementation of
what OSCM concept? - Answers - ✔✔Triple bottom line
2. A firm's strategy should describe how it intends to create and sustain value for
________________________. - Answers - ✔✔its current shareholders
3. What is the term used to describe individuals or organizations that are influenced by
the actions of the firm? - Answers - ✔✔Stakeholders
4. How often should a company develop and refine the operations and supply chain
strategy. - Answers - ✔✔At least yearly
, 5. What is the term used to describe product attributes that attract certain customers
and can be used to form the competitive position of a firm? - Answers - ✔✔Competitive
dimensions
6. What are the two main competitive dimensions related to product delivery? - Answers
- ✔✔Delivery speed and delivery reliability
7. What are the two characteristics of a product or service that define quality? - Answers
- ✔✔Design quality and process quality
8. A diagram that shows how a company's strategy is delivered by a set of supporting
activities is called a _____________________________. - Answers - ✔✔activity-
system map
9. In implementing supply chain strategy a firm must minimize its total cost without
compromising the needs of its ____________________________. - Answers -
✔✔Customers
10. What is defined as the likelihood of disruption that would impact the ability of a
company to continuously supply products or services? - Answers - ✔✔Supply chain
risk
11. Risks caused by natural or manmade disasters, and therefore impossible to reliably
predict, are called ______________________. - Answers - ✔✔Disruption risks
Country risks - Answers - ✔✔Currency hedging, local sourcing
Regulatory risk - Answers - ✔✔Good legal advice, compliance
Logistics failure - Answers - ✔✔Detailed tracking, alternate suppliers
Natural disaster - Answers - ✔✔Contingency planning, insurance
Major quality failure - Answers - ✔✔Carefully select and monitor suppliers
13. The assessment of the probability of a negative event against the aggregate
severity of the related loss is called _____________________________. - Answers -
✔✔Risk mapping
1. Which phase of the generic development process involves construction and
evaluation of multiple preproduction versions of the product? - Answers - ✔✔Testing
and refinement
