OPERATION MANAGEMENT (Economic
Finance) MIDTERM REVISION STUDY
QUESTIONS CORRECTLY ANSWERED AND 100%
VERIFIED.
Which of the following is NOT a reason why domestic business operations decide
to change to some form of international operation?
attract and retain local talent
How does an organization's strategy relate to its mission?
The strategy is the action plan to achieve the mission.
Which of the following is the purpose or rationale for an organization's existence?
mission
1. Choose the correct example of differentiation and its explanation below.
2. Choose the correct example of cost leadership and its explanation below.
3. Choose the correct example of response and its explanation below.
1. Safeskin Corporation, as it's number one in latex exam gloves that were designed
to prevent allergic reactions
2. Walmart, as it has the low overhead and huge buying power to pressure its
suppliers into concessions
3. Pizza Hut, as it delivers pizza in 5 minutes
Competing on differentiation
means offering customers something unique.
,Which of the following does not represent competing on response?
based on providing uniqueness
How do the 10 strategic OM decisions listed in the text relate to the strategies of
differentiation, cost leadership, and response?
Operations managers make decisions in the 10 areas that help the organization
compete on differentiation, cost leadership, or response.
Which of the following is NOT an OM strategy/issue during the growth stage of the
product life cycle?
reduce capacity
A SWOT analysis
identifies an organization's strengths and weaknesses and its external opportunities
and threats.
Which of these is NOT an advantage of outsourcing?
potential creation of future competition
Which of the following international operations strategies uses decentralized
authority with substantial autonomy at each business?
multidomestic
Which of the following is the appropriate order for the phases of project
management?
planning, scheduling, controlling
Which of the following does NOT belong to the planning phase of project
management?
monitoring resources
Under which of the following conditions would a project organization be most
helpful?
The work contains complex, interrelated tasks.
,Which of the following is the THIRD level in work breakdown structure (WBS)?
subtasks in major tasks
Why are Gantt charts helpful?
They can help managers observe the progress of each activity to spot problems.
When controlling a project, how is up-to-date information about resources, costs,
quality, and budgets used?
to shift resources to where they are needed most
The critical path of a network is the
longest time path through the network.
What is the earliest finish time (EF) of an activity?
if all predecessor activities begin and end as quickly as possible, the earliest time the
activity can be completed
Which of these time estimates is NOT used in PERT?
critical time
In project management, what term refers to shortening activity time in a network
to reduce time on the critical path so total completion time is reduced?
crashing
When using PERT, project managers should be wary of
placing too much emphasis on the critical path.
Among the following, critical path and slack time analysis MOST help
pinpoint activities that need to be closely watched.
Which of the following is a popular example of specialized software used for
managing projects?
Microsoft Project
, The forecasting time horizon that would typically be easiest to predict for would
be the
short range.
A forecast that projects a company's sales is
a demand forecast.
The goal of CPFR (collaborative, planning, forecasting, and replenishment) in
strategic forecasting is
to create significantly more accurate information that can power the supply chain to
greater sales and profits
Which of the following statements is NOT true?
When excess capacity exists, cost can decrease.
Which of the following is the LAST step in a forecasting system?
Validate and implement the results.
Which of the following forecasting steps comes directly after determining the
time horizon of the forecast?
Select the forecasting model(s).
Which of the following is a qualitative forecasting method?
jury of executive opinion
Which forecasting model is based upon salespersons' estimates of expected
sales?
sales force composite
Events in the data caused by chance and unusual situations, such as natural
disasters, are considered
random variation.
Finance) MIDTERM REVISION STUDY
QUESTIONS CORRECTLY ANSWERED AND 100%
VERIFIED.
Which of the following is NOT a reason why domestic business operations decide
to change to some form of international operation?
attract and retain local talent
How does an organization's strategy relate to its mission?
The strategy is the action plan to achieve the mission.
Which of the following is the purpose or rationale for an organization's existence?
mission
1. Choose the correct example of differentiation and its explanation below.
2. Choose the correct example of cost leadership and its explanation below.
3. Choose the correct example of response and its explanation below.
1. Safeskin Corporation, as it's number one in latex exam gloves that were designed
to prevent allergic reactions
2. Walmart, as it has the low overhead and huge buying power to pressure its
suppliers into concessions
3. Pizza Hut, as it delivers pizza in 5 minutes
Competing on differentiation
means offering customers something unique.
,Which of the following does not represent competing on response?
based on providing uniqueness
How do the 10 strategic OM decisions listed in the text relate to the strategies of
differentiation, cost leadership, and response?
Operations managers make decisions in the 10 areas that help the organization
compete on differentiation, cost leadership, or response.
Which of the following is NOT an OM strategy/issue during the growth stage of the
product life cycle?
reduce capacity
A SWOT analysis
identifies an organization's strengths and weaknesses and its external opportunities
and threats.
Which of these is NOT an advantage of outsourcing?
potential creation of future competition
Which of the following international operations strategies uses decentralized
authority with substantial autonomy at each business?
multidomestic
Which of the following is the appropriate order for the phases of project
management?
planning, scheduling, controlling
Which of the following does NOT belong to the planning phase of project
management?
monitoring resources
Under which of the following conditions would a project organization be most
helpful?
The work contains complex, interrelated tasks.
,Which of the following is the THIRD level in work breakdown structure (WBS)?
subtasks in major tasks
Why are Gantt charts helpful?
They can help managers observe the progress of each activity to spot problems.
When controlling a project, how is up-to-date information about resources, costs,
quality, and budgets used?
to shift resources to where they are needed most
The critical path of a network is the
longest time path through the network.
What is the earliest finish time (EF) of an activity?
if all predecessor activities begin and end as quickly as possible, the earliest time the
activity can be completed
Which of these time estimates is NOT used in PERT?
critical time
In project management, what term refers to shortening activity time in a network
to reduce time on the critical path so total completion time is reduced?
crashing
When using PERT, project managers should be wary of
placing too much emphasis on the critical path.
Among the following, critical path and slack time analysis MOST help
pinpoint activities that need to be closely watched.
Which of the following is a popular example of specialized software used for
managing projects?
Microsoft Project
, The forecasting time horizon that would typically be easiest to predict for would
be the
short range.
A forecast that projects a company's sales is
a demand forecast.
The goal of CPFR (collaborative, planning, forecasting, and replenishment) in
strategic forecasting is
to create significantly more accurate information that can power the supply chain to
greater sales and profits
Which of the following statements is NOT true?
When excess capacity exists, cost can decrease.
Which of the following is the LAST step in a forecasting system?
Validate and implement the results.
Which of the following forecasting steps comes directly after determining the
time horizon of the forecast?
Select the forecasting model(s).
Which of the following is a qualitative forecasting method?
jury of executive opinion
Which forecasting model is based upon salespersons' estimates of expected
sales?
sales force composite
Events in the data caused by chance and unusual situations, such as natural
disasters, are considered
random variation.
