OTM 300 EXAM 1 WITH CORRECT ANSWERS

OTM 300 EXAM 1 WITH CORRECT
ANSWERS


consumption utility -CORRECT ANSWERS ✔✔- a measure of how much you \/| \/| \/| \/| \/| \/| \/| \/| \/| \/|




like a product or service, ignoring the effects of price and of the inconvenience
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of obtaining the product or service
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- performance and fit
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- drives our demand
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price -CORRECT ANSWERS ✔✔- utility based on what it costs to obtain
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- ex) we match any price in town
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inconvenience -CORRECT ANSWERS ✔✔- utility based on the efficiency of \/| \/| \/| \/| \/| \/| \/| \/| \/|




obtaining
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- referred to as transaction costs
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- location and timing
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marketing is to derive how -CORRECT ANSWERS ✔✔customers find utility \/| \/| \/| \/| \/| \/| \/| \/| \/|




strategic trade-off -CORRECT ANSWERS ✔✔when selecting inputs and
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resources, the firm must choose between a set that excels in one direction of
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customer utility or another, but no single set of inputs and resources can excel
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in all dimensions
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,Pareto dominated -CORRECT ANSWERS ✔✔options that are simply better
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than another
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efficient frontier -CORRECT ANSWERS ✔✔set of firms in an industry that
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aren't Pareto dominated
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3 system inhibitors -CORRECT ANSWERS ✔✔- waste: consumption of inputs
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and resources that don't add value
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- variability: changes in supply or demand over time
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- inflexibility: inability of an operation to quickly and cheaply change in
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response to new info
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capabilities are: -CORRECT ANSWERS ✔✔- firm-specific \/| \/| \/| \/| \/|




- emerging over time
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- tacit, participants may be unaware of their existence
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- path dependent, influenced by history and participants
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- empirically validated, application to problems faced
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Operational improvement -CORRECT ANSWERS ✔✔ability to continuously \/| \/| \/| \/| \/| \/|




adapt to new processes
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operational innovation -CORRECT ANSWERS ✔✔the invention and \/| \/| \/| \/| \/| \/|




deployment of new ways of doing work (related to progressive); rare; reliable;
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low-cost; most start as grass root movements; disruptive by nature;
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,operational customization -CORRECT ANSWERS ✔✔ability to create\/| \/| \/| \/| \/| \/|




something unique
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operational cooperation -CORRECT ANSWERS ✔✔building relationships
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between interfunctional areas
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operational responsiveness -CORRECT ANSWERS ✔✔act quickly to meet
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needs
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operational reconfiguration -CORRECT ANSWERS ✔✔sense subtle points and
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make modifications
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operations strategy -CORRECT ANSWERS ✔✔- in alignment \/| \/| \/| \/| \/| \/|




- provide needed resources, practices and capabilities
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- there is no one best way to do operations (contingency theory - Skinner)
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- trade-offs in making decisions
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SWOT analysis -CORRECT ANSWERS ✔✔a planning tool used to analyze an
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organization's strengths, weaknesses, opportunities, and threats
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Zara's fast fashion video -CORRECT ANSWERS ✔✔- Design, Manufacture,
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Distribute, Retail
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- communication is key
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- cutting the right amount of fabric
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- use of assembly lines
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, - quality assurance methods
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- carousel distribution system to sort out items
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- in-store kiosks to make orders to corporate
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process = -CORRECT ANSWERS ✔✔- inputs -> work/activities -> outputs
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- ex) patients -> radiology unit -> treated patients
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process flow diagram -CORRECT ANSWERS ✔✔- a graphic technique for
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mapping activities and their interrelationships in an operating process
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- boxes represent resources
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process scope -CORRECT ANSWERS ✔✔the set of activities and processes
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included in the process
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flow unit -CORRECT ANSWERS ✔✔- the basic unit that moves through a
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process
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- riders at a theme park
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process metric -CORRECT ANSWERS ✔✔- measure that informs us about the
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performance and capability of a process
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- inventory, flow rate, flow time
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average flow rate -CORRECT ANSWERS ✔✔- The average number of flow units
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that flow through (into and out of) the process per unit of time. Also called
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throughput.
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