OMGT FINAL EXAM REVIEW QUESTIONS
AND VERIFIED ANSWERS RATED A.
T/F:
The Japanese word "muda" is a term that is used to describe human
activity that utilizes resources and creates no value.
True
Which of the following is not one of the four steps of process mapping?
Simulation
A Kanban is:
form of inventory control
Which of the following is not considered a "lean tool"
inventory turn
When a company abandons its old way of thinking and moves toward the
lean way of thinking, we say the company is making a:
Kaizen Event
T/F:
Priority relates to what products need to be produced and when
True
S&OP
aligns forecasted demand, supply, and financial planning
Another form for a product structure tree is a
bill of material
, T/F:
The product life cycle is the length of time from a product's introduction to
the market until it's removal from the market.
True
T/F:
The product development process begins with product concept
generation and down select
False
T/F:
The eight steps in the product development process are also referred to as
integrated product development
False
The four stages of the Product Life Cycle are:
- Define
- Measure
- Analyze
- Design
Integrated Product Development includes all the following EXCEPT
Product Launch/Delivery
T/F:
As forecasting tends to be an essential element to a business's success,
companies should invest their time and resources in creating multiple
demand forecasts, while using one forecasting approach.
False
T/F:
Seasonality is always of a fixed and known frequency
AND VERIFIED ANSWERS RATED A.
T/F:
The Japanese word "muda" is a term that is used to describe human
activity that utilizes resources and creates no value.
True
Which of the following is not one of the four steps of process mapping?
Simulation
A Kanban is:
form of inventory control
Which of the following is not considered a "lean tool"
inventory turn
When a company abandons its old way of thinking and moves toward the
lean way of thinking, we say the company is making a:
Kaizen Event
T/F:
Priority relates to what products need to be produced and when
True
S&OP
aligns forecasted demand, supply, and financial planning
Another form for a product structure tree is a
bill of material
, T/F:
The product life cycle is the length of time from a product's introduction to
the market until it's removal from the market.
True
T/F:
The product development process begins with product concept
generation and down select
False
T/F:
The eight steps in the product development process are also referred to as
integrated product development
False
The four stages of the Product Life Cycle are:
- Define
- Measure
- Analyze
- Design
Integrated Product Development includes all the following EXCEPT
Product Launch/Delivery
T/F:
As forecasting tends to be an essential element to a business's success,
companies should invest their time and resources in creating multiple
demand forecasts, while using one forecasting approach.
False
T/F:
Seasonality is always of a fixed and known frequency
