COB 300- Operations Final Exam
Goods ANS: physical items produced by business organizations
Services ANS: activities that provide some combination of time, location, form and psychological value
Operations Management ANS: the management of systems or processes that create goods and or
provide services
Supply Chain ANS: a sequence of activities and organizations involved in producing and delivering a
good or service
Value-Added ANS: the difference between the cost of inputs and the value or price of outputs
Process ANS: one or more actions that transform inputs into outputs
Lead Time ANS: the time between ordering a good or service and receiving it
Model ANS: an abstraction of reality; a simplified representation of something
System ANS: a set of interrelated parts that must work together
Pareto Phenomenon ANS: a few factors account for a high percentage of the occurrence of some events
Craft Production ANS: system in which highly skilled workers use simple, flexible tools to produce small
quantities of customized goods
,Mass Production ANS: system in which low-skilled workers use specialized machinery to produce high
volumes of standardized goods
Interchangeable Parts ANS: parts of a product made to such precision that they do not have to be
custom fitted
Division of Labor ANS: the breaking up of a production process into small tasks, so that each worker
performs a small portion of the overall job
Six Sigma ANS: a process for reducing costs, improving quality and increasing customer satisfaction
Agility ANS: the ability of an organization to respond quickly to demands or opportunities
Lean System ANS: system that uses minimal amounts of resources to produce a high volume of high
quality goods with some variety
Sustainability ANS: using resources in ways that do not harm ecological systems that support human
existence
Ethics ANS: a standard of behavior that guides how one should act in various situations
Ethical Framework ANS: a sequence of steps intended to guide thinking and subsequent decision or
action
Outsourcing ANS: buying goods or services instead of producing or providing them in house
Competitiveness ANS: how effectively an organization meets the wants and needs of customers relative
to others that offer similar goods or services
, Strategies ANS: plans for achieving organizational goals
Tactics ANS: the methods and actions take to accomplish strategies
Core Competencies ANS: the special attributes or abilities that give an organization a competitive edge
Order Qualifiers ANS: characteristics that customers perceive as minimum standards of acceptability to
be considered as potential for purchase
Order Winners ANS: characteristics of an organizations goods or services that cause it to be perceived
as better than the competition
Environmental Scanning ANS: the monitoring of events and trends that present threats or opportunities
for a company- remember crest
Operation Strategy ANS: the approach, consistent with the organization strategy that is used to guide
the operations function
Quality Based Strategy ANS: strategy that focuses on quality in all phases of an organization
Time-Based Strategy ANS: focuses on reduction of time needed to accomplish tasks
Productivity ANS: a measure of the effective use of resources usually expressed as the ratio of output to
input
Contract Manufacturer ANS: an organization that performs manufacturing and/or purchasing needed to
produce a product of device not for itself but as a service to another firm
Goods ANS: physical items produced by business organizations
Services ANS: activities that provide some combination of time, location, form and psychological value
Operations Management ANS: the management of systems or processes that create goods and or
provide services
Supply Chain ANS: a sequence of activities and organizations involved in producing and delivering a
good or service
Value-Added ANS: the difference between the cost of inputs and the value or price of outputs
Process ANS: one or more actions that transform inputs into outputs
Lead Time ANS: the time between ordering a good or service and receiving it
Model ANS: an abstraction of reality; a simplified representation of something
System ANS: a set of interrelated parts that must work together
Pareto Phenomenon ANS: a few factors account for a high percentage of the occurrence of some events
Craft Production ANS: system in which highly skilled workers use simple, flexible tools to produce small
quantities of customized goods
,Mass Production ANS: system in which low-skilled workers use specialized machinery to produce high
volumes of standardized goods
Interchangeable Parts ANS: parts of a product made to such precision that they do not have to be
custom fitted
Division of Labor ANS: the breaking up of a production process into small tasks, so that each worker
performs a small portion of the overall job
Six Sigma ANS: a process for reducing costs, improving quality and increasing customer satisfaction
Agility ANS: the ability of an organization to respond quickly to demands or opportunities
Lean System ANS: system that uses minimal amounts of resources to produce a high volume of high
quality goods with some variety
Sustainability ANS: using resources in ways that do not harm ecological systems that support human
existence
Ethics ANS: a standard of behavior that guides how one should act in various situations
Ethical Framework ANS: a sequence of steps intended to guide thinking and subsequent decision or
action
Outsourcing ANS: buying goods or services instead of producing or providing them in house
Competitiveness ANS: how effectively an organization meets the wants and needs of customers relative
to others that offer similar goods or services
, Strategies ANS: plans for achieving organizational goals
Tactics ANS: the methods and actions take to accomplish strategies
Core Competencies ANS: the special attributes or abilities that give an organization a competitive edge
Order Qualifiers ANS: characteristics that customers perceive as minimum standards of acceptability to
be considered as potential for purchase
Order Winners ANS: characteristics of an organizations goods or services that cause it to be perceived
as better than the competition
Environmental Scanning ANS: the monitoring of events and trends that present threats or opportunities
for a company- remember crest
Operation Strategy ANS: the approach, consistent with the organization strategy that is used to guide
the operations function
Quality Based Strategy ANS: strategy that focuses on quality in all phases of an organization
Time-Based Strategy ANS: focuses on reduction of time needed to accomplish tasks
Productivity ANS: a measure of the effective use of resources usually expressed as the ratio of output to
input
Contract Manufacturer ANS: an organization that performs manufacturing and/or purchasing needed to
produce a product of device not for itself but as a service to another firm
