GMS 401 FINAL EXAM WITH CORRECT
ACTUAL QUESTIONS AND CORRECTLY
WELL DEFINED ANSWERS LATEST
ALREADY GRADED A+ 2025 – 2026
Make or buy decision - ANSWERS-a choice between
producing a component or service in-house or purchasing it
from an outside source
Outsourcing - ANSWERS-transferring a firm's activities that
have traditionally been internal to external suppliers
Vertical integration - ANSWERS-developing the ability to
produce goods or services previously purchased or actually
buying a supplier or a distributor
Keiretsu - ANSWERS-A Japanese term that describes
suppliers who become part of a company coalition
,Virtual companies - ANSWERS-companies that rely on a
variety of supplier relationships to provide services on
demand. Also known as hollow corporations or network
companies
Bullwhip effect - ANSWERS-the increasing fluctuation in
orders that often occurs as orders move through the supply
chain
Pull data - ANSWERS-accurate sales data that initiate
transactions to "pull" product through the supply chain
Service sector - ANSWERS-the segment of the economy that
includes trade, financial, lodging, education, legal, medical,
and other professional occupations
Management process - ANSWERS-the application of
planning, organizing, staffing, leading, and controlling to the
achievement of objectives
Differentiation - ANSWERS-distinguishing the offerings of an
organization in a way that the customer perceives as adding
value
,Experience Differentiation - ANSWERS-Engaging a customer
with a product through imaginative use of the five senses,
so the customer "experiences" the product
Low cost leadership - ANSWERS-achieving maximum value,
as perceived by the customer
Response - ANSWERS-a set of values related to rapid,
flexible, and reliable performance
Mission - ANSWERS-the purpose or rationale for an
organization's existence
Strategy - ANSWERS-how an organization expects to achieve
its missions and goals
Productivity - ANSWERS-the ratio of outputs (goods and
services) divided by one or more inputs (such as labour,
capital or management)
Single factor Productivity - ANSWERS-Indicates the ratio of
one resource (input) to the goods and services produced
(outputs).
, Multifactor productivity - ANSWERS-indicates the ratio of
many or all resources (inputs) to the goods and services
produced (outputs)
Productivity variables - ANSWERS-the three factors critical
to productivity improvement - capital and the art and
science of management
Knowledge Society - ANSWERS-a society in which much of
the labour force has migrated from manual work to work
based on knowledge
Maintenance - ANSWERS-the activities involved in keeping a
systems equipment in working order
Reliability - ANSWERS-the probability that a machine part or
product will function properly for a specified time under
stated conditions
Mean Time Between Failures (MTBF) - ANSWERS-The
expected time between a repair and the next failure of a
component, machine, process, or product.
ACTUAL QUESTIONS AND CORRECTLY
WELL DEFINED ANSWERS LATEST
ALREADY GRADED A+ 2025 – 2026
Make or buy decision - ANSWERS-a choice between
producing a component or service in-house or purchasing it
from an outside source
Outsourcing - ANSWERS-transferring a firm's activities that
have traditionally been internal to external suppliers
Vertical integration - ANSWERS-developing the ability to
produce goods or services previously purchased or actually
buying a supplier or a distributor
Keiretsu - ANSWERS-A Japanese term that describes
suppliers who become part of a company coalition
,Virtual companies - ANSWERS-companies that rely on a
variety of supplier relationships to provide services on
demand. Also known as hollow corporations or network
companies
Bullwhip effect - ANSWERS-the increasing fluctuation in
orders that often occurs as orders move through the supply
chain
Pull data - ANSWERS-accurate sales data that initiate
transactions to "pull" product through the supply chain
Service sector - ANSWERS-the segment of the economy that
includes trade, financial, lodging, education, legal, medical,
and other professional occupations
Management process - ANSWERS-the application of
planning, organizing, staffing, leading, and controlling to the
achievement of objectives
Differentiation - ANSWERS-distinguishing the offerings of an
organization in a way that the customer perceives as adding
value
,Experience Differentiation - ANSWERS-Engaging a customer
with a product through imaginative use of the five senses,
so the customer "experiences" the product
Low cost leadership - ANSWERS-achieving maximum value,
as perceived by the customer
Response - ANSWERS-a set of values related to rapid,
flexible, and reliable performance
Mission - ANSWERS-the purpose or rationale for an
organization's existence
Strategy - ANSWERS-how an organization expects to achieve
its missions and goals
Productivity - ANSWERS-the ratio of outputs (goods and
services) divided by one or more inputs (such as labour,
capital or management)
Single factor Productivity - ANSWERS-Indicates the ratio of
one resource (input) to the goods and services produced
(outputs).
, Multifactor productivity - ANSWERS-indicates the ratio of
many or all resources (inputs) to the goods and services
produced (outputs)
Productivity variables - ANSWERS-the three factors critical
to productivity improvement - capital and the art and
science of management
Knowledge Society - ANSWERS-a society in which much of
the labour force has migrated from manual work to work
based on knowledge
Maintenance - ANSWERS-the activities involved in keeping a
systems equipment in working order
Reliability - ANSWERS-the probability that a machine part or
product will function properly for a specified time under
stated conditions
Mean Time Between Failures (MTBF) - ANSWERS-The
expected time between a repair and the next failure of a
component, machine, process, or product.
