OTM 300 EXAM 1|187 Questions with Verified
Answers
- a measure of how much you like a product or service, ignoring the effects of
price and of the inconvenience of obtaining the product or service
- performance and fit
- drives our demand - CORRECT ANSWER consumption utility
- utility based on what it costs to obtain
- ex) we match any price in town - CORRECT ANSWER price
- utility based on the efficiency of obtaining
- referred to as transaction costs
- location and timing - CORRECT ANSWER inconvenience
customers find utility - CORRECT ANSWER marketing is to derive how
when selecting inputs and resources, the firm must choose between a set that
excels in one direction of customer utility or another, but no single set of inputs
and resources can excel in all dimensions - CORRECT ANSWER strategic trade-off
options that are simply better than another - CORRECT ANSWER Pareto
dominated
,set of firms in an industry that aren't Pareto dominated - CORRECT ANSWER
efficient frontier
- waste: consumption of inputs and resources that don't add value
- variability: changes in supply or demand over time
- inflexibility: inability of an operation to quickly and cheaply change in response
to new info - CORRECT ANSWER 3 system inhibitors
- firm-specific
- emerging over time
- tacit, participants may be unaware of their existence
- path dependent, influenced by history and participants
- empirically validated, application to problems faced - CORRECT ANSWER
capabilities are:
ability to continuously adapt to new processes - CORRECT ANSWER Operational
improvement
the invention and deployment of new ways of doing work (related to progressive);
rare; reliable; low-cost; most start as grass root movements; disruptive by nature;
- CORRECT ANSWER operational innovation
ability to create something unique - CORRECT ANSWER operational customization
,building relationships between interventional areas - CORRECT ANSWER
operational cooperation
act quickly to meet needs - CORRECT ANSWER operational responsiveness
sense subtle points and make modifications - CORRECT ANSWER operational
reconfiguration
- in alignment
- provide needed resources, practices and capabilities
- there is no one best way to do operations (contingency theory - Skinner)
- trade-offs in making decisions - CORRECT ANSWER operations strategy
a planning tool used to analyze an organization's strengths, weaknesses,
opportunities, and threats - CORRECT ANSWER SWOT analysis
- Design, Manufacture, Distribute, Retail
- communication is key
- cutting the right amount of fabric
- use of assembly lines
- quality assurance methods
- carousel distribution system to sort out items
- in-store kiosks to make orders to corporate - CORRECT ANSWER Zara's fast
fashion video
, - inputs -> work/activities -> outputs
- ex) patients -> radiology unit -> treated patients - CORRECT ANSWER process =
- a graphic technique for mapping activities and their interrelationships in an
operating process
- boxes represent resources - CORRECT ANSWER process flow diagram
the set of activities and processes included in the process - CORRECT ANSWER
process scope
- the basic unit that moves through a process
- riders at a theme park - CORRECT ANSWER flow unit
- measure that informs us about the performance and capability of a process
- inventory, flow rate, flow time - CORRECT ANSWER process metric
- The average number of flow units that flow through (into and out of) the process
per unit of time. Also called throughput.
- ex) patients / hours = patients per hour - CORRECT ANSWER average flow rate
- The average amount of inventory in a system is equal to the product of the
average demand rate and the average time a unit is in the system.
- Inventory = Flow rate * flow time
Answers
- a measure of how much you like a product or service, ignoring the effects of
price and of the inconvenience of obtaining the product or service
- performance and fit
- drives our demand - CORRECT ANSWER consumption utility
- utility based on what it costs to obtain
- ex) we match any price in town - CORRECT ANSWER price
- utility based on the efficiency of obtaining
- referred to as transaction costs
- location and timing - CORRECT ANSWER inconvenience
customers find utility - CORRECT ANSWER marketing is to derive how
when selecting inputs and resources, the firm must choose between a set that
excels in one direction of customer utility or another, but no single set of inputs
and resources can excel in all dimensions - CORRECT ANSWER strategic trade-off
options that are simply better than another - CORRECT ANSWER Pareto
dominated
,set of firms in an industry that aren't Pareto dominated - CORRECT ANSWER
efficient frontier
- waste: consumption of inputs and resources that don't add value
- variability: changes in supply or demand over time
- inflexibility: inability of an operation to quickly and cheaply change in response
to new info - CORRECT ANSWER 3 system inhibitors
- firm-specific
- emerging over time
- tacit, participants may be unaware of their existence
- path dependent, influenced by history and participants
- empirically validated, application to problems faced - CORRECT ANSWER
capabilities are:
ability to continuously adapt to new processes - CORRECT ANSWER Operational
improvement
the invention and deployment of new ways of doing work (related to progressive);
rare; reliable; low-cost; most start as grass root movements; disruptive by nature;
- CORRECT ANSWER operational innovation
ability to create something unique - CORRECT ANSWER operational customization
,building relationships between interventional areas - CORRECT ANSWER
operational cooperation
act quickly to meet needs - CORRECT ANSWER operational responsiveness
sense subtle points and make modifications - CORRECT ANSWER operational
reconfiguration
- in alignment
- provide needed resources, practices and capabilities
- there is no one best way to do operations (contingency theory - Skinner)
- trade-offs in making decisions - CORRECT ANSWER operations strategy
a planning tool used to analyze an organization's strengths, weaknesses,
opportunities, and threats - CORRECT ANSWER SWOT analysis
- Design, Manufacture, Distribute, Retail
- communication is key
- cutting the right amount of fabric
- use of assembly lines
- quality assurance methods
- carousel distribution system to sort out items
- in-store kiosks to make orders to corporate - CORRECT ANSWER Zara's fast
fashion video
, - inputs -> work/activities -> outputs
- ex) patients -> radiology unit -> treated patients - CORRECT ANSWER process =
- a graphic technique for mapping activities and their interrelationships in an
operating process
- boxes represent resources - CORRECT ANSWER process flow diagram
the set of activities and processes included in the process - CORRECT ANSWER
process scope
- the basic unit that moves through a process
- riders at a theme park - CORRECT ANSWER flow unit
- measure that informs us about the performance and capability of a process
- inventory, flow rate, flow time - CORRECT ANSWER process metric
- The average number of flow units that flow through (into and out of) the process
per unit of time. Also called throughput.
- ex) patients / hours = patients per hour - CORRECT ANSWER average flow rate
- The average amount of inventory in a system is equal to the product of the
average demand rate and the average time a unit is in the system.
- Inventory = Flow rate * flow time
