GMS401

GMS401 WEEK 2 EXAM QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS VERIFIED Vertical Integration when a company owns or controls its suppliers, distributers, or retail locations to control its value or supply chain 6 Reasons to Globalize 1. Reduce costs (labour, taxes, tariffs, etc.) 2. Improve the supply chain 3. Provide better goods and services 4. Understand markets 5. Learn to improve operations 6. Attract and retain global talent Many international operations seek to take advantage ...

GMS401 MIDTERM EXAM (2) QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS VERIFIED What is the objective of product decision? To develop and implement a product strategy that meets the demands of the marketplace with a competitive advantage Name the four stages of a Product Life Cyle -Introduction -Growth -Maturity -Decline Name a characteristic of the Maturity Phase of the Product Life Cycle -Competitors now established -high volume, innovative production may be needed -improved cost con...

GMS401 CHAPTER 13: PROJECT MANAGEMENT EXAM QUESTIONS AND VERIFIED ANSWERS 3 Phases of Management of Projects 1. Planning - this phase includes goal setting, defining the project, and team organization 2. Scheduling - this phase relates people, money, and supplies to specific activities and relates activities to each other 3. Controlling - here, the firm monitors resources, costs, quality, and budgets. It also revises or changes plans and shifts resources to meet time and cost demands Projec...

GMS401 CHAPTER 8: QUALITY CONTROL EXAM QUESTIONS AND ANSWERS Statistical Process Control (SPC) A process used to monitor standards, make measurements, and take corrective action as a product or service is being produced - a process is said to be operating in statistical control when the only source of variation is common (natural) causes Control Charts Graphic presentations of process data overtime, with predetermined control limits Inspection A means of ensuring that an operation is pr...

GMS401 CHAPTER 9 QUALITY OF MANAGMENT EXAM QUESTIONS AND ANSWERS WITH VERIFIED SOLUTIONS 5W2H Apprach Asking questions about a problem or process that include what, why, where, when, who, how and how much Appraisal Costs Costs related to appraising quality, such as inspection and testing Benchmarking measuring performance against the best in the same or another country Brainstorming technique for generating a free flow of ideas in a group Cause-And-Effect Diagram Used to search to the ...

GMS401 CHAPTER 10 EXAM QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS VERIFIED Just-in-time Production system in which processing and movement of parts/modules/work-in-process occur just as they are needed, usually in small batches. also called big JIT, philosophy of "waste" reduction, identical to lean production Lean Production JIT in a broad sense, is a philosophy of waste reduction and continuous improvement A balanced rapid flow a balanced rapid flow of a family of products is ...

GMS401 FINAL EXAM QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS VERIFIED T/F: Production process at Hard Rock Cafe is limited to meal prep and serving customers False T/F: All organizations, including services have a production function True Example of a "hidden" production function: Money transfers at banks T/F: Operations management shows how people organize themselves for productive enterprise True

GMS401 TEST 2 EXAM QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS VERIFIED Learning/experience curves premise that ppl and organizations get better at their tasks as the tasks are repeated Quality the ability of a product/service to meet customer needs Cost of quality (COQ) the cost of doing things wrong (price of non-conformance) ISO 9000 a set of quality standards developed by the Intl Organization for Standardization (ISO) ISO 14000 a series of environmental mgmt standards establishe...

GMS401 CHAPTER 8: STATISTICAL PROCESS CONTROL EXAM QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS VERIFIED LATEST UPDATE Statistical Process Control the application of statistical techniques to control the processes. Acceptance sampling used to determine acceptance or rejection of material evaluated by a sample Statistical Process Control is a process used to monitor standards by taking measurements and corrective action as a product or service is being used Variability is inherent in ever...

GMS401 FINAL EXAM QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS VERIFIED LATEST UPDATE 3 Functions of Management 1. Marketing 2. Production/Operations 3. Finance/Accounting 10 Key Decisions of Operations Managements 1. Design of Goods & Services 2. Managing Quality 3. Process & Capacity Design 4. Location Strategy 5. Layout Strategy 6. HR & Job Design 7. Supply Chain Management 8. Inventory, Material Requirements Planning & JIT 9. Intermediate & Short Term Scheduling 10. Maintenan...