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Operations Management > Final > Flashcards

Final Flashcards

1
Q

A global network of organizations and activies that supply a firm with goods and services is referred to as

A

supply chain

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2
Q

A large percentage of the revenue of most firms is spent on which function?

A

operations

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3
Q

The economic activities that typically produce an intangible product are referred to as

A

services

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4
Q

Henry Ford is known for his contributions to

A

assembly line operations

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5
Q

The total of all outputs produced by thhe transformation process divided by the total of the inputs is

A

multifactor productivity

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6
Q

The service sector has lower productivity improvements than the manufacturing sector because

A

services are labor intensive

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7
Q

Competition in the 21st century is no longer between companies; it is between

A

supply chains

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8
Q

How can productivity be improved?

A

Decreasing inputs while holding outputs steady or vice versa

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9
Q

Competing on differentiation is

A

concerned with uniqueness

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10
Q

An international business is a firm that

A

engages in international trade of investment

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11
Q

SWOT analysis refers to

A

Strengths, opportunities, weaknesses, and threats

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12
Q

A strategy is

A

An action plan to achieve a mission

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13
Q

A set of skills, talents, and capabilities inwhich a firm is particuarly strong is reffered to as

A

core competencies

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14
Q

Response based competiton includes

A

Quick
Reliable
Flexible

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15
Q

Porter’s Five forces model is used to evaluate competiton based on which 5 aspects

A

immediate rivals, potential entrants, customers, suppliers, and substitute products

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16
Q

Standardization is an appropriate strategy in which stage of the product life cycle

A

maturity

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17
Q

What OM strategy should a firm with a product in the maturity stage of its life cycle be least concerned?

A

Increase capacity

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18
Q

Products iin the growth stage should not focus on

A

cost cutting

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19
Q

What is true KSFs?

A

KSFs are often necessary, but not sufficient for a competitive advantage

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20
Q

Contract manufacturing is also known as

A

contract manufacturing

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21
Q

What theory implies you should allow another firm to perform work activities for your company if that company can do it more productively that you can?

A

theory of comparative advantage

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22
Q

A method managers use to evaluate the resources at their disposal and manage or alter them to acheve competitive advantage is referred to

A

resources view

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23
Q

What is the difference between an MNC and an international company?

A

The MNC business done outside home country is very significant

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24
Q

Which of the following international operations strategies involves a high degree of centralization

A

global

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25
Q

Which of the following international operations strategies uses decentralized authority with substantial autonomy at each business

A

multidomestic

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26
Q

Which of the following international operations strategies uses the existing domestic model globally

A

multidomestic strategy

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27
Q

What is the practice f transferring a firm’s activities that have traditionally been internal to external suppliers

A

outsourcing

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28
Q

The ability of an organization to produce services that by utilizing the consumer’s five senses have some uniqueness in their characteristics

A

experience differentiation

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29
Q

Which of the international strategies involves low cost reductions and low local responsiveness

A

international strategy

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30
Q

Which of the international operations strategies involves high cost reduction and high local responsiveness

A

transnational strategy

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31
Q

What visual devices to show the duration of activities in a project

A

Gantt chart

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32
Q

What is the major difference between PERT and CPM?

A

PERT uses three time estimates

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33
Q

What is making sure that the people assigned to the project receive the motivation direction and information needd to do their jobs?

A

Direct responsibility of project manager

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34
Q

The three phases involved in the management of large projects are

A

planning, scheduling, and controlling

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35
Q

Dummy activities are used when

A

two activities has identical strating and ending events

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36
Q

In a PERT network, non-critical activities that have little slack need to be monitored closely because

A

near critical paths could become critical paths with small delays

37
Q

the beta distribution is used in project management to

A

calculate expected activity times

38
Q

What time is used when calculating CPM?

A

normal

39
Q

What is the shortest duration required to complete an activity

A

crash time

40
Q

The probability that a project will be completed by its earliest completion date is

A

50%

41
Q

A Measure of the strength of the relationship between two variables is called the

A

coefficient of correlation

42
Q

Is forecasting exclusively objective?

A

Nope

43
Q

With regard to a regression-based forecast, the sandard error of the estimate gives a measure of

A

the variability around the regression line

44
Q

Whan can forecasting not predict?

A

outside factors that cannot be predicted

45
Q

A forecast that addresses the business cycle by predicting planning indicators is

A

an economic forecast

46
Q

A forecast that predicts a company’s sales is

A

a demand forecast

47
Q

What is a data pattern that repeats itself after a period of days, weeks, months, or quarters

A

seasonality

48
Q

What forecast error method is easiest to interpret?

A

MAPE

49
Q

Which forecasting method considers several variables that are related to the variable being predicted

A

multiple regression

50
Q

Forecasting that ttries a variety of computer models and selects the best one for a particular application is reffered as

A

focus forecasting

51
Q

What decision tree symbol represents a decision node

A

square

52
Q

If a decision can assign probabilities of occurrences to the states of nature, then the decision-making environment is decision making under uncertainty

A

false

53
Q

What is the average return under complete certainty

A

expected value with perfect information

54
Q

What is an occurrence or situation over which the decision maker has little or no control

A

state of nature

55
Q

eMV is most appropriate when

A

under conditions of risk

56
Q

Does the term product refer to tangible goods only?

A

N

57
Q

What is the first step in building a house of quality?

A

Identify customer desires

58
Q

Three major elements of product decision

A

selection, definition, design

59
Q

When should product strategy focus on forecasting capacity requirements?

A

at the growth stage

60
Q

At what stage of the product life cycle should product strategy focus on process modification?

A

introductory

61
Q

What behaviors mihgt time-series data exhibit

A

seasonality trend random varations cycles

62
Q

A tracking signal is

A

measurement of how well a forecast is predicting actual values

63
Q

What is the main diff between cycle and seasonality

A

duration of the repeating patterns

64
Q

purpose of MAD

A

measure forecast accuracy

65
Q

With the multiplicative seasonal method of forecasting

A

seasonal factors are multiplied by an estimate of average demand to arrive at a forecast

66
Q

QFD

A

translates desire into design
determines where to deploy quality effort
early
what satisfiees

67
Q

What techniques use variables such as price and promotion expenditures, which are related to demand, to predict demand

A

associative model (linear regression)

68
Q

Most commonly used criterion of decision tree analysis

A

EMV

69
Q

An assembly line is an example of what type of process?

A

repetitive

70
Q

High-volume, low variety production is best suited to which process strategy

A

product focus

71
Q

In many applications, what can human quality inspectors be replaced with

A

vision systems

72
Q

What are the four process focuses

A

Process focus, Repetitive focus, and product focus

73
Q

Low-volume, high variety

A

process focus

74
Q

Fast food restaurant is an example of

A

low customization and low degree of labor

75
Q

What is design capacity

A

the theoretical maximum output of a system in a given period under ideal conditions

76
Q

What is sometimes referreed to as rated capacity

A

expected output

77
Q

effective capcity is

A

capacity a firm expects to achieve given the current operating constraints

78
Q

Utilization with always be lower than efficiency because

A

effective capacity is less than design capacity

79
Q

When should a company add a complmentary product

A

existing product has seasonal or cyclical demand

80
Q

What is the theory of constaints

A

a body of knowledge that deals with anything that limits an organizations ability to achieve its goals

81
Q

What advantages do lag and straddle strategies for increasing capacity have vs leading strategies

A

delaying capital expenditures

82
Q

Electronically guided and controll cart

A

AGV

83
Q

What is a drawing of the movement of material, product, or people

A

flowchart

84
Q

Advances in tech have

A

had a dramatic impact on customer interaction with services and with products

85
Q

Time function mapping is

A

a flowchart with time added on horizontal axis

86
Q

What are two popular methods for testing the capability of a process

A

cp and cpk

87
Q

The objective of a statistical process control system is

A

provide a statistical signal when assignable causes of variation are present

88
Q

The c chart is based on the

A

poisson distribution

Operations Management (6 decks)

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