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OPERATIONS MANAGEMENT EXAM TERMS EXPLAINED #3
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OPERATIONS MANAGEMENT EXAM TERMS EXPLAINED #3
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OPERATIONS MANAGEMENT EXAM TERMS EXPLAINED #3Operations Management - correct answer The systematic design, direction, and control
of processes that transform inputs into outputs (services & products) for customers
(internal/external)
Supply Chain Management - correct answer The synchronization of a firm's processes
with those of its suppliers and customers to match the flow of materials, services, and
information with customer demand.
Process - correct answer Any activity or group of activities that takes one or more
inputs, transforms them, and provides one or more outputs for its customers.
Competitive Priorities - correct answer The critical dimensions that a process or supply
chain must possess to satisfy its internal or external customers, both now and in the
future.
Competitive capabilities - correct answer The cost, quality, time, and flexibility
dimensions that a process or supply chain actually possesses and is able to deliver.
Order winners - correct answer The criterion customers use to differentiate the services
or products of one firm from those of another.
Order qualifiers - correct answer The minimum level required from a set of criteria for a
firm to do business in a particular market segment.
Operation - correct answer a group of resources performing all or part of one or more
processes
Project - correct answer An interrelated set of activities with a definite starting and
ending point, which results in a unique outcome for a specific allocation of resources.
Project Management - correct answer A systemized, phased approach to defining,
organizing, planning, monitoring, and controlling projects.
Break even analysis - correct answer Analysis to compare processes by finding the
volume at which two processes have equal total costs.
Preference matrix - correct answer Table that allows managers to rate alternatives
based on several performance criteria.
Decision theory - correct answer Approach when outcomes associated with alternatives
are in doubt.
Decision tree - correct answer Model to compare alternatives and their possible
consequences.
, Variable cost - correct answer The portion of the total cost that varies directly with
volume of output.
Fixed cost - correct answer The portion of the total cost that remains constant
regardless of changes in levels of output.
Quantity - correct answer The number of customers served or units produced per year.
Maximax - correct answer "best of the best"
Laplace - correct answer "the best weighted payoff"
Maximin - correct answer "best of the worst"
Minimax regret - correct answer "best worst regret"
Sponsor - correct answer The 'owner' of the project from conception to commissioning;
business case
Stakeholders - correct answer The people who can influence or are affected by your
project, both internal and external to your organization
Project Scope - correct answer The work that needs to be accomplished to deliver a
product, service, or result with the specified features and functions
Product Scope - correct answer The features and functions that characterize a product,
service, or result
Scope Creep - correct answer Incremental expansion of the scope of a project
Work Breakdown Structure - correct answer A statement of all the work that has to be
completed
Activity - correct answer The smallest unit of work effort consuming both time and
resources that can be planned and controlled
Task - correct answer basic unit of work
Process Strategy - correct answer The pattern of decisions made in managing
processes, so that the processes will achieve their competitive priorities.
Layout - correct answer The physical arrangement of human and capital resources
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