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Summary I-Core P370 Operations Midterm Exam Questions and Answers (Latest Update 2024)
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I-Core P370 Operations Midterm Exam Questions and Answers (Latest Update 2024)
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I-Core P370 Operations Midterm ExamQuestions and Answers (Latest Update
2024)
Transformation System - Correct Answer ✅ A user of resources that
transforms inputs into some desired outputs
Types of Transformations (6 Total) - Correct Answer ✅ Physical -
Manufacturing
Locational - Transportation
Exchange - Retailing
Storage - Warehousing
Physiological - Health Care
Informational - Telecommunications
Triple bottom line - Correct Answer ✅ An accounting framework with three
parts: social, environmental (or ecological) and financial. [People, Planet,
Profit]
Operations Management is... - Correct Answer ✅ The design, operation
and improvement of the systems that creates the firm's primary products
and services
3 Types of OM Decisions - Correct Answer ✅ Strategic - Long Term, Often
involving acquisition of new resources
Tactical - Medium Term, Using existing resources
Operational - Short Term, (Think shift scheduling at a hospital)
Functional Strategies - Correct Answer ✅ Finance Strategy
Marketing Strategy
, I-Core P370 Operations Midterm Exam
Questions and Answers (Latest Update
2024)
Operations Strategy is derived from the... - Correct Answer ✅ Corporate
Strategy
Hierarchy of Strategic Roles (4 Stages) - Correct Answer ✅ Stage 1 -
Internally Neutral (Don't Mess Up)
- Minimize Downside
Stage 2 - Externally Neutral (Keep up with Joneses)
- Match competitors performance
Stage 3 - Internally Supportive (Consistency with Corporate Strategy [50's
and 60's])
- Strategy is formulated and adhered to
Stage 4 - Externally Supportive (be a full partner in the company)
- Using operations as a competitive advantage
Design (Product) Quality & Process Quality - Correct Answer ✅
Performance & Consistency
Southwest's Quick Gate Policy focused on what? - Correct Answer ✅
Becoming the lowest internal cost airplane policy
Productivity Formula - Correct Answer ✅ Outputs/Inputs
4 Types of Productivity - Correct Answer ✅ Partial (Over a single input)
labor productivity = outputs/labor input
Total (Over all inputs)
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