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OMIS 338 Final Exam Question and answers verified to pass OMIS 338 Final Exam 4 Stages of the Product Life Cycle - correct answer Introduction Stage -> Growth Stage -> Maturity Stage -> Decline Stage Why are new products development and introduction important in competitive market...

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  • November 5, 2024
  • 5
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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OMIS 338 Final Exam
4 Stages of the Product Life Cycle - correct answer ✔Introduction Stage ->
Growth Stage -> Maturity Stage -> Decline Stage


Why are new products development and introduction important in competitive
markets? - correct answer ✔Great new products are the key to success and
revenue, Customers buy satisfaction, not just a physical good or particular
service


What is an example of the Differentiation Strategy for competitive options? -
correct answer ✔Apple (better)


What is an example of the Low Cost strategy for competitive options? - correct
answer ✔Walmart (cheaper)


What is an example of the Rapid Response strategy for competitive options? -
correct answer ✔FedEx (faster)


Why should Operations get involved in the product conception stage? -
correct answer ✔To determine the operations capabilities (materials, labor,
technology) and to know the time frame for market readiness.


Introduction - correct answer ✔Process capability and quality of
manufacturing and suppliers


Growth - correct answer ✔Forecasted level for focus on production and
supplier capacities and Product and process reliability

, Maturity - correct answer ✔Optimize for Cost, Quality and Delivery


Decline - correct answer ✔Focus on cost reduction, capacity reduction and
minimize inventory obsolescence


When does the product development team hand responsibility of production
over to the operations team? - correct answer ✔After successful new product
introduction


What are the Project Characteristics discussed in this unit? - correct answer
✔Single unit, many related activities, High labor skills, General purpose
equipment, and Difficult production planning and inventory control


What are the responsibilities of the Project Manager? - correct answer ✔-All
necessary activities are finished in order and on time
-The project comes in within budget
-The project meets quality goals
-The people assigned to the project receive motivation, direction, and
information


Project Managers should be: - correct answer ✔Good coaches, good
communicators, & able to organize activities from a variety of disciplines


What are some ethical issues project managers face? - correct answer
✔Offers or gifts from contractors, pressure to alter status reports to mask
delays, false reports for charges of time and expenses, and pressure to
compromise quality to meet schedules


What are the three phases of project management? - correct answer
✔Planning, Scheduling, & Controlling,

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