COB 300 Operations Final Exam Study
Guide (Tchommo) Questions and
Answers
Mission - Answers -Reason for an organization's existence
Mission Statement - Answers -States the purpose of the organization
Goals - Answers -Provide detail and the scope of the mission
Strategy - Answers -- A plan for achieving organizational goals
- If goals = destinations, Strategies = roadmaps
Order Qualifiers - Answers -Characteristics that customers perceive as minimum
standards of acceptability for a product or service to be considered as a potential for
purchase
Order Winners: - Answers -Characteristics of an organization's goods or services that
cause it to be perceived as better than the competition
Core Competency - Answers -The one thing a company can do better than its
competitors
Environmental Scanning - Answers -Identifies internal strengths and weaknesses
Identifies external opportunities and threats
Three basic business strategies: - Answers -1) Supply Chain Strategy
2) Sustainability Strategy
3) Global Strategy
Four perspectives of a balanced scorecard - Answers -1) Customers
2) Internal Business Processes
3) Learning
4) Growth
What is the purpose of a balanced scorecard? - Answers -- Using this approach,
managers develop objectives, metrics, and targets for each objective and initiatives to
achieve objectives, and they identify links among the various perspectives.
- Results are monitored and used to improve strategic performance results.
, Operations Management - Answers -The management of systems or processes that
create goods and/or provide services
Productivity = - Answers -Productivity = Outputs/Inputs
Partial Measures: - Answers -Output/Single Input; Output/Labor; Output/Capital
Multifactorial Measures: - Answers -Output/ Multiple Inputs/ Output/Labor+Machine;
Output/ (Labor + Capital + Energy)
Productivity Growth - Answers -(Current Productivity - Previous Productivity)/Previous
Productivity X 100%
Ex. (23-25)/25 X 100% = -8%
Core competency - Answers -The one thing that a firm can do better than its
competitors. The goal is to have a core competency that yields a long-term competitive
advantage to the company.
Contract manufacturer - Answers -An organization that performs manufacturing and/or
purchasing needed to produce a product or device not for itself, but asa service to
another firm.
Concurrent Engineering - Answers -Emphasizes cross-functional integration and
concurrent development of a product and its associated processes.
Quality function deployment (QFD) - Answers -A process that helps a company
determine the product characteristics important to the consumer and to evaluate its own
product in relation to others.
House of quality - Answers -A matrix that helps a product design team translate
customer requirements into operating and engineering goals.
Value analysis/value engineering (VA/VE) - Answers -Analysis with the purpose of
simplifying products and processes by achieving equivalent or better performance at a
lower cost.
Ecodesign - Answers -The incorporation of environmental considerations into the design
and developmentof products or services.These concerns relateto the entire life
cycle,including materials,manufacturing, distribution,and the eventual disposalof waste.
Time-to-market - Answers -A measure of product development success. There are two
measures here: the frequency of new product introductions and the time from initial
concept to market introduction.
Productivity - Answers -A measure of how well resources are used. According to
Goldratt'sdefinition, all the actions that bring a company closer to its goals.
Guide (Tchommo) Questions and
Answers
Mission - Answers -Reason for an organization's existence
Mission Statement - Answers -States the purpose of the organization
Goals - Answers -Provide detail and the scope of the mission
Strategy - Answers -- A plan for achieving organizational goals
- If goals = destinations, Strategies = roadmaps
Order Qualifiers - Answers -Characteristics that customers perceive as minimum
standards of acceptability for a product or service to be considered as a potential for
purchase
Order Winners: - Answers -Characteristics of an organization's goods or services that
cause it to be perceived as better than the competition
Core Competency - Answers -The one thing a company can do better than its
competitors
Environmental Scanning - Answers -Identifies internal strengths and weaknesses
Identifies external opportunities and threats
Three basic business strategies: - Answers -1) Supply Chain Strategy
2) Sustainability Strategy
3) Global Strategy
Four perspectives of a balanced scorecard - Answers -1) Customers
2) Internal Business Processes
3) Learning
4) Growth
What is the purpose of a balanced scorecard? - Answers -- Using this approach,
managers develop objectives, metrics, and targets for each objective and initiatives to
achieve objectives, and they identify links among the various perspectives.
- Results are monitored and used to improve strategic performance results.
, Operations Management - Answers -The management of systems or processes that
create goods and/or provide services
Productivity = - Answers -Productivity = Outputs/Inputs
Partial Measures: - Answers -Output/Single Input; Output/Labor; Output/Capital
Multifactorial Measures: - Answers -Output/ Multiple Inputs/ Output/Labor+Machine;
Output/ (Labor + Capital + Energy)
Productivity Growth - Answers -(Current Productivity - Previous Productivity)/Previous
Productivity X 100%
Ex. (23-25)/25 X 100% = -8%
Core competency - Answers -The one thing that a firm can do better than its
competitors. The goal is to have a core competency that yields a long-term competitive
advantage to the company.
Contract manufacturer - Answers -An organization that performs manufacturing and/or
purchasing needed to produce a product or device not for itself, but asa service to
another firm.
Concurrent Engineering - Answers -Emphasizes cross-functional integration and
concurrent development of a product and its associated processes.
Quality function deployment (QFD) - Answers -A process that helps a company
determine the product characteristics important to the consumer and to evaluate its own
product in relation to others.
House of quality - Answers -A matrix that helps a product design team translate
customer requirements into operating and engineering goals.
Value analysis/value engineering (VA/VE) - Answers -Analysis with the purpose of
simplifying products and processes by achieving equivalent or better performance at a
lower cost.
Ecodesign - Answers -The incorporation of environmental considerations into the design
and developmentof products or services.These concerns relateto the entire life
cycle,including materials,manufacturing, distribution,and the eventual disposalof waste.
Time-to-market - Answers -A measure of product development success. There are two
measures here: the frequency of new product introductions and the time from initial
concept to market introduction.
Productivity - Answers -A measure of how well resources are used. According to
Goldratt'sdefinition, all the actions that bring a company closer to its goals.
