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IE BBA Management Final Exam Review Questions With Answers

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IE BBA Management Final Exam Review Questions With Answers System An interconnected and coordinated set of elements and processes that converts inputs to desired outputs Point View A single task is completed in isolation Line View A series of related tasks are completed in succession ...

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  • June 13, 2024
  • 11
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

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  • ie bba management final exam review questions with

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IE BBA Management Final Exam Review
Questions With Answers
System
An interconnected and coordinated set of elements and processes that converts inputs to desired
outputs


Point View
A single task is completed in isolation


Line View
A series of related tasks are completed in succession


Circular View
A series of related tasks are completed in succession, the results are analyzed, and the insights are
used to improve quality and efficiency of the next cycle of the process


Value Chain
All the elements and processes that add value as raw materials are transformed into the final
products made available to the ultimate customer


Value Webs
Networks of suppliers and outsourcing partners


Supply Chain
Set of connected systems that coordinates the flow of goods and materials from suppliers all the way
through to final customers


Outsourcing
Contracting out certain business functions or operations to other companies


Offshoring
Transferring a part or all of a business function to a facility in another country


Supply Chain Management (SCM)
Business procedures, policies, and computer systems that integrate the various elements of the
supply chain into a cohesive system


Inventory
Goods and materials kept in stock for production or sale


Inventory Control
Determining the right quantities of supplies and products to have on hand and tracking where those
items are

, Procurement
Acquisition of the raw materials, parts, components, supplies, and finished products required to
produce goods and services


Production and Operations Management
Overseeing all the activities involved in producing goods and services


Capacity Planning
Establishing the overall level of resources needed to meet customer demand


Critical Path
In a PERT network diagram, the sequence of operations that requires the longest time to complete


Productivity
Efficiency with which an organization can convert inputs to outputs


Lean Systems
Systems (in manufacturing and other functional areas) that maximize productivity by reducing waste
and delays


Just in Time (JIT)
Inventory management in which goods and materials are delivered throughout the production
process right before they are needed


Mass production
Manufacturing identical goods or services, usually in large quantities


Mass customization
Part of the product is mass produced and the remaining features are customized for each buyer


Customized production
Creation of a unique good or service for each customer


Quality
Degree to which a product or process meets reasonable or agreed-upon expectations


Quality Control
Measuring quality against established standards after the good or service has been produced and
weeding out any defective products


Quality assurance
Comprehensive approach of companywide policies, practices, and procedures to ensure that every
product meets quality standards

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