Exam (elaborations)
OPERATIONS MANAGEMENT TEST SOLVED #6
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- OPERATIONS MANAGEMENT
- Institution
- OPERATIONS MANAGEMENT
OPERATIONS MANAGEMENT TEST SOLVED #6
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OPERATIONS MANAGEMENT TEST SOLVED #6Capabilities - correct answer the abilities a business has that result from its process.
Capabilities create value.
Capacity - correct answer the level of productive output of an organization in a specified
period of time.
Constraint management - correct answer a framework for managing the constraints of a
system in a way that maximizes the system's accomplishment of its goals
Cost - correct answer the expense associated with ownership
Craft production - correct answer production of goods by highly skilled and specialized
artisans
Disruptive technology - correct answer a new technology that displaces an existing
technology
Facilities - correct answer the buildings and structures that house various aspects of a
business
Integrative management framework - correct answer a management approach or
"philosophy" that guides day-to-day decisions in a way that is consistent with a firm's
profitability goals. Examples include lean systems, constraint management, and supply
chain management.
Inventory - correct answer materials used in the production of products and services.
Examples include raw materials inventory, work-in-process inventory, and finished
goods inventory.
Lean system - correct answer a productive system that functions with little waste or
excess, usually with low inventory levels.
Logistics - correct answer the flow and storage of goods, services, and related
information from production to consumption.
Mass production - correct answer high volume production of standardized products
Processes - correct answer organized tasks accomplished by grouping resources
together
Profitability - correct answer a measure of the productivity of money invested in a
business, typically a ratio of net income to some input such as net sales or total asset
Quality - correct answer meeting customers expectations
, Strategy - correct answer the means by which a company positions itself for future
profitability
Timeliness - correct answer the speed at which a business completes tasks and the
degree to which it completes tasks on schedule and as promised
Value - correct answer the amount a customer is willing to pay for a product or service,
sometimes thought of as benefits divided by cost
Workforce - correct answer the employees required to produce a product or service
Balanced scorecard - correct answer a performance measurement system that
combines financial and non-financial measures of business performance
Economic value added (eva) - correct answer a productivity measure that indicates
whether or not a business is creating wealth form its capital. It is equal to the after-tax
operating profit minus the annual cost of capital
Efficiency - correct answer the ratio of actual output to stand output
Inventory turns - correct answer a measure of inventory productivity computed by
dividing sales by the average value of inventory
Machine utilization - correct answer a productivity measure for machines that is equal to
actual running time divided by time available.
Net present value (npv) - correct answer the difference between the market value of a
product or service and the cost of creating it
Productivity - correct answer a measure of how well inputs are used by a business,
typically the ratio of an output to the input of interest
Profit margin - correct answer profit generated per dollar of sales
Return on assets (roa) - correct answer profit per dollar of assets
Return on equity (roe) - correct answer profit per dollar of equity
Safety stock - correct answer additional inventory used to help meet demand
uncertainty
Service level - correct answer the % of orders satisfied from existing inventory
Stockout - correct answer an instance when demand cannot be satisfied by existing
inventory
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