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BADM 7120 Exam 1 Questions with Explanations of Answers | latest upate 2024
BADM 7120 Exam 1 Questions with Explanations of Answers | latest upate 2024
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BADM 7120: Exam 1operations management - ANS-focuses on decisions for the production and delivery of the firm's
products and services
3 aspects of operations management - ANS-1. decisions: must decide process, quality, capacity,
inventory and supply chain
2. function: major functional areas of org (mktg, finance, operations)
3. process: planning and controlling the transformation process and its interfaces
(internal/external)
supply chain - ANS-networks of manufacturing and service operations that supply one another
from raw materials through production to the end consumer. It is a flow of materials, money, and
information that links operations across organizations
5 areas of operations and supply chain decisions - ANS-1. process
2. quality
3. capacity
4. inventory
5. supply chain
Cross functional decision making: what are the primary and supporting functions? -
ANS-primary: operations, finance, mktg
supporting: all others (HR, Acct, info systems, etc)
operations as a process: what is it, what are the benefits? - ANS-DEFINITION: conversion of
inputs into outputs when producing a good or service
BENEFITS
1. provides basis for seeing entire business as a system of interconnected processes
2. allows decision makers to analyze an org. and improve it from a process point of view
5 contemporary operations challenges - ANS-1. services and manufacturing (differences and
implications
2. customers directed operations (voice of the customer & efficiency)
3. integration of decisions internally and externally (cross-functionality)
4. environmental sustainability
5. globalization of operations & the supply chain (global considerations over national interest)
, Operations Strategy - ANS-a consistent pattern of business decisions for operations and
associated supply chains that are linked to the business strategy and other functional strategies,
leading to a competitive advantage for the firm.
What should operations strategy be guided by? - ANS-Because it is a functional strategy, it
should be guided by business and corporate strategies
Corporate strategy - ANS-defines the business that the company is pursuing
Business strategy - ANS-follows corporate strategy and defines how each particular business
will compete
4 Elements of Operations Strategy - ANS-1. mission
2. objectives
3. strategic decisions
4. distinctive competence
4 most common Operations objectives - ANS-1. cost
2. quality
3. delivery
4. flexibility
Operations objectives: cost - ANS-measure of resources used in operations
operations objectives: quality - ANS-conformance of products/services to customer
requirements
operations objectives: delivery - ANS-providing products/services quickly and on time
operations objectives: flexibility - ANS-ability to rapidly change operations
Strategic decisions - ANS-determines how objectives will be achieved
distinctive competence - ANS-something that a company can do better than any competitor that
adds value for the customer
ex: patents, proprietary technology, operations innovation
2 Business strategy alternatives - ANS-1. product imitator
2. product innnovator
product imitator - ANS-typical in mature, price-sensitive mkt w/ standardized products
focuses on low cost
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