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LOMA 335; The Insurance Company and Operations Management (Module 2) Exam
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LOMA 335; The Insurance Company and Operations Management (Module 2) Exam ...
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LOMA 335; The Insurance Company and Operations Management (Module 2) Exam ________________ means completing the activities necessary to achieve the desired outcome. - ANSWER Effectiveness _______________ means completing an activity with minimal waste of human or financial resources. - ANSWER Efficiency An _______________ process remains efficient and effective as the environment changes. - ANSWER adaptable A ____________ process can adjust to changes in volume without losing efficiency or effectiveness. - ANSWER scalable A business ___________ is an ongoing method or system for responding to customer needs. - ANSWER process _____________ management is a formal method of defining, documenting, evaluating, and improving resources and workflow so that processes better achieve the tasks they were designed to accomplish. - ANSWER Process A ________ process is one of several operational processes critical to meeting customer needs, maintaining a competitive position, or implementing the corporate plan. - ANSWER key A process ___________ establishes the authority and accountability, or process ownership, of a process team. - ANSWER charter The charter usually contains the following information (list 7): - ANSWER 1) A scope statement that defines the process, identifies its beginning and end points, and addresses existing resource constraints 2) A business case that identifies why the process needs to be implemented or changed at this particular point in time 3) An estimate of the process costs 4) A goal statement that identifies the measurable outcomes of this process initiative 5) A plan that identifies milestone activities and offers a tentative time frame for completion 6) A list of participants with assigned roles 7) An explanation of the researched needs of process stakeholders, who are any internal and external parties expecting to benefit from process outcomes but who do not directly participate in performing the process, such as a customer who gains a new service A process charter may contain or allude to a process _______, which is a graphical representation of a business process, typically using a recognized set of graphical symbols. - ANSWER map Within a process, an ____________ is any part of a set of actions that generates work to accomplish a job, problem, or assignment. - ANSWER activity A ________-adding activity makes the product or service more valuable to the customer, such as customer service or claims check issuing. - ANSWER value A _____-________-adding activity doesn't make the product or service more valuable to the customer. - ANSWER non-value ________ are the smallest units in a process to undergo analysis. - ANSWER Tasks Process _____________: typically a company executive who authorizes a process design - ANSWER sponsor _____________ process owner: an employee responsible for the direction of the process but who doesn't perform duties related to the process - ANSWER Worker Process ________ members: all employees assembled to accomplish a process - ANSWER team Process ___________ is a systemic evaluation of all aspects of a process to make the process faster, more efficient, less expensive, and more focused on the customer. - ANSWER analysis Companies can use _______ lane diagrams, which elaborate on simple process maps by identifying the parties responsible for each activity. - ANSWER swim Additionally, companies can use value ________ maps, which are visual representations of processes that identify each activity's end value to the customer. - ANSWER stream Value stream maps help identify the parts of a process that aren't adding value to the customer, or that are slowing down the continuous flow process of value creation known as a value ___________. - ANSWER stream Use the same word for both spaces: A value stream is different from a value __________, in part because a value _________ focuses on organizational functions, whereas a value stream usually focuses on cross-functional purposes. - ANSWER chain ______________ is a formal program for measuring company performance results, identifying best practices for the same performance areas, and emulating best practices for company processes. - ANSWER Benchmarking A _____________ is a performance standard that a company aspires to achieve. - ANSWER benchmark To identify appropriate benchmarks, companies often look at ___________ benchmarks - high performance standards achieved by other companies in their same industry - or at _____________ benchmarks - positive results achieved by another company performing the same process, regardless of industry. - ANSWER 1) industry 2) universal A balanced ____________ displays a set of KPIs and compares the values to performance standards. - ANSWER scorecard A typical balanced scorecard keeps track of a company's activities in terms of 4 perspectives: - ANSWER 1) financial performance 2) customer satisfaction 3) internal operations 4) learning and growth _________________ process improvement uses strategic initiatives to make ongoing, incremental improvements in processes and technology. - ANSWER Continuous ____________ is a gradual and continuous approach to process improvement using a series of modest changes and feedback from process team members. - ANSWER Kaizen Use the same word for both spaces: _________ management is a continuous process improvement approach that emphasizes creating a value stream comprising _________ processes with minimal waste. - ANSWER Lean Lean thinking places less emphasis on optimizing individual activities and more emphasis on optimizing the _____-_____________, continuous flow of the entire process. - ANSWER cross-departmental A __________ is a transfer of work from one work team member to another, typically across organizational boundaries. - ANSWER handoffs To eliminate handoffs, many insurers use _______ __-through processing (STP), which refers to a fully automated process in which the steps in a specified transaction type are conducted withoutThe benefits of buying summaries with Stuvia:
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