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OMIS 430 Final Exam questions with verified answers
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OMIS 430 Final Exam questions with verified answers
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OMIS 430 Final ExamOperations - correct answer ✔✔The part of a business organization that is responsible for producing
goods or services.
Operations Management - correct answer ✔✔The management of systems or processes that create
goods and/or provide services.
Goods - correct answer ✔✔Physical items that include raw materials, parts, subassemblies, and final
products.
Ex: Automobile, computer, oven, shampoo.
Services - correct answer ✔✔Activities that provide some combination of time, location, form or
psychological value.
Ex: Air travel, education, haircut, legal counsel.
Value-Added - correct answer ✔✔The difference between the cost of inputs and the value or price of
outputs.
Product Packages - correct answer ✔✔A combination of goods and services.
*Can make a company more competitive.
Ex: Warranty with purchase of car.
Supply Chain - correct answer ✔✔A sequence of activities and organizations involved in producing and
delivering a good or service.
,Basic Functions Of The Business Organization - correct answer ✔✔Organization >
1. Marketing (Manage demand)
2. Operations
3. Finance (Have the money, pay bills, etc)
Transformation Process - correct answer ✔✔Step 1: Inputs: Land, labor, capital, information.
Step 2: Transformation/conversion process.
Step 3: Outputs: Goods and services.
Measurement and feedback take place along the way after each step.
Feedback - correct answer ✔✔Measurements taken at various points in the transformation process.
Control - correct answer ✔✔The comparison of feedback against previously established standards to
determine if corrective action is needed.
Goods-Service Continuum - correct answer ✔✔Products are typically never purely service or purely
goods based.
Manufacturing vs Service - correct answer ✔✔10 characteristics
1. Degree of customer contact
2. Uniformity of input
3. Labor content of jobs
4. Uniformity of output
5. Measurement of productivity
6. Production and delivery
7. Quality assurance
,8. Amount of inventory
9. Evaluation of work
10. Ability to patent design
Refer to table on Ch.1, Slide 13
Process - correct answer ✔✔One or more actions that transform inputs into outputs.
Main goal of operations - correct answer ✔✔Match supply and demand in the most cost effective and
efficient manner possible.
Slide 16
Four Sources of Variation - correct answer ✔✔1. Variety of goods or services being offered- Greater the
variety of goods and services, the greater the variation. in production or service requirements
2. Structural Variation in demand- Generally predictable; important for capacity planning.
3. Random Variation- Natural variation that is present in all processes; cannot be influenced by
managers.
4. Assignable Variation- Variation that has identifiable sources; can be reduced, or eliminated, by analysis
or corrective action.
Forecast - correct answer ✔✔A statement about the future value of a variable of interest.
Important element in making informed decisions.
Two important aspects of forecasts - correct answer ✔✔Expected level of demand- The level of demand
may be a function of some structural variation such as trend or seasonal variation.
Ex: The average cost of one bedroom apt in Hammond
, Accuracy- Related to the potential size of forecast error.
Features Common To All Forecasts - correct answer ✔✔1. Past behaviors are the best predictors of
future outcomes.
2. Forecasts are not perfect.
3. Forecasts for groups of items are more accurate than those for individual items.
4. Accuracy decreases as the horizon increases.
Elements Of A Good Forecast - correct answer ✔✔Forecast should be
-Timely
-Accurate
-Reliable
-Expressed in meaningful units
-In writing
-Simple to understand and use
-Cost effective
Error (E) - correct answer ✔✔Actual - Forecast
(A - F)
MAD (Mean Absolute Deviation) - correct answer ✔✔Weighs all errors evenly.
Ideal score is 0 (Perfect).
Know how to calculate for test.
MSE (Mean Squared Error) - correct answer ✔✔Weights errors according to their squared values.
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