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UA OM 300 Chilcutt Final Exam: Questions & Solutions
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UA OM 300 Chilcutt Final Exam: Questions & Solutions
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UA OM 300 Chilcutt Final Exam: Questions & SolutionsProduction Right Ans - the creation of goods and services
Productivity Right Ans - ratio of outputs (goods and services) divided by
one or more inputs (such as labor, capital, or management.)
Multifactor Productivity Right Ans - indicates the ratio of goods and
services produced (outputs) to many or all resources (inputs) also known as
"Total factor productivity"
Competitive Advantage Right Ans - the creation of a unique advantage over
competitors
Product Life Cycle Right Ans - introduction, growth, maturity, decline
Outsourcing Right Ans - transferring activities that have traditionally been
internal to external suppliers
Core Competencies Right Ans - what a company does as well or better then
their competitors
Critical Path Right Ans - sequence of activities that determine the earliest
date by which the project can be completed
Project Manager Right Ans - coordinate activities with other departments
and reports directly to top management
Crash A Project Right Ans - The process by which we shorten the duration
of a project in the cheapest manner possible
Forecasting Time Horizons (Short Range) Right Ans - This forecast has a
time span of up to 1 year but is generally less than 3 months. It is used for
planning purchasing, job scheduling, workforce levels, job assignments, and
production levels.
Forecasting Time Horizons (Medium Range/ Intermediate) Right Ans -
forecast generally spans from 3 months to 3 years. It is useful in sales
, planning, production planning and budgeting, cash budgeting, and analysis of
various operating plans.
Forecasting Time Horizons (Long Range) Right Ans - Generally 3 years or
more in time span, long-range forecasts are used in planning for new
products, capital expenditures, facility location or expansion, and research
and development
Types of forecasts (Economic Forecasts) Right Ans - address the business
cycle by predicting inflation rates, money supplies, housing starts, and other
planning indicators.
Types of forecasts ( Technological Forecasts) Right Ans - are concerned
with rates of technological progress, which can result in the birth of exciting
new products, requiring new plants and equipment.
Types of forecasts ( Demand Forecasts) Right Ans - are projections of
demand for a company's products or services. Forecasts drive decisions, so
managers need immediate and accurate information about real demand. They
need demand-driven forecasts, where the focus is on rapidly identifying and
tracking customer desires. These forecasts may use recent point-of-sale (POS)
data, retailer-generated reports of customer preferences, and any other
information that will help to forecast with the most current data possible.
Demand-driven forecasts drive a company's production, capacity, and
scheduling systems and serve as inputs to financial, marketing, and personnel
planning. In addition, the payoff in reduced inventory and obsolescence can be
huge
Modular Design Right Ans - an approach for product designing which is
used to produce a complete product by integrating or combining smaller parts
that are independent of each other
Stakeholders Right Ans - An individual, group, or organization who may
affect, be affected by, or perceive itself to be affected by a decision, activity, or
outcome of a company
TQM (Total Quality Management) Right Ans - refers to a quality emphasis
that encompasses the entire organization, from supplier to customer. TQM
stresses a commitment by management to have a continuing companywide
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