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Operation Management Exam 3 Quiz QUESTIONS AND VERIFIED CORRECT ANSWERS 2024
TQM is an acronym meaning "total quality measurement". - correct answer False. TQM = Total Quality Management An operational goal of total quality management is the careful design of the product or service. - correct answer True An operational goal of total quality management is ensuring that the organization's systems will never produce a defective product or service. - correct answer False. Total quality management has two fundamental operational goals: 1. Careful design of the pro...
- Exam (elaborations)
- • 7 pages •
TQM is an acronym meaning "total quality measurement". - correct answer False. TQM = Total Quality Management An operational goal of total quality management is the careful design of the product or service. - correct answer True An operational goal of total quality management is ensuring that the organization's systems will never produce a defective product or service. - correct answer False. Total quality management has two fundamental operational goals: 1. Careful design of the pro...
Operations Management Exam 1 Terms QUESTIONS AND 100% CORRECT ANSWERS 2024
Operations Management - correct answer The business function responsible for planning, coordinating, and controlling the resources needed to produce products and services for a company. Role of Operations Management - correct answer To transform a company's inputs into the finished goods or services. Value Added - correct answer Describes the net increase between the final value of a product and the value of all the inputs. Efficiency - correct answer Being able to perform activities w...
- Exam (elaborations)
- • 12 pages •
Operations Management - correct answer The business function responsible for planning, coordinating, and controlling the resources needed to produce products and services for a company. Role of Operations Management - correct answer To transform a company's inputs into the finished goods or services. Value Added - correct answer Describes the net increase between the final value of a product and the value of all the inputs. Efficiency - correct answer Being able to perform activities w...
Operations Management Final Exam QUESTIONS AND 100% CORRECT ANSWERS 2024
What is the difference between efficiency and effectiveness? - correct answer Efficiency: operating at minimum cost and time Effectiveness: achieveing quality and timeliness and add value to organization What are the factors affecting productivity? - correct answer Labour, quality, equipment and technology, methods and management What are the three basic functions of an organization? - correct answer Operations: create goods and services Finance/accounting: provide funds and the econ...
- Exam (elaborations)
- • 14 pages •
What is the difference between efficiency and effectiveness? - correct answer Efficiency: operating at minimum cost and time Effectiveness: achieveing quality and timeliness and add value to organization What are the factors affecting productivity? - correct answer Labour, quality, equipment and technology, methods and management What are the three basic functions of an organization? - correct answer Operations: create goods and services Finance/accounting: provide funds and the econ...
Operations Management Exam 4 QUESTIONS AND COMPLETE CORRECT ANSWERS 2024
Define Just-In-Time (JIT) - correct answer A highly coordinated system in which products are delivered or services are provided just as they are needed Define Lean Operation - correct answer A flexible system that uses minimum resources to produce high-quality products or services. What is the goal of a Lean operation system? - correct answer To create a balanced system where there is a rapid and smooth flow of products and services synchronized to meet demand. What are the three suppor...
- Exam (elaborations)
- • 21 pages •
Define Just-In-Time (JIT) - correct answer A highly coordinated system in which products are delivered or services are provided just as they are needed Define Lean Operation - correct answer A flexible system that uses minimum resources to produce high-quality products or services. What is the goal of a Lean operation system? - correct answer To create a balanced system where there is a rapid and smooth flow of products and services synchronized to meet demand. What are the three suppor...
Operations Management Final Exam QUESTIONS AND 100% CORRECT ANSWERS 2024
The Strategic Importance of Location - correct answer Once committed to a location, many resource and cost issues are difficult to change The objective of location strategy - correct answer is to maximize the benefit of location to the firm Location and Costs - correct answer Location decisions require careful consideration Once in place, location-related costs are fixed in place and difficult to reduce Effort spent determining optimal facility location is a good investment Factors Th...
- Exam (elaborations)
- • 10 pages •
The Strategic Importance of Location - correct answer Once committed to a location, many resource and cost issues are difficult to change The objective of location strategy - correct answer is to maximize the benefit of location to the firm Location and Costs - correct answer Location decisions require careful consideration Once in place, location-related costs are fixed in place and difficult to reduce Effort spent determining optimal facility location is a good investment Factors Th...
Operations Management Final Exam QUESTIONS AND VERIFIED CORRECT ANSWERS 2024
inventory management - correct answer the planning and controlling of inventories to meet the competitive priorities of the organization inventory - correct answer a stock of materials used to satisfy customer demand or to support the production of services or goods lot size - correct answer the quantity of an inventory item management either buys from a supplier or manufactures using internal process inventory holding cost - correct answer the sum of the cost of capital plus the variab...
- Exam (elaborations)
- • 17 pages •
inventory management - correct answer the planning and controlling of inventories to meet the competitive priorities of the organization inventory - correct answer a stock of materials used to satisfy customer demand or to support the production of services or goods lot size - correct answer the quantity of an inventory item management either buys from a supplier or manufactures using internal process inventory holding cost - correct answer the sum of the cost of capital plus the variab...
Operations Management Exam 1 (Anderson) QUESTIONS AND VERIFIED CORRECT ANSWERS 2024
Operations Management - correct answer the activity of managing the resources which are devoted to the production and delivery of products and services Three basic functions of a shop - correct answer Product/Service development Marketing Operations Transformed resources - correct answer the things that are changing in the transformation process (materials, information, customers) Transforming resources - correct answer the things that are making the change happen (staff, facilities) ...
- Exam (elaborations)
- • 10 pages •
Operations Management - correct answer the activity of managing the resources which are devoted to the production and delivery of products and services Three basic functions of a shop - correct answer Product/Service development Marketing Operations Transformed resources - correct answer the things that are changing in the transformation process (materials, information, customers) Transforming resources - correct answer the things that are making the change happen (staff, facilities) ...
Operations Management Exam 3 QUESTIONS AND COMPLETE CORRECT ANSWERS 2024
If the cost to change from producing one product to producing another were zero, the lot size would be very small. - correct answer True In inventory models, high holding costs tend to favor high inventory levels - correct answer False Dependent demand inventory levels are usually managed by calculations using calculus-driven, cost-minimizing models - correct answer False The fixed-time-period inventory system has a smaller average inventory than the fixed-order-quantity system because ...
- Exam (elaborations)
- • 9 pages •
If the cost to change from producing one product to producing another were zero, the lot size would be very small. - correct answer True In inventory models, high holding costs tend to favor high inventory levels - correct answer False Dependent demand inventory levels are usually managed by calculations using calculus-driven, cost-minimizing models - correct answer False The fixed-time-period inventory system has a smaller average inventory than the fixed-order-quantity system because ...
Operations Management T-2 Multiple choice EXAM QUESTIONS AND COMPLETE CORRECT ANSWERS 2024
Computer chips and microprocessors are examples of hard technology. T/F - correct answer True A company such as eBay relies more on soft technology than hard technology T/F - correct answer True E-Service refers to using the internet and technology to provide services that create and deliver time, place, information, entertainment and exchange value to customers and/or support the sale of goods. T/F - correct answer True Computer integrated manufacturing systems combine hardware, ...
- Exam (elaborations)
- • 9 pages •
Computer chips and microprocessors are examples of hard technology. T/F - correct answer True A company such as eBay relies more on soft technology than hard technology T/F - correct answer True E-Service refers to using the internet and technology to provide services that create and deliver time, place, information, entertainment and exchange value to customers and/or support the sale of goods. T/F - correct answer True Computer integrated manufacturing systems combine hardware, ...
Operations Management 366 Exam I QUESTIONS AND VERIFIED CORRECT ANSWERS 2024
Operations - correct answer part of the business organization that is responsible for producing goods/services. (consistency on decisions made, not what certain decisions are made) Operations Management - correct answer The design, direction, and control of processes that transform inputs into outputs for internal and external customers Process - correct answer One or more actions that transform inputs into outputs three categories of business processes - correct answer upper management...
- Exam (elaborations)
- • 11 pages •
Operations - correct answer part of the business organization that is responsible for producing goods/services. (consistency on decisions made, not what certain decisions are made) Operations Management - correct answer The design, direction, and control of processes that transform inputs into outputs for internal and external customers Process - correct answer One or more actions that transform inputs into outputs three categories of business processes - correct answer upper management...
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