MGSC 395 Precht Exam 1 Questions And Answers Verified Solutions| Graded A+.

Marketing - correct answers generates sale of outputs Finance - correct answers Acquires financial resources and capital for inputs Operations - correct answers Translates materials and services into outputs Process - correct answers any activity or group of activities that takes one or more inputs, transforms them, and provides one or more outputs for its customers operations - correct answers a group of resources performing all or part of one or more processes supply chain - correct answers interrelated series of processes within and across firms what is the difference between service and manufacturing process - correct answers-nature of output -degree of customer contact order qualifier - correct answers min. level required from a set of criteria for a firm to do business in a market segment order winners - correct answers a criterion customers use to differentiate the services or products of one firm from those of another operations strategy comes from... - correct answers competitive priorities - cost - quality - time - flexibility competitive capabilities - current - needed - planned the role of management - correct answersunderstand implications of metrics and drive organizational improvement F+cQ - correct answerstotal cost PQ - correct answerstotal revenue back office - correct answersless flexibility less customer contact Hybrid office - correct answersmedium flexibility medium customer contact front office - correct answersmost flexibility most customer contact design to order - correct answershigh flexibility high customization make to order - correct answersmedium flex medium customization assemble to order - correct answersmedium flex medium customization make to stock - correct answerslow flex low customization process reengineering - correct answersfundamental thinking and radical redesign of process to improve performance dramatically in terms of cost, quality, service, and speed process improvement - correct answerssystematic study of the activities and flows of each process to improve it MOST CHANGES HERE six sigma process improvement model - correct answers-define -measure -analyze -improve -control swim lane flowchart - correct answersa visual representation that groups funcational areas responsible for different sub-processes into lanes benchmarking - correct answerssystematic procedure that measures a firm's processes, service, and products against those of industry leaders quality - correct answersa term used by customers to describe their general satisfaction with a service/product defect - correct answersany instance when a process fails to satisfy its customer costs of quality - correct answers- prevention costs - appraisal costs - internal failure costs - external failure costs - ethical failure costs statistical process control (SPC) - correct answersthe application of stat techniques to determine whether a process is delivering what the customer wants control charts - correct answersused in spc to detect defective services or products or to identify that the process has changed and will deviate from specifications unless something is done to correct the situation variation of outputs - correct answersno two services or products are exactly alike because the processes used to product them contain many sources of variation variable data - correct answersservice or product characteristics that can be measured THE BEST DATA attribute data - correct answers service or product characteristics that can be quickly counted for acceptable performance YES OR NO RESPONSES nominal value - correct answers a target for design specifications tolerance - correct answers an allowance above or below the nominal value long term capacity planning decisions are made at... - correct answers the organizational level the horizon of long term capacity planning is... - correct answers2 years or more expansionist strategy - correct answers planned unused capacity more risky tesla wait and see strategy - correct answers planned use of short term options less risky