EXAM 1 STUDY GUIDE OMGT 3123
(CH 1, 2, 4, 7, 9) QUESTIONS AND
ANSWERS
Which of the following is correct about operations and SCM - Correct Answers -- Firms
create a value through making product/service
-Firms rely on other firms to make/provide products and services via the SC
- First must effectively manage SC operations to remain competitive.
"Upstream" in the SC refer to which of the following? - Correct Answers -A firm's
suppliers such as the first tier, second tier, etc
The terms operations management and SCM can be used interchangeably - Correct
Answers -False
Operations management is.... - Correct Answers -Transformation process
According to the lectures, which of the following is NOT a current operations and SCM
trend? - Correct Answers -Offshoring
Which of the following industries is considered both a product and service from
operations management perspective, according to the lectures - Correct Answers -
Healthcare
Which of the following is an example of a business strategy? - Correct Answers -Be the
lowest cost firm in an industry
We discussed core competencies and gave several specific examples in the lectures.
What is a core competence - Correct Answers -Skills, Knowledge, and adaptation
OM and SCM should be aligned with other functional areas of the firm such as
marketing - Correct Answers -True
What are the main components of the top-down model of strategy? - Correct Answers -
Core competencies, business strategy, and functional strategies
According to the Michael Porter video, the primary goal of a business strategy is to: -
Correct Answers -Create a competitive advantage for the company
, How is the tradeoff between cost and customer service described in the lectures -
Correct Answers -The tradeoff between efficiency and effectiveness
Which of the following are synonymous with forecasting - Correct Answers -Demand
Management
What is the number 1 rule of forecasting? - Correct Answers -Forecasts are never 100%
correct
Quantitative forecasts are most useful to forecast demand for new products - Correct
Answers -False
Which of the following does NOT influence forecasts - Correct Answers -All of the above
influence forecasts
Concerning the exponential smoothing forecasting technique, which of the following is
true about the alpha vlaue? - Correct Answers -As alpha approaches zero, the
exponential smoothing forecasting technique puts more weight on older periods of data
Which of the following best describes the "Bullwhip Effect?" - Correct Answers -The
result of demand/supply misalignment in the distribution center
One advantage of outsourcing is that it: - Correct Answers -Increase of the company's
access to supplier state-of-the-art products and technology
A company decides to explore portfolio analysis In which quadrant would the company
pursue a strategy of forming partnerships with suppliers - Correct Answers -Critical
quadrant
Efficiency - Correct Answers -A comparison of a company's actual performance to
standard or goal performance
Cycle Time - Correct Answers -Total time required to complete a process from start to
finish
Benchmarking - Correct Answers -A comparison of a company's performance to the
performance of
-Other firms in its industry (strategic)
Firms identified as "world-class (process)
Within the firm (Internal)
The financial impact on a firm's bottom line, as a result of the reduction in a firm's
COGS, is the same as an increase in sales, equal to: - Correct Answers -The COGS
reduction, in dollars, divided by the contribution to profit of each sales dollar
(CH 1, 2, 4, 7, 9) QUESTIONS AND
ANSWERS
Which of the following is correct about operations and SCM - Correct Answers -- Firms
create a value through making product/service
-Firms rely on other firms to make/provide products and services via the SC
- First must effectively manage SC operations to remain competitive.
"Upstream" in the SC refer to which of the following? - Correct Answers -A firm's
suppliers such as the first tier, second tier, etc
The terms operations management and SCM can be used interchangeably - Correct
Answers -False
Operations management is.... - Correct Answers -Transformation process
According to the lectures, which of the following is NOT a current operations and SCM
trend? - Correct Answers -Offshoring
Which of the following industries is considered both a product and service from
operations management perspective, according to the lectures - Correct Answers -
Healthcare
Which of the following is an example of a business strategy? - Correct Answers -Be the
lowest cost firm in an industry
We discussed core competencies and gave several specific examples in the lectures.
What is a core competence - Correct Answers -Skills, Knowledge, and adaptation
OM and SCM should be aligned with other functional areas of the firm such as
marketing - Correct Answers -True
What are the main components of the top-down model of strategy? - Correct Answers -
Core competencies, business strategy, and functional strategies
According to the Michael Porter video, the primary goal of a business strategy is to: -
Correct Answers -Create a competitive advantage for the company
, How is the tradeoff between cost and customer service described in the lectures -
Correct Answers -The tradeoff between efficiency and effectiveness
Which of the following are synonymous with forecasting - Correct Answers -Demand
Management
What is the number 1 rule of forecasting? - Correct Answers -Forecasts are never 100%
correct
Quantitative forecasts are most useful to forecast demand for new products - Correct
Answers -False
Which of the following does NOT influence forecasts - Correct Answers -All of the above
influence forecasts
Concerning the exponential smoothing forecasting technique, which of the following is
true about the alpha vlaue? - Correct Answers -As alpha approaches zero, the
exponential smoothing forecasting technique puts more weight on older periods of data
Which of the following best describes the "Bullwhip Effect?" - Correct Answers -The
result of demand/supply misalignment in the distribution center
One advantage of outsourcing is that it: - Correct Answers -Increase of the company's
access to supplier state-of-the-art products and technology
A company decides to explore portfolio analysis In which quadrant would the company
pursue a strategy of forming partnerships with suppliers - Correct Answers -Critical
quadrant
Efficiency - Correct Answers -A comparison of a company's actual performance to
standard or goal performance
Cycle Time - Correct Answers -Total time required to complete a process from start to
finish
Benchmarking - Correct Answers -A comparison of a company's performance to the
performance of
-Other firms in its industry (strategic)
Firms identified as "world-class (process)
Within the firm (Internal)
The financial impact on a firm's bottom line, as a result of the reduction in a firm's
COGS, is the same as an increase in sales, equal to: - Correct Answers -The COGS
reduction, in dollars, divided by the contribution to profit of each sales dollar
