BUSOBA 3130: FINAL EXAM UPDATED ACTUAL
QUESTIONS AND CORRECT ANSWERS
Question:
1. Why is operations (& supply chain) management
important to business survival?
Answer:
allows the business to run smoothly and optimally, creating more profits for
shareholders
Question:
2. In your own words, what is operations management and
supply chain management about?
Answer:
Operations Management: the administration of business practices to create the
highest level of efficiency possible within an organization
Supply Chain Management: the monitoring and optimization of the production
and distribution of a company's products and services
Question:
3. What are key inputs into any process that produces a
product or a service?
Answer:
operations, marketing and finance
Question:
4. What is a product?
Answer:
Anything that can be offered to a market for attention, acquisition, use, or
consumption that might satisfy a want or need; often tangible
Question:
5. What is a service?
Answer:
an activity, benefit, or satisfaction offered for sale that is essentially intangible and
does not result in the ownership of anything
,Question:
6. Can there be services without products?
Answer:
-we're now seeing more blends with products and services (servitization-->Klinker
hates this word)
-ex. iPod
Question:
7. How are manufacturing and service processes different?
Answer:
manufacturing processes have longer response times, are more capital intensive,
and their quality can be measured more easily than those of service processes
physical output, low customer contact, can be inventoried
Question:
8. What 4 core processes do operations (supply chain)
managers "obsess" over?
Answer:
Supplier relationship process
New Service/Product Development Process
Order Fulfillment Process
Customer Relationship Process
Question:
9. What "decisions" do operations (supply chain) managers
typically make?
Answer:
Structural Decisions: long term, high capital, less frequent
-Capacity, facilities, vertical integration & sourcing, information & process
technology
Infrastructural Decisions: Shorter term, more frequent, less capital
-workforce, organization, quality systems, planning & controlling
Question:
10. What is an operations strategy?
Answer:
specifies the means by which operations implements corporate strategy and
helps to build a customer-driven firm
- links long term and short term operations decisions to corporate strategy and
develops the capabilities the firm needs to be competitive
- driven by the needs of their customers
, Question:
11. What is strategy?
Answer:
an organization's long-term course of action designed to deliver a unique
customer experience while achieving its goals
Question:
12. What are core competencies and what do they include?
Answer:
unique resources and strengths that an organization's management considers
when formulating strategy (what makes your product different)
reflect the collective learning of the org. especially in how to coordinate
processes and integrate technologies
Question:
13. What are the four competitive priorities and competitive
capabilities?
Answer:
Cost, Quality, Time, and Flexibility
Question:
14. How are competitive priorities and competitive
capabilities different?
Answer:
Competitive Priorities: the dimensions that a firm's production system must
possess to support the demands of the markets in which the firm wishes to
compete
Competitive Capabilities: the cost, quality, time and flexibility dimensions that a
process or supply chair actually possesses and is able to deliver
What you have to do to fit into the market vs what your company can do in the
market (can help stand out)
Question:
15. What is an order winner?
Answer:
a criterion customers use to differentiate the services or products of one firm
from those of another
Question:
16. What is an order qualifier?
Answer:
minimal level required from a set of criteria for a firm to do business in a particular
market segment
QUESTIONS AND CORRECT ANSWERS
Question:
1. Why is operations (& supply chain) management
important to business survival?
Answer:
allows the business to run smoothly and optimally, creating more profits for
shareholders
Question:
2. In your own words, what is operations management and
supply chain management about?
Answer:
Operations Management: the administration of business practices to create the
highest level of efficiency possible within an organization
Supply Chain Management: the monitoring and optimization of the production
and distribution of a company's products and services
Question:
3. What are key inputs into any process that produces a
product or a service?
Answer:
operations, marketing and finance
Question:
4. What is a product?
Answer:
Anything that can be offered to a market for attention, acquisition, use, or
consumption that might satisfy a want or need; often tangible
Question:
5. What is a service?
Answer:
an activity, benefit, or satisfaction offered for sale that is essentially intangible and
does not result in the ownership of anything
,Question:
6. Can there be services without products?
Answer:
-we're now seeing more blends with products and services (servitization-->Klinker
hates this word)
-ex. iPod
Question:
7. How are manufacturing and service processes different?
Answer:
manufacturing processes have longer response times, are more capital intensive,
and their quality can be measured more easily than those of service processes
physical output, low customer contact, can be inventoried
Question:
8. What 4 core processes do operations (supply chain)
managers "obsess" over?
Answer:
Supplier relationship process
New Service/Product Development Process
Order Fulfillment Process
Customer Relationship Process
Question:
9. What "decisions" do operations (supply chain) managers
typically make?
Answer:
Structural Decisions: long term, high capital, less frequent
-Capacity, facilities, vertical integration & sourcing, information & process
technology
Infrastructural Decisions: Shorter term, more frequent, less capital
-workforce, organization, quality systems, planning & controlling
Question:
10. What is an operations strategy?
Answer:
specifies the means by which operations implements corporate strategy and
helps to build a customer-driven firm
- links long term and short term operations decisions to corporate strategy and
develops the capabilities the firm needs to be competitive
- driven by the needs of their customers
, Question:
11. What is strategy?
Answer:
an organization's long-term course of action designed to deliver a unique
customer experience while achieving its goals
Question:
12. What are core competencies and what do they include?
Answer:
unique resources and strengths that an organization's management considers
when formulating strategy (what makes your product different)
reflect the collective learning of the org. especially in how to coordinate
processes and integrate technologies
Question:
13. What are the four competitive priorities and competitive
capabilities?
Answer:
Cost, Quality, Time, and Flexibility
Question:
14. How are competitive priorities and competitive
capabilities different?
Answer:
Competitive Priorities: the dimensions that a firm's production system must
possess to support the demands of the markets in which the firm wishes to
compete
Competitive Capabilities: the cost, quality, time and flexibility dimensions that a
process or supply chair actually possesses and is able to deliver
What you have to do to fit into the market vs what your company can do in the
market (can help stand out)
Question:
15. What is an order winner?
Answer:
a criterion customers use to differentiate the services or products of one firm
from those of another
Question:
16. What is an order qualifier?
Answer:
minimal level required from a set of criteria for a firm to do business in a particular
market segment
