COB 300 OPERATIONS FINAL
COMPREHENSIVE QUESTIONS AND CORRECT
ANSWERS
◉ Mission Statement.
Answer: States the purpose of the organization
◉ Goals.
Answer: Provide detail and the scope of the mission
◉ Strategy.
Answer: - A plan for achieving organizational goals
- If goals = destinations, Strategies = roadmaps
◉ Order Qualifiers.
Answer: Characteristics that customers perceive as minimum
standards of acceptability for a product or service to be considered
as a potential for purchase
◉ Order Winners:.
Answer: Characteristics of an organization's goods or services that
cause it to be perceived as better than the competition
,◉ Core Competency.
Answer: The one thing a company can do better than its competitors
◉ Environmental Scanning.
Answer: Identifies internal strengths and weaknesses
Identifies external opportunities and threats
◉ Three basic business strategies:.
Answer: 1) Supply Chain Strategy
2) Sustainability Strategy
3) Global Strategy
◉ Four perspectives of a balanced scorecard.
Answer: 1) Customers
2) Internal Business Processes
3) Learning
4) Growth
◉ What is the purpose of a balanced scorecard?.
,Answer: - Using this approach, managers develop objectives,
metrics, and targets for each objective and initiatives to achieve
objectives, and they identify links among the various perspectives.
- Results are monitored and used to improve strategic performance
results.
◉ Operations Management.
Answer: The management of systems or processes that create goods
and/or provide services
◉ Productivity =.
Answer: Productivity = Outputs/Inputs
◉ Partial Measures:.
Answer: Output/Single Input; Output/Labor; Output/Capital
◉ Multifactorial Measures:.
Answer: Output/ Multiple Inputs/ Output/Labor+Machine; Output/
(Labor + Capital + Energy)
◉ Productivity Growth.
Answer: (Current Productivity - Previous Productivity)/Previous
Productivity X 100%
, Ex. (23-25)/25 X 100% = -8%
◉ Core competency.
Answer: The one thing that a firm can do better than its competitors.
The goal is to have a core competency that yields a long-term
competitive advantage to the company.
◉ Contract manufacturer.
Answer: An organization that performs manufacturing and/or
purchasing needed to produce a product or device not for itself, but
asa service to another firm.
◉ Concurrent Engineering.
Answer: Emphasizes cross-functional integration and concurrent
development of a product and its associated processes.
◉ Quality function deployment (QFD).
Answer: A process that helps a company determine the product
characteristics important to the consumer and to evaluate its own
product in relation to others.
◉ House of quality.
Answer: A matrix that helps a product design team translate
customer requirements into operating and engineering goals.
COMPREHENSIVE QUESTIONS AND CORRECT
ANSWERS
◉ Mission Statement.
Answer: States the purpose of the organization
◉ Goals.
Answer: Provide detail and the scope of the mission
◉ Strategy.
Answer: - A plan for achieving organizational goals
- If goals = destinations, Strategies = roadmaps
◉ Order Qualifiers.
Answer: Characteristics that customers perceive as minimum
standards of acceptability for a product or service to be considered
as a potential for purchase
◉ Order Winners:.
Answer: Characteristics of an organization's goods or services that
cause it to be perceived as better than the competition
,◉ Core Competency.
Answer: The one thing a company can do better than its competitors
◉ Environmental Scanning.
Answer: Identifies internal strengths and weaknesses
Identifies external opportunities and threats
◉ Three basic business strategies:.
Answer: 1) Supply Chain Strategy
2) Sustainability Strategy
3) Global Strategy
◉ Four perspectives of a balanced scorecard.
Answer: 1) Customers
2) Internal Business Processes
3) Learning
4) Growth
◉ What is the purpose of a balanced scorecard?.
,Answer: - Using this approach, managers develop objectives,
metrics, and targets for each objective and initiatives to achieve
objectives, and they identify links among the various perspectives.
- Results are monitored and used to improve strategic performance
results.
◉ Operations Management.
Answer: The management of systems or processes that create goods
and/or provide services
◉ Productivity =.
Answer: Productivity = Outputs/Inputs
◉ Partial Measures:.
Answer: Output/Single Input; Output/Labor; Output/Capital
◉ Multifactorial Measures:.
Answer: Output/ Multiple Inputs/ Output/Labor+Machine; Output/
(Labor + Capital + Energy)
◉ Productivity Growth.
Answer: (Current Productivity - Previous Productivity)/Previous
Productivity X 100%
, Ex. (23-25)/25 X 100% = -8%
◉ Core competency.
Answer: The one thing that a firm can do better than its competitors.
The goal is to have a core competency that yields a long-term
competitive advantage to the company.
◉ Contract manufacturer.
Answer: An organization that performs manufacturing and/or
purchasing needed to produce a product or device not for itself, but
asa service to another firm.
◉ Concurrent Engineering.
Answer: Emphasizes cross-functional integration and concurrent
development of a product and its associated processes.
◉ Quality function deployment (QFD).
Answer: A process that helps a company determine the product
characteristics important to the consumer and to evaluate its own
product in relation to others.
◉ House of quality.
Answer: A matrix that helps a product design team translate
customer requirements into operating and engineering goals.
