COB 300 OPERATIONS FINAL PRACTICE
QUESTIONS AND DETAILED SOLUTIONS
◉ Services.
Answer: activities that provide some combination of time, location,
form and psychological value
◉ Operations Management.
Answer: the management of systems or processes that create goods
and or provide services
◉ Supply Chain.
Answer: a sequence of activities and organizations involved in
producing and delivering a good or service
◉ Value-Added.
Answer: the difference between the cost of inputs and the value or
price of outputs
◉ Process.
Answer: one or more actions that transform inputs into outputs
,◉ Lead Time.
Answer: the time between ordering a good or service and receiving
it
◉ Model.
Answer: an abstraction of reality; a simplified representation of
something
◉ System.
Answer: a set of interrelated parts that must work together
◉ Pareto Phenomenon.
Answer: a few factors account for a high percentage of the
occurrence of some events
◉ Craft Production.
Answer: system in which highly skilled workers use simple, flexible
tools to produce small quantities of customized goods
◉ Mass Production.
Answer: system in which low-skilled workers use specialized
machinery to produce high volumes of standardized goods
,◉ Interchangeable Parts.
Answer: parts of a product made to such precision that they do not
have to be custom fitted
◉ Division of Labor.
Answer: the breaking up of a production process into small tasks, so
that each worker performs a small portion of the overall job
◉ Six Sigma.
Answer: a process for reducing costs, improving quality and
increasing customer satisfaction
◉ Agility.
Answer: the ability of an organization to respond quickly to
demands or opportunities
◉ Lean System.
Answer: system that uses minimal amounts of resources to produce
a high volume of high quality goods with some variety
◉ Sustainability.
Answer: using resources in ways that do not harm ecological
systems that support human existence
, ◉ Ethics.
Answer: a standard of behavior that guides how one should act in
various situations
◉ Ethical Framework.
Answer: a sequence of steps intended to guide thinking and
subsequent decision or action
◉ Outsourcing.
Answer: buying goods or services instead of producing or providing
them in house
◉ Competitiveness.
Answer: how effectively an organization meets the wants and needs
of customers relative to others that offer similar goods or services
◉ Strategies.
Answer: plans for achieving organizational goals
◉ Tactics.
Answer: the methods and actions take to accomplish strategies
QUESTIONS AND DETAILED SOLUTIONS
◉ Services.
Answer: activities that provide some combination of time, location,
form and psychological value
◉ Operations Management.
Answer: the management of systems or processes that create goods
and or provide services
◉ Supply Chain.
Answer: a sequence of activities and organizations involved in
producing and delivering a good or service
◉ Value-Added.
Answer: the difference between the cost of inputs and the value or
price of outputs
◉ Process.
Answer: one or more actions that transform inputs into outputs
,◉ Lead Time.
Answer: the time between ordering a good or service and receiving
it
◉ Model.
Answer: an abstraction of reality; a simplified representation of
something
◉ System.
Answer: a set of interrelated parts that must work together
◉ Pareto Phenomenon.
Answer: a few factors account for a high percentage of the
occurrence of some events
◉ Craft Production.
Answer: system in which highly skilled workers use simple, flexible
tools to produce small quantities of customized goods
◉ Mass Production.
Answer: system in which low-skilled workers use specialized
machinery to produce high volumes of standardized goods
,◉ Interchangeable Parts.
Answer: parts of a product made to such precision that they do not
have to be custom fitted
◉ Division of Labor.
Answer: the breaking up of a production process into small tasks, so
that each worker performs a small portion of the overall job
◉ Six Sigma.
Answer: a process for reducing costs, improving quality and
increasing customer satisfaction
◉ Agility.
Answer: the ability of an organization to respond quickly to
demands or opportunities
◉ Lean System.
Answer: system that uses minimal amounts of resources to produce
a high volume of high quality goods with some variety
◉ Sustainability.
Answer: using resources in ways that do not harm ecological
systems that support human existence
, ◉ Ethics.
Answer: a standard of behavior that guides how one should act in
various situations
◉ Ethical Framework.
Answer: a sequence of steps intended to guide thinking and
subsequent decision or action
◉ Outsourcing.
Answer: buying goods or services instead of producing or providing
them in house
◉ Competitiveness.
Answer: how effectively an organization meets the wants and needs
of customers relative to others that offer similar goods or services
◉ Strategies.
Answer: plans for achieving organizational goals
◉ Tactics.
Answer: the methods and actions take to accomplish strategies
