OM 300 TEST 1 UPDATED QUESTIONS AND CORRECT
ANSWERS
Question:
1. The creation of goods and services is referred to as:
Answer:
production
Question:
2. The set of ac-tivities that relate to the creation of goods and services through the trans-formation of
inputs to outputs is re-ferred to as
Answer:
operations management
Question:
3. Which of the fol-lowing are consid-ered to be the three primary func-tions that all organi-zations
perform?
Answer:
marketing, production/operations, and finance/accounting
Question:
4. Which of the follow-ing activities at a commercial bank is NOT an operations activity?
Answer:
auditing
Question:
5. Can any organiza-tion exist without operations?
Answer:
NO!
Question:
6. Competition in the 21st century is no longer between companies; it is be-tween
Answer:
supply chains
Question:
7. The economic ac-tivities that typically produce an intangi-ble product are re-ferred to as
Answer:
services.
Question:
8. Which of the follow-ing is considered to be a stakeholder?
Answer:
distributors community members customers
Question:
9. How does an organi-zation's strategy re-late to its mission?
, Answer:
The strategy is the action plan to achieve the mission.
Question:
10. Which of the follow-ing is NOT one of the three strategic approaches to com-petitive advantage?
Answer:
innovation
Question:
11. The creation of a unique advantage over competitors is referred as
Answer:
competitive advantage
Question:
12. A set of skills, tal-ents, and capabili-ties in which a firm is particularly strong is referred to as
Answer:
core competencies
Question:
13. The operations manager's job with-in an organization structure is to
Answer:
implement an OM strategy, provide competitive advantage, and increase productivity.
Question:
14. Which of these is NOT an advantage of outsourcing?
Answer:
potential creation of future competition
Question:
15. The primary advan-tage of outsourcing is
Answer:
to allow a company to focus on its core competencies.
Question:
16. Which of the follow-ing statements is true regarding fore-casting?
Answer:
- The art and science of predicting future events
- taking historical data and projecting it into the future w/ mathematical
model
- classified by the future time horizon it covers
Question:
17. A forecast that ad-dresses the busi-ness cycle by pre-dicting planning in-dicators is
Answer:
Economic forecasts
ANSWERS
Question:
1. The creation of goods and services is referred to as:
Answer:
production
Question:
2. The set of ac-tivities that relate to the creation of goods and services through the trans-formation of
inputs to outputs is re-ferred to as
Answer:
operations management
Question:
3. Which of the fol-lowing are consid-ered to be the three primary func-tions that all organi-zations
perform?
Answer:
marketing, production/operations, and finance/accounting
Question:
4. Which of the follow-ing activities at a commercial bank is NOT an operations activity?
Answer:
auditing
Question:
5. Can any organiza-tion exist without operations?
Answer:
NO!
Question:
6. Competition in the 21st century is no longer between companies; it is be-tween
Answer:
supply chains
Question:
7. The economic ac-tivities that typically produce an intangi-ble product are re-ferred to as
Answer:
services.
Question:
8. Which of the follow-ing is considered to be a stakeholder?
Answer:
distributors community members customers
Question:
9. How does an organi-zation's strategy re-late to its mission?
, Answer:
The strategy is the action plan to achieve the mission.
Question:
10. Which of the follow-ing is NOT one of the three strategic approaches to com-petitive advantage?
Answer:
innovation
Question:
11. The creation of a unique advantage over competitors is referred as
Answer:
competitive advantage
Question:
12. A set of skills, tal-ents, and capabili-ties in which a firm is particularly strong is referred to as
Answer:
core competencies
Question:
13. The operations manager's job with-in an organization structure is to
Answer:
implement an OM strategy, provide competitive advantage, and increase productivity.
Question:
14. Which of these is NOT an advantage of outsourcing?
Answer:
potential creation of future competition
Question:
15. The primary advan-tage of outsourcing is
Answer:
to allow a company to focus on its core competencies.
Question:
16. Which of the follow-ing statements is true regarding fore-casting?
Answer:
- The art and science of predicting future events
- taking historical data and projecting it into the future w/ mathematical
model
- classified by the future time horizon it covers
Question:
17. A forecast that ad-dresses the busi-ness cycle by pre-dicting planning in-dicators is
Answer:
Economic forecasts
