APICS CPIM MODULE 1 Exam Questions will With Verified Answers

strategic plan - Answer examines "how to marshal and determine actions to support the mission, goals, and objectives of an organization business plan - Answer a statement of long range strategy and revenue, cost, and profit objectives usually accompanied by budgets, a projected balance sheet, and a cash flow (source and application of funds) statement manufacturing planning hierarchy - Answer SMR, MPR, DSP, ECO competitive advantage - Answer the advantage a company has over its rivals in attracting customers and defending against competitors key success factors - Answer the product attributes, organizational strengths, and accomplishments with the greatest impact on future success in the marketplace - that will create a sustainable competitive advantage and then plots a course to ensure those factors are in place strategy - Answer identifies how the company will function in its environment. Specifies how to satisfy customers, how to grow the business, how to compete in its environment, how to manage the organization and develop capabilities within the business and how to vision - Answer the shared perception of the organizations future - what the organization will achieve and a supporting philosophy - must be supported by strategic objectives, strategies, and action plans to move it in the desired direction mission - Answer the overall goals for an organization set within the parameters of the business scope corporate culture - Answer the set of important assumptions that members of the company share - a system of shared values about what is important and beliefs about how the company works - these common assumptions then influence the ways the company operates performance objectives - Answer measurements that enable the firm to monitor whether or not the firms strategy is being accomplished - thus the measurement should be aligned to strategy global measurements - Answer judge the performance of the system as a whole, relate to the long term goals of a business, and could include measures related to profitability, market share, growth, and productivity key performance indicator - Answer a financial or non financial measure that is used to define and assess progress toward specific organizational goals and typically is tied to an organizations strategy and business stakeholders local measures - Answer the set of measurements that relates to a resource, operation, process, or part...for example, errors per printed page, departmental efficiency, and volume discounts performance measurement system - Answer a system for collecting measuring and comparing a measure to a standard for a specific criterion for an operation, item, good, service, business, etc balanced scorecard - Answer a list of financial and operational measurements used to evaluate organizational or supply chain performance - it formally connects overall objectives, strategies, and measurements strategic drivers - Answer factors that influence business unit and manufacturing units may be external factors such as potential markets that are not being served (or are being underserved) by competitors or intense levels of competition that will require close control of costs PESTEL - Answer acronym used to describe the focus of an analysis of an organizations external, or macro, environment - political, economic, sociocultural, technological, environmental, and legal macro environment - Answer the environment external to a business including technological, economic, natural, and regulatory forces that marketing efforts cannot control five-forces model of competition - Answer a methodology for analyzing competitive pressures in a market and assessing the strength and importance of each of those pressures competitive analysis - Answer an analysis of a competitor that includes its strategies, capabilities, prices, and costs resource - Answer anything that adds value to a good or service in its creation, production, or delivery SWOT analysis - Answer an analysis of the strengths, weaknesses, opportunities, and threats of and to an organization value chain - Answer the functions within a company that add value to the goods or services that the organization sells to customers and for which it receives payment trading partners - Answer any organization external to the firm that plays a integral role within the supply chain community and whose business fortune depends on the success of the supply chain community value chain analysis - Answer an examination of all links a company uses to produce and deliver its products and service, starting from the origination point and continuing through delivery to the final customer product life cycle - Answer the stages a new product goes through from beginning to end product positioning - Answer the marketing effort involved in placing a product in a market to serve a particular niche or function make to order - Answer a production environment where a good or service can be made after receipt of a customers order - the final product is usually a combination of standard items and items custom-designed to meet the special needs of the customer engineer to order - Answer products whose customer specifications require unique engineering design, significant customization, or new purchased materials - each customer order results in unique set of part numbers, bills of material, and routings assemble to order - Answer a production environment where a good or service can be assembled after receipt of a customer's order - the key components (bulk, semi-finished, intermediate, subassembly, fabricated, purchased, packing) used in the assembly or finishing process are planned and usually stocked in anticipation of a customer order - receipt of an order initiates assembly of the customized product - this strategy is useful make to stock - Answer a production environment where products can be and usually are finished before receipt of a customer order - customer orders are typically filled from existing stocks and production orders are used to replenish those stocks functional product - Answer having a low profit margin and a predictable demand core process - Answer that unique capability that is central to a company's competitive strategy core competencies - Answer bundles of skills or knowledge sets that enable a firm to provide the greatest level of value to its customers in a way that is difficult for competitors to emulate and that provides for future growth. Core competencies are embodied in the skills of the workers and in the organization. They are developed through collective learning, communication, and commitment to work across levels and functions in the organization and with the customers and suppliers. For example, a core competency could be the capability of a firm to coordinate and harmonize diverse production skills and production technologies organizations scope - Answer the range of activities that a firm performs internally, the breadth of its product and service offerings, the extent of its geographic market presence, and its mix of businesses market penetration - Answer the organization pursues a larger market share within the existing market with the same product, perhaps by focusing advertising on a new customer group, by competing more aggressively against competitors, or by creating a differential from its competitors products product development - Answer the organization focuses on growing within its existing market by introducing new products market development - Answer the organization decides to sell its existing products in a new market diversification - Answer the organization decides to extend its scope, to start performing entirely new activities horizontally integrated firm - Answer a firm that produces or sells similar products in various geographical locations vertically integrated firm - Answer a firm that takes in functions that were previously performed by suppliers but are now done internally - grows in terms of what it makes or what activities it performs merger - Answer the acquisition of the assets and liabilities of one company by another - a new entity is formed vertical integration - Answer the degree to which a firm has decided to directly produce multiple value-adding stages from raw materials to the sale of the product to the ultimate customer - the more steps in the sequence, the greater the vertical integration backward integration - Answer the process of buying or owning elements of the production cycle and channel of distribution back toward raw material suppliers forward integration - Answer process of buying or owning elements of the production cycle; the channel of distribution forward toward the final customer virtual organization - Answer short-term alliances between independent organizations in a potentially long-term relationship to design, produce, and distribute a product - organizations cooperate based on mutual values and act as a single entity to third parties