MGT 3500 Study Exam Questions & Answers.
What is product-service bundling - CORRECT ANSWER Product-service bundling is adding Value-added services to a firm's product offerings to create more value for the customer.
What are the three elements that require integration to be successful in operations and supply chain management? - CORRECT ANSWER Strategy, Processes, and Analytics
Operations and supply chain management is concerned with the design and management of the entire system that has what function? - CORRECT ANSWER Produces a product or delivers a service
Which major OSCM concept can be described as an integrated set of activities designed to achieve high-
volume production using minimal inventories of parts that arrive at workstations exactly when they are needed - CORRECT ANSWER Just-in-time (JIT) production
Operations and supply chain ________________ leverage the vast amount of data in enterprise resource planning systems to make decisions related to managing resources. - CORRECT ANSWER analytics
Which current issue in OSCM relates to the ability of a firm to maintain balance in a system, considering the ongoing economic, employee, and environmental viability of the firm? - CORRECT ANSWER Sustainability
What is the name of the process in which one company studies the processes of another firm in order to
identify best practices? - CORRECT ANSWER Benchmarking
Shell Oil Company's motto "People, Planet and Profit" is a real-world implementation of what OSCM concept? - CORRECT ANSWER Triple bottom line
2. A firm's strategy should describe how it intends to create and sustain value for ________________________. - CORRECT ANSWER its current shareholders 3. What is the term used to describe individuals or organizations that are influenced by the actions of the firm? - CORRECT ANSWER Stakeholders
4. How often should a company develop and refine the operations and supply chain strategy. - CORRECT ANSWER At least yearly
5. What is the term used to describe product attributes that attract certain customers and can be used to form the competitive position of a firm? - CORRECT ANSWER Competitive dimensions
6. What are the two main competitive dimensions related to product delivery? - CORRECT ANSWER Delivery speed and delivery reliability
7. What are the two characteristics of a product or service that define quality? - CORRECT ANSWER Design quality and process quality
8. A diagram that shows how a company's strategy is delivered by a set of supporting activities is called a
_____________________________. - CORRECT ANSWER activity-system map
9. In implementing supply chain strategy a firm must minimize its total cost without compromising the needs of its ____________________________. - CORRECT ANSWER Customers
10. What is defined as the likelihood of disruption that would impact the ability of a company to continuously supply products or services? - CORRECT ANSWER Supply chain risk
11. Risks caused by natural or manmade disasters, and therefore impossible to reliably predict, are called ______________________. - CORRECT ANSWER Disruption risks
Country risks - CORRECT ANSWER Currency hedging, local sourcing
Regulatory risk - CORRECT ANSWER Good legal advice, compliance
What is product-service bundling - CORRECT ANSWER Product-service bundling is adding Value-added services to a firm's product offerings to create more value for the customer.
What are the three elements that require integration to be successful in operations and supply chain management? - CORRECT ANSWER Strategy, Processes, and Analytics
Operations and supply chain management is concerned with the design and management of the entire system that has what function? - CORRECT ANSWER Produces a product or delivers a service
Which major OSCM concept can be described as an integrated set of activities designed to achieve high-
volume production using minimal inventories of parts that arrive at workstations exactly when they are needed - CORRECT ANSWER Just-in-time (JIT) production
Operations and supply chain ________________ leverage the vast amount of data in enterprise resource planning systems to make decisions related to managing resources. - CORRECT ANSWER analytics
Which current issue in OSCM relates to the ability of a firm to maintain balance in a system, considering the ongoing economic, employee, and environmental viability of the firm? - CORRECT ANSWER Sustainability
What is the name of the process in which one company studies the processes of another firm in order to
identify best practices? - CORRECT ANSWER Benchmarking
Shell Oil Company's motto "People, Planet and Profit" is a real-world implementation of what OSCM concept? - CORRECT ANSWER Triple bottom line
2. A firm's strategy should describe how it intends to create and sustain value for ________________________. - CORRECT ANSWER its current shareholders 3. What is the term used to describe individuals or organizations that are influenced by the actions of the firm? - CORRECT ANSWER Stakeholders
4. How often should a company develop and refine the operations and supply chain strategy. - CORRECT ANSWER At least yearly
5. What is the term used to describe product attributes that attract certain customers and can be used to form the competitive position of a firm? - CORRECT ANSWER Competitive dimensions
6. What are the two main competitive dimensions related to product delivery? - CORRECT ANSWER Delivery speed and delivery reliability
7. What are the two characteristics of a product or service that define quality? - CORRECT ANSWER Design quality and process quality
8. A diagram that shows how a company's strategy is delivered by a set of supporting activities is called a
_____________________________. - CORRECT ANSWER activity-system map
9. In implementing supply chain strategy a firm must minimize its total cost without compromising the needs of its ____________________________. - CORRECT ANSWER Customers
10. What is defined as the likelihood of disruption that would impact the ability of a company to continuously supply products or services? - CORRECT ANSWER Supply chain risk
11. Risks caused by natural or manmade disasters, and therefore impossible to reliably predict, are called ______________________. - CORRECT ANSWER Disruption risks
Country risks - CORRECT ANSWER Currency hedging, local sourcing
Regulatory risk - CORRECT ANSWER Good legal advice, compliance
