GMS 401 Final exam ACTUAL Questions
and CORRECT Answers
Management - CORRECT ANSWER✔✔- the process by which objectives are achieved
through the use of the resources
operations - CORRECT ANSWER✔✔- those activities within an organization that are
directly related to providing goods or services by transforming inputs into outputs
What operations managers do - CORRECT ANSWER✔✔- -planning
-organizing
-staffing
-leading
-controlling
Three basic functions - CORRECT ANSWER✔✔- 1. operations
2. finance
3. marketing
Pareto Phenomenon - CORRECT ANSWER✔✔- 80% of the consequences come from 20%
of the causes
Quantitive approaches - CORRECT ANSWER✔✔- -linear programming
-queuing techniques
-project techniques
-statistical techniques
-inventory techniques
Competitiveness - CORRECT ANSWER✔✔- how effectively an organization meets the
wants and needs of customers relative to others that offer similar goods and services
,Producitivity - CORRECT ANSWER✔✔- outputs (goods & services) / inputs (labour,
capital, or management)
Why productivity matters - CORRECT ANSWER✔✔- -it is linked to high standards of living
-relative to the competitions leads to competitive advantage in the marketplace
Productivity paradox - CORRECT ANSWER✔✔- despite massive investment in computers
the rate of the productivity growth is now lower than it was before computers were
introduced
Factors affecting productivity - CORRECT ANSWER✔✔- 1. capital
2. quality
3. technology
4. management
standardization - CORRECT ANSWER✔✔- the more you do the better you get, don't think
about the process just execute
quality - CORRECT ANSWER✔✔- repairing a product doesn't make you money
Competing on Response - CORRECT ANSWER✔✔- - *Flexibility* is matching market
changes in design innovation and volumes
- *Reliability* is meeting schedules
- *Timeliness* is quickness in design, production, and delivery
competitive advantage - CORRECT ANSWER✔✔- implies the creation of a system that has
a unique advantage over competitors
Mission - CORRECT ANSWER✔✔- -we define organizations mission as its purpose- what it
will contribute to society
, -they provide boundaries and focus on organizations and the concept around which the firm
can rally
Strategy - CORRECT ANSWER✔✔- is an organizations action plan to achieve the mission
key strategies for operations - CORRECT ANSWER✔✔- 1. quality - focuses on satisfying
the customer by integrating quality into all phases of the organization
2. time - gain competitive advantage by performing certain activities more quickly than
competitors
3. vertical integration + outsourcing - make vs. buy and strategic alliances
4. supply chain management - suppliers, manufacturers, distribution channels, retailers, and
customers all viewed as one integrated system
what speed to people usually work at - CORRECT ANSWER✔✔- people work at 70%
productivity, a good process and set up keep the workers going
how to make money - CORRECT ANSWER✔✔- cut costs and sell more!
cut costs by optimization - having a good process and set up, a good set-up contributes to
productivity
Single-factor productivity - CORRECT ANSWER✔✔- labour, materials, capital, time
multi-factor productivity - CORRECT ANSWER✔✔- labour + materials in $$
How to increase productivity - CORRECT ANSWER✔✔- through learning - the more you
learn something the better you get (save time and money)
Reliable - CORRECT ANSWER✔✔- trusty, authentic, consistent, infalliable
Reliability - CORRECT ANSWER✔✔- happens by...
-improving individual components
-proving redundancy
and CORRECT Answers
Management - CORRECT ANSWER✔✔- the process by which objectives are achieved
through the use of the resources
operations - CORRECT ANSWER✔✔- those activities within an organization that are
directly related to providing goods or services by transforming inputs into outputs
What operations managers do - CORRECT ANSWER✔✔- -planning
-organizing
-staffing
-leading
-controlling
Three basic functions - CORRECT ANSWER✔✔- 1. operations
2. finance
3. marketing
Pareto Phenomenon - CORRECT ANSWER✔✔- 80% of the consequences come from 20%
of the causes
Quantitive approaches - CORRECT ANSWER✔✔- -linear programming
-queuing techniques
-project techniques
-statistical techniques
-inventory techniques
Competitiveness - CORRECT ANSWER✔✔- how effectively an organization meets the
wants and needs of customers relative to others that offer similar goods and services
,Producitivity - CORRECT ANSWER✔✔- outputs (goods & services) / inputs (labour,
capital, or management)
Why productivity matters - CORRECT ANSWER✔✔- -it is linked to high standards of living
-relative to the competitions leads to competitive advantage in the marketplace
Productivity paradox - CORRECT ANSWER✔✔- despite massive investment in computers
the rate of the productivity growth is now lower than it was before computers were
introduced
Factors affecting productivity - CORRECT ANSWER✔✔- 1. capital
2. quality
3. technology
4. management
standardization - CORRECT ANSWER✔✔- the more you do the better you get, don't think
about the process just execute
quality - CORRECT ANSWER✔✔- repairing a product doesn't make you money
Competing on Response - CORRECT ANSWER✔✔- - *Flexibility* is matching market
changes in design innovation and volumes
- *Reliability* is meeting schedules
- *Timeliness* is quickness in design, production, and delivery
competitive advantage - CORRECT ANSWER✔✔- implies the creation of a system that has
a unique advantage over competitors
Mission - CORRECT ANSWER✔✔- -we define organizations mission as its purpose- what it
will contribute to society
, -they provide boundaries and focus on organizations and the concept around which the firm
can rally
Strategy - CORRECT ANSWER✔✔- is an organizations action plan to achieve the mission
key strategies for operations - CORRECT ANSWER✔✔- 1. quality - focuses on satisfying
the customer by integrating quality into all phases of the organization
2. time - gain competitive advantage by performing certain activities more quickly than
competitors
3. vertical integration + outsourcing - make vs. buy and strategic alliances
4. supply chain management - suppliers, manufacturers, distribution channels, retailers, and
customers all viewed as one integrated system
what speed to people usually work at - CORRECT ANSWER✔✔- people work at 70%
productivity, a good process and set up keep the workers going
how to make money - CORRECT ANSWER✔✔- cut costs and sell more!
cut costs by optimization - having a good process and set up, a good set-up contributes to
productivity
Single-factor productivity - CORRECT ANSWER✔✔- labour, materials, capital, time
multi-factor productivity - CORRECT ANSWER✔✔- labour + materials in $$
How to increase productivity - CORRECT ANSWER✔✔- through learning - the more you
learn something the better you get (save time and money)
Reliable - CORRECT ANSWER✔✔- trusty, authentic, consistent, infalliable
Reliability - CORRECT ANSWER✔✔- happens by...
-improving individual components
-proving redundancy
