GMS 401 - final exam questions and
correct answers rated A+
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...
correct answers rated A+
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...
