LOMA 335: The Insurance Company and
Operations Management (Module 2)
Exam
UPDATED QUESTIONS AND CORRECT
ANSWERS
_______ refers to the possible performance levels a company can achieve. - CORRECT
ANSWER Six
________ are the smallest units in a process to undergo analysis. - CORRECT
ANSWER Tasks
________ Sigma is a disciplined approach for defining, measuring, analyzing, improving,
and controlling quality by reducing process defects so that results fall within established
parameters. - CORRECT ANSWER Six
_________ management is an approach to business effectiveness focused on finding and
seizing opportunities to improve operations and processes. - CORRECT
ANSWER Agile
__________ engines: Software-based repositories of key business process rules that can be
consistently applied in specified circumstances to produce the desired results.
Note: Business process management systems typically rely on these. - CORRECT
ANSWER Rules
___________ costs are the costs of correcting defective work, and include employee
compensation for the hours spent correcting the problem. - CORRECT
ANSWER Rework
,____________ committee: a group of stakeholders with diverse company backgrounds who
guide and oversee the planning and implementation of a project. - CORRECT
ANSWER Steering
____________ is a gradual and continuous approach to process improvement using a series
of modest changes and feedback from process team members. - CORRECT
ANSWER Kaizen
____________ is a measure of how close performance is to specifications. - CORRECT
ANSWER Sigma
____________ management simply refers to the actions an organization undertakes to meet
customer expectations for quality. - CORRECT ANSWER Quality
____________ management systems manage and store electronic content, including graphics
and videos. - CORRECT ANSWER Content
____________ management systems manage electronic documents by centralizing and
organizing document storage, controlling access to documents, automating routines for
archiving, and ensuring regulatory compliance with records retention and privacy
requirement. - CORRECT ANSWER Document
____________ private networks: Systems that provide private access to authorized uses who
aren't on location - CORRECT ANSWER Virtual
____________ quality management (TQM) is a specific, process-oriented approach to quality
management for creating an organizational culture committed to continuous improvement. -
CORRECT ANSWER Total
_____________ committee: a permanent committee that company executives use as a
continuing source of advice. - CORRECT ANSWER Standing
, _____________ costs are expenses for proactively limiting operational defects. - CORRECT
ANSWER Prevention
_____________ detection software: Technology that monitors system traffic and alerts
administrators to potential security issues - CORRECT ANSWER Intrusion
_____________ indicators are red, yellow, green, and sometimes blue symbols that indicate
how favorably the company's actual performance compares with its performance standards. -
CORRECT ANSWER Stoplight
_____________ management is a formal method of defining, documenting, evaluating, and
improving resources and workflow so that processes better achieve the tasks they were
designed to accomplish. - CORRECT ANSWER Process
_____________ management is a framework for directing projects to completion that
involves 1) setting project goals, and 2) planning, monitoring, and controlling project tasks,
resources, and costs to meet those goals. - CORRECT ANSWER Project
_____________ management systems apply models and measurements to predict how certain
business decisions or market trends will affect company revenue. - CORRECT
ANSWER Revenue
_____________ management, sometimes called performance management, refers to the
activities an organization conducts on an ongoing basis to plan, control, measure, and
improve its performance to ensure that its products or services consistently meet or exceed
customer expectations. - CORRECT ANSWER Quality
_____________ process owner: an employee responsible for the direction of the process but
who doesn't perform duties related to the process - CORRECT ANSWER Worker
_____________ technology (IT) is the use of computer systems to gather, record, manage,
analyze, and transmit company information. - CORRECT ANSWER Information
Operations Management (Module 2)
Exam
UPDATED QUESTIONS AND CORRECT
ANSWERS
_______ refers to the possible performance levels a company can achieve. - CORRECT
ANSWER Six
________ are the smallest units in a process to undergo analysis. - CORRECT
ANSWER Tasks
________ Sigma is a disciplined approach for defining, measuring, analyzing, improving,
and controlling quality by reducing process defects so that results fall within established
parameters. - CORRECT ANSWER Six
_________ management is an approach to business effectiveness focused on finding and
seizing opportunities to improve operations and processes. - CORRECT
ANSWER Agile
__________ engines: Software-based repositories of key business process rules that can be
consistently applied in specified circumstances to produce the desired results.
Note: Business process management systems typically rely on these. - CORRECT
ANSWER Rules
___________ costs are the costs of correcting defective work, and include employee
compensation for the hours spent correcting the problem. - CORRECT
ANSWER Rework
,____________ committee: a group of stakeholders with diverse company backgrounds who
guide and oversee the planning and implementation of a project. - CORRECT
ANSWER Steering
____________ is a gradual and continuous approach to process improvement using a series
of modest changes and feedback from process team members. - CORRECT
ANSWER Kaizen
____________ is a measure of how close performance is to specifications. - CORRECT
ANSWER Sigma
____________ management simply refers to the actions an organization undertakes to meet
customer expectations for quality. - CORRECT ANSWER Quality
____________ management systems manage and store electronic content, including graphics
and videos. - CORRECT ANSWER Content
____________ management systems manage electronic documents by centralizing and
organizing document storage, controlling access to documents, automating routines for
archiving, and ensuring regulatory compliance with records retention and privacy
requirement. - CORRECT ANSWER Document
____________ private networks: Systems that provide private access to authorized uses who
aren't on location - CORRECT ANSWER Virtual
____________ quality management (TQM) is a specific, process-oriented approach to quality
management for creating an organizational culture committed to continuous improvement. -
CORRECT ANSWER Total
_____________ committee: a permanent committee that company executives use as a
continuing source of advice. - CORRECT ANSWER Standing
, _____________ costs are expenses for proactively limiting operational defects. - CORRECT
ANSWER Prevention
_____________ detection software: Technology that monitors system traffic and alerts
administrators to potential security issues - CORRECT ANSWER Intrusion
_____________ indicators are red, yellow, green, and sometimes blue symbols that indicate
how favorably the company's actual performance compares with its performance standards. -
CORRECT ANSWER Stoplight
_____________ management is a formal method of defining, documenting, evaluating, and
improving resources and workflow so that processes better achieve the tasks they were
designed to accomplish. - CORRECT ANSWER Process
_____________ management is a framework for directing projects to completion that
involves 1) setting project goals, and 2) planning, monitoring, and controlling project tasks,
resources, and costs to meet those goals. - CORRECT ANSWER Project
_____________ management systems apply models and measurements to predict how certain
business decisions or market trends will affect company revenue. - CORRECT
ANSWER Revenue
_____________ management, sometimes called performance management, refers to the
activities an organization conducts on an ongoing basis to plan, control, measure, and
improve its performance to ensure that its products or services consistently meet or exceed
customer expectations. - CORRECT ANSWER Quality
_____________ process owner: an employee responsible for the direction of the process but
who doesn't perform duties related to the process - CORRECT ANSWER Worker
_____________ technology (IT) is the use of computer systems to gather, record, manage,
analyze, and transmit company information. - CORRECT ANSWER Information
