COB 300 Operations Final Exam (2025 updated)
QUESTIONS AND ANSWERS (DETAILED &
ELABORATED) fully solved!!
Goods - (ANSWER)physical items produced by business organizations
Services - (ANSWER)activities that provide some combination of time, location,
form and psychological value
Operations Management - (ANSWER)the management of systems or processes
that create goods and or provide services
Supply Chain - (ANSWER)a sequence of activities and organizations involved in
producing and delivering a good or service
Value-Added - (ANSWER)the difference between the cost of inputs and the value
or price of outputs
Process - (ANSWER)one or more actions that transform inputs into outputs
Lead Time - (ANSWER)the time between ordering a good or service and receiving
it
Model - (ANSWER)an abstraction of reality; a simplified representation of
something
,System - (ANSWER)a set of interrelated parts that must work together
Pareto Phenomenon - (ANSWER)a few factors account for a high percentage of
the occurrence of some events
Craft Production - (ANSWER)system in which highly skilled workers use simple,
flexible tools to produce small quantities of customized goods
Mass Production - (ANSWER)system in which low-skilled workers use specialized
machinery to produce high volumes of standardized goods
Interchangeable Parts - (ANSWER)parts of a product made to such precision that
they do not have to be custom fitted
Division of Labor - (ANSWER)the breaking up of a production process into small
tasks, so that each worker performs a small portion of the overall job
Six Sigma - (ANSWER)a process for reducing costs, improving quality and
increasing customer satisfaction
Agility - (ANSWER)the ability of an organization to respond quickly to demands or
opportunities
,Lean System - (ANSWER)system that uses minimal amounts of resources to
produce a high volume of high quality goods with some variety
Sustainability - (ANSWER)using resources in ways that do not harm ecological
systems that support human existence
Ethics - (ANSWER)a standard of behavior that guides how one should act in
various situations
Ethical Framework - (ANSWER)a sequence of steps intended to guide thinking
and subsequent decision or action
Outsourcing - (ANSWER)buying goods or services instead of producing or
providing them in house
Competitiveness - (ANSWER)how effectively an organization meets the wants
and needs of customers relative to others that offer similar goods or services
Strategies - (ANSWER)plans for achieving organizational goals
Tactics - (ANSWER)the methods and actions take to accomplish strategies
Core Competencies - (ANSWER)the special attributes or abilities that give an
organization a competitive edge
, Order Qualifiers - (ANSWER)characteristics that customers perceive as minimum
standards of acceptability to be considered as potential for purchase
Order Winners - (ANSWER)characteristics of an organizations goods or services
that cause it to be perceived as better than the competition
Environmental Scanning - (ANSWER)the monitoring of events and trends that
present threats or opportunities for a company- remember crest
Operation Strategy - (ANSWER)the approach, consistent with the organization
strategy that is used to guide the operations function
Quality Based Strategy - (ANSWER)strategy that focuses on quality in all phases of
an organization
Time-Based Strategy - (ANSWER)focuses on reduction of time needed to
accomplish tasks
Productivity - (ANSWER)a measure of the effective use of resources usually
expressed as the ratio of output to input
Contract Manufacturer - (ANSWER)an organization that performs manufacturing
and/or purchasing needed to produce a product of device not for itself but as a
service to another firm
QUESTIONS AND ANSWERS (DETAILED &
ELABORATED) fully solved!!
Goods - (ANSWER)physical items produced by business organizations
Services - (ANSWER)activities that provide some combination of time, location,
form and psychological value
Operations Management - (ANSWER)the management of systems or processes
that create goods and or provide services
Supply Chain - (ANSWER)a sequence of activities and organizations involved in
producing and delivering a good or service
Value-Added - (ANSWER)the difference between the cost of inputs and the value
or price of outputs
Process - (ANSWER)one or more actions that transform inputs into outputs
Lead Time - (ANSWER)the time between ordering a good or service and receiving
it
Model - (ANSWER)an abstraction of reality; a simplified representation of
something
,System - (ANSWER)a set of interrelated parts that must work together
Pareto Phenomenon - (ANSWER)a few factors account for a high percentage of
the occurrence of some events
Craft Production - (ANSWER)system in which highly skilled workers use simple,
flexible tools to produce small quantities of customized goods
Mass Production - (ANSWER)system in which low-skilled workers use specialized
machinery to produce high volumes of standardized goods
Interchangeable Parts - (ANSWER)parts of a product made to such precision that
they do not have to be custom fitted
Division of Labor - (ANSWER)the breaking up of a production process into small
tasks, so that each worker performs a small portion of the overall job
Six Sigma - (ANSWER)a process for reducing costs, improving quality and
increasing customer satisfaction
Agility - (ANSWER)the ability of an organization to respond quickly to demands or
opportunities
,Lean System - (ANSWER)system that uses minimal amounts of resources to
produce a high volume of high quality goods with some variety
Sustainability - (ANSWER)using resources in ways that do not harm ecological
systems that support human existence
Ethics - (ANSWER)a standard of behavior that guides how one should act in
various situations
Ethical Framework - (ANSWER)a sequence of steps intended to guide thinking
and subsequent decision or action
Outsourcing - (ANSWER)buying goods or services instead of producing or
providing them in house
Competitiveness - (ANSWER)how effectively an organization meets the wants
and needs of customers relative to others that offer similar goods or services
Strategies - (ANSWER)plans for achieving organizational goals
Tactics - (ANSWER)the methods and actions take to accomplish strategies
Core Competencies - (ANSWER)the special attributes or abilities that give an
organization a competitive edge
, Order Qualifiers - (ANSWER)characteristics that customers perceive as minimum
standards of acceptability to be considered as potential for purchase
Order Winners - (ANSWER)characteristics of an organizations goods or services
that cause it to be perceived as better than the competition
Environmental Scanning - (ANSWER)the monitoring of events and trends that
present threats or opportunities for a company- remember crest
Operation Strategy - (ANSWER)the approach, consistent with the organization
strategy that is used to guide the operations function
Quality Based Strategy - (ANSWER)strategy that focuses on quality in all phases of
an organization
Time-Based Strategy - (ANSWER)focuses on reduction of time needed to
accomplish tasks
Productivity - (ANSWER)a measure of the effective use of resources usually
expressed as the ratio of output to input
Contract Manufacturer - (ANSWER)an organization that performs manufacturing
and/or purchasing needed to produce a product of device not for itself but as a
service to another firm
