LOMA 335 The Insurance Company |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
and Operations Management (Module 2) |||\\\ |||\\\ |||\\\ |||\\\
exam with correct answers
|||\\\ |||\\\ |||\\\ |||\\\
________________ means completing the activities necessary to achieve the desired outcome. |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
- correct answer✔✔Effectiveness
|||\\\ |||\\\ |||\\\ |||\\\
_______________ means completing an activity with minimal waste of human or financial |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
resources. - correct answer✔✔Efficiency |||\\\ |||\\\ |||\\\ |||\\\
An _______________ process remains efficient and effective as the environment changes. -
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
correct answer✔✔adaptable |||\\\ |||\\\
A ____________ process can adjust to changes in volume without losing efficiency or
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
effectiveness. - correct answer✔✔scalable |||\\\ |||\\\ |||\\\ |||\\\
A business ___________ is an ongoing method or system for responding to customer needs. -
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
correct answer✔✔process |||\\\ |||\\\
_____________ 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
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
A ________ process is one of several operational processes critical to meeting customer needs,
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
maintaining a competitive position, or implementing the corporate plan. - correct
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
answer✔✔key
,A process ___________ establishes the authority and accountability, or process ownership, of a
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
process team. - correct answer✔✔charter
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
The charter usually contains the following information (list 7): - correct answer✔✔1) A scope
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
statement that defines the process, identifies its beginning and end points, and addresses |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
existing resource constraints |||\\\ |||\\\ |||\\\
2) A business case that identifies why the process needs to be implemented or changed at this
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
particular point in time |||\\\ |||\\\ |||\\\
3) An estimate of the process costs
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
4) A goal statement that identifies the measurable outcomes of this process initiative
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
5) A plan that identifies milestone activities and offers a tentative time frame for completion
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
6) A list of participants with assigned roles
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
7) An explanation of the researched needs of process stakeholders, who are any internal and
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
external parties expecting to benefit from process outcomes but who do not directly
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
participate in performing the process, such as a customer who gains a new service |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
A process charter may contain or allude to a process _______, which is a graphical
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
representation of a business process, typically using a recognized set of graphical symbols. - |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
correct answer✔✔map |||\\\ |||\\\
Within a process, an ____________ is any part of a set of actions that generates work to
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
accomplish a job, problem, or assignment. - correct answer✔✔activity |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
, A ________-adding activity makes the product or service more valuable to the customer, such
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
as customer service or claims check issuing. - correct answer✔✔value
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
A _____-________-adding activity doesn't make the product or service more valuable to the
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
customer. - correct answer✔✔non-value |||\\\ |||\\\ |||\\\ |||\\\
________ are the smallest units in a process to undergo analysis. - correct answer✔✔Tasks
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Process _____________: typically a company executive who authorizes a process design -
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
correct answer✔✔sponsor |||\\\ |||\\\
_____________ process owner: an employee responsible for the direction of the process but |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
who doesn't perform duties related to the process - correct answer✔✔Worker
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Process ________ members: all employees assembled to accomplish a process - correct
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
answer✔✔team
Process ___________ is a systemic evaluation of all aspects of a process to make the process
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
faster, more efficient, less expensive, and more focused on the customer. - correct
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
answer✔✔analysis
Companies can use _______ lane diagrams, which elaborate on simple process maps by
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
identifying the parties responsible for each activity. - correct answer✔✔swim
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Additionally, companies can use value ________ maps, which are visual representations of |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
processes that identify each activity's end value to the customer. - correct answer✔✔stream
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Value stream maps help identify the parts of a process that aren't adding value to the
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
customer, or that are slowing down the continuous flow process of value creation known as a
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
value ___________. - correct answer✔✔stream
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\
and Operations Management (Module 2) |||\\\ |||\\\ |||\\\ |||\\\
exam with correct answers
|||\\\ |||\\\ |||\\\ |||\\\
________________ means completing the activities necessary to achieve the desired outcome. |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
- correct answer✔✔Effectiveness
|||\\\ |||\\\ |||\\\ |||\\\
_______________ means completing an activity with minimal waste of human or financial |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
resources. - correct answer✔✔Efficiency |||\\\ |||\\\ |||\\\ |||\\\
An _______________ process remains efficient and effective as the environment changes. -
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
correct answer✔✔adaptable |||\\\ |||\\\
A ____________ process can adjust to changes in volume without losing efficiency or
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
effectiveness. - correct answer✔✔scalable |||\\\ |||\\\ |||\\\ |||\\\
A business ___________ is an ongoing method or system for responding to customer needs. -
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
correct answer✔✔process |||\\\ |||\\\
_____________ 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
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
A ________ process is one of several operational processes critical to meeting customer needs,
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
maintaining a competitive position, or implementing the corporate plan. - correct
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
answer✔✔key
,A process ___________ establishes the authority and accountability, or process ownership, of a
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
process team. - correct answer✔✔charter
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
The charter usually contains the following information (list 7): - correct answer✔✔1) A scope
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
statement that defines the process, identifies its beginning and end points, and addresses |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
existing resource constraints |||\\\ |||\\\ |||\\\
2) A business case that identifies why the process needs to be implemented or changed at this
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
particular point in time |||\\\ |||\\\ |||\\\
3) An estimate of the process costs
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
4) A goal statement that identifies the measurable outcomes of this process initiative
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
5) A plan that identifies milestone activities and offers a tentative time frame for completion
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
6) A list of participants with assigned roles
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
7) An explanation of the researched needs of process stakeholders, who are any internal and
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
external parties expecting to benefit from process outcomes but who do not directly
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
participate in performing the process, such as a customer who gains a new service |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
A process charter may contain or allude to a process _______, which is a graphical
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
representation of a business process, typically using a recognized set of graphical symbols. - |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
correct answer✔✔map |||\\\ |||\\\
Within a process, an ____________ is any part of a set of actions that generates work to
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
accomplish a job, problem, or assignment. - correct answer✔✔activity |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
, A ________-adding activity makes the product or service more valuable to the customer, such
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
as customer service or claims check issuing. - correct answer✔✔value
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
A _____-________-adding activity doesn't make the product or service more valuable to the
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
customer. - correct answer✔✔non-value |||\\\ |||\\\ |||\\\ |||\\\
________ are the smallest units in a process to undergo analysis. - correct answer✔✔Tasks
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Process _____________: typically a company executive who authorizes a process design -
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
correct answer✔✔sponsor |||\\\ |||\\\
_____________ process owner: an employee responsible for the direction of the process but |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
who doesn't perform duties related to the process - correct answer✔✔Worker
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Process ________ members: all employees assembled to accomplish a process - correct
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
answer✔✔team
Process ___________ is a systemic evaluation of all aspects of a process to make the process
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
faster, more efficient, less expensive, and more focused on the customer. - correct
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
answer✔✔analysis
Companies can use _______ lane diagrams, which elaborate on simple process maps by
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
identifying the parties responsible for each activity. - correct answer✔✔swim
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Additionally, companies can use value ________ maps, which are visual representations of |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
processes that identify each activity's end value to the customer. - correct answer✔✔stream
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Value stream maps help identify the parts of a process that aren't adding value to the
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
customer, or that are slowing down the continuous flow process of value creation known as a
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
value ___________. - correct answer✔✔stream
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\
