SCM 414 EXAM 1 QUESTIONS & ANSWERS
Operations Management - Answers -The process of turning inputs into outputs.
Supply Chain Management - Answers -Total view of all pieces of the puzzle, containing
elements of manufacturing and services.
Customer Value - Answers -The fundamental purpose of an organization to provide
goods and services that the customer values.
Value - Answers -Perceived benefits divided by cost to the customer.
Value Proposition - Answers -Defines how a firm operates and determines the
customer benefit packages.
Customer Benefit Packages - Answers -Deliver on the promise of value proposition
through bundling goods and services that enhance customer value.
Order Qualifiers - Answers -Basic customer expectations and minimum performance
required to stay in business.
Order Winners - Answers -Good/service features and performance characteristics that
differentiate an organization from competitors.
Competitive Advantage - Answers -A firm's ability to achieve market and financial
superiority over its competitors.
Competitive Priorities - Answers -Strategic emphasis a firm places on certain
performance measures and operational capabilities within the value chain.
Cost Priority - Answers -Low cost operations.
Quality Priority - Answers -Top quality and consistent quality.
Time Priority - Answers -Delivery speed, on-time delivery, and development speed.
Flexibility Priority - Answers -Customization, variety, and volume flexibility.
Innovation Priority - Answers -Research and development.
Strategy - Answers -A cohesive plan that integrates an organization's goals, policies,
and actions to develop the capabilities needed to achieve competitive advantages.
Dependability - Answers -Delivering on time, every time.
, Customization - Answers -Adapting quickly to changes and customizing to fit consumer
preferences.
Walmart Competitive Priorities - Answers -Low cost operations achieved through
negotiations, low overhead, and less labor.
Smart Sourcing - Answers -Using assets efficiently and managing labor effectively.
Materials and Process Excellence - Answers -Getting things right the first time.
Operational Capabilities - Answers -Building and leveraging capabilities to support
desired competitive priorities.
Long Term Goals - Answers -Establishing firm positioning relative to the external
environment.
What is operations management? - Answers -The science and art of ensuring that
goods and services are created and delivered successfully to internal and external
customers.
What are the core issues of operations management? - Answers -Efficiency, cost, and
quality.
What is a Customer Benefit Package? - Answers -A bundle of goods, services, and
digital content that enhance customer value.
What is the process in operations management? - Answers -A sequence of activities
that takes inputs, transforms them, and provides outputs for customers, ideally adding
value.
How is value defined in operations management? - Answers -Value is the perceived
benefits divided by the price (cost) to the customer.
What does the value chain describe? - Answers -A network of facilities and processes
that describe the flow of materials, goods, services, and information from suppliers to
customers.
What is the relationship between operations management and supply chain
management? - Answers -Supply chain management synchronizes a firm's processes
with those of its suppliers and customers to match the flow of materials, services, and
information with customer demand.
What are some key business processes in supply chain management? - Answers -
Outsourcing, warehousing, sourcing, customer service, logistics, and cross-docking.
Operations Management - Answers -The process of turning inputs into outputs.
Supply Chain Management - Answers -Total view of all pieces of the puzzle, containing
elements of manufacturing and services.
Customer Value - Answers -The fundamental purpose of an organization to provide
goods and services that the customer values.
Value - Answers -Perceived benefits divided by cost to the customer.
Value Proposition - Answers -Defines how a firm operates and determines the
customer benefit packages.
Customer Benefit Packages - Answers -Deliver on the promise of value proposition
through bundling goods and services that enhance customer value.
Order Qualifiers - Answers -Basic customer expectations and minimum performance
required to stay in business.
Order Winners - Answers -Good/service features and performance characteristics that
differentiate an organization from competitors.
Competitive Advantage - Answers -A firm's ability to achieve market and financial
superiority over its competitors.
Competitive Priorities - Answers -Strategic emphasis a firm places on certain
performance measures and operational capabilities within the value chain.
Cost Priority - Answers -Low cost operations.
Quality Priority - Answers -Top quality and consistent quality.
Time Priority - Answers -Delivery speed, on-time delivery, and development speed.
Flexibility Priority - Answers -Customization, variety, and volume flexibility.
Innovation Priority - Answers -Research and development.
Strategy - Answers -A cohesive plan that integrates an organization's goals, policies,
and actions to develop the capabilities needed to achieve competitive advantages.
Dependability - Answers -Delivering on time, every time.
, Customization - Answers -Adapting quickly to changes and customizing to fit consumer
preferences.
Walmart Competitive Priorities - Answers -Low cost operations achieved through
negotiations, low overhead, and less labor.
Smart Sourcing - Answers -Using assets efficiently and managing labor effectively.
Materials and Process Excellence - Answers -Getting things right the first time.
Operational Capabilities - Answers -Building and leveraging capabilities to support
desired competitive priorities.
Long Term Goals - Answers -Establishing firm positioning relative to the external
environment.
What is operations management? - Answers -The science and art of ensuring that
goods and services are created and delivered successfully to internal and external
customers.
What are the core issues of operations management? - Answers -Efficiency, cost, and
quality.
What is a Customer Benefit Package? - Answers -A bundle of goods, services, and
digital content that enhance customer value.
What is the process in operations management? - Answers -A sequence of activities
that takes inputs, transforms them, and provides outputs for customers, ideally adding
value.
How is value defined in operations management? - Answers -Value is the perceived
benefits divided by the price (cost) to the customer.
What does the value chain describe? - Answers -A network of facilities and processes
that describe the flow of materials, goods, services, and information from suppliers to
customers.
What is the relationship between operations management and supply chain
management? - Answers -Supply chain management synchronizes a firm's processes
with those of its suppliers and customers to match the flow of materials, services, and
information with customer demand.
What are some key business processes in supply chain management? - Answers -
Outsourcing, warehousing, sourcing, customer service, logistics, and cross-docking.
