SCM 370 Exam 1 Questions With
Correct Answers
operations management - ANSWER the planning, scheduling, and control of the
activities that transforms inputs into finished goods and services
inventory control - ANSWER know exactly whats in stock, what is sold and what
we buy
why forecast demand? - ANSWER - to have enough supply
- reduce wait times
merket share - ANSWER happens only at a point in time; a measure of a position
in the market at a given point in time
loyalty - ANSWER a long-term measurement; a critical aspect
what happens when you move a customer from satisfied to very satisfied? -
ANSWER if you can move 5% of your customers from satisfied to very satisfied,
your profitability will go up 25-50%
goods vs. services - ANSWER - production of goods: tangible output
- delivery of services: an act
inseparability (goods vs. services) - ANSWER - goods: manufacturing happens
elsewhere
- services: you have to be present
intangibility (goods vs. services) - ANSWER - goods: can be stored
- services: cannot be placed on a shelf
perishability (goods vs. services) - ANSWER - goods: goods will be there
tomorrow
- services: services are time perishable
heterogeneity (goods vs. services) - ANSWER goods: products are homogenous
(coke always tastes the same)
- services: services are heterogeneous (outcomes may vary)
, site location (goods vs. services) - ANSWER - goods: products (manufacturing)
in the place that minimizes cost
- services: easy to locate
difficulty of measuring quality of output (goods vs. services) - ANSWER - goods:
products can be physically tested
- services: measured by experience, reviews and surveys
transformation - ANSWER input to output
job shop - ANSWER - variety of outputs in small batches
- customized outputs
- general purpose machinery
- highly skilled workers
(ex: fine dining)
flow shop - ANSWER - high volume
- standardized output
- special purpose equipment
- lower skilled workers
(fast food)
forecasting - ANSWER making decisions today to try to look into the future to
benefit the business
forecasting the economy - ANSWER can help predict interest rates
forecasting technology - ANSWER don't want to invest in something that may be
worth nothing later
forecasting demand - ANSWER being prepared to meet customer demand
what you need to meet customer demand - ANSWER - physical facility
- sufficient employees
- enough "stuff"
time ranges for forecasting - ANSWER - short-term: 0-6 months, effects short run
(restaurants)
- medium-term: 3 months-2 years (business expanding their facility)
- long-term: 5+ years (UNCW adding dorms/ academic buildings)
types of forecasting - ANSWER time series analysis, qualitative, simulation,
causal relationships
time series analysis - ANSWER using past data overtime to look at future trends
Correct Answers
operations management - ANSWER the planning, scheduling, and control of the
activities that transforms inputs into finished goods and services
inventory control - ANSWER know exactly whats in stock, what is sold and what
we buy
why forecast demand? - ANSWER - to have enough supply
- reduce wait times
merket share - ANSWER happens only at a point in time; a measure of a position
in the market at a given point in time
loyalty - ANSWER a long-term measurement; a critical aspect
what happens when you move a customer from satisfied to very satisfied? -
ANSWER if you can move 5% of your customers from satisfied to very satisfied,
your profitability will go up 25-50%
goods vs. services - ANSWER - production of goods: tangible output
- delivery of services: an act
inseparability (goods vs. services) - ANSWER - goods: manufacturing happens
elsewhere
- services: you have to be present
intangibility (goods vs. services) - ANSWER - goods: can be stored
- services: cannot be placed on a shelf
perishability (goods vs. services) - ANSWER - goods: goods will be there
tomorrow
- services: services are time perishable
heterogeneity (goods vs. services) - ANSWER goods: products are homogenous
(coke always tastes the same)
- services: services are heterogeneous (outcomes may vary)
, site location (goods vs. services) - ANSWER - goods: products (manufacturing)
in the place that minimizes cost
- services: easy to locate
difficulty of measuring quality of output (goods vs. services) - ANSWER - goods:
products can be physically tested
- services: measured by experience, reviews and surveys
transformation - ANSWER input to output
job shop - ANSWER - variety of outputs in small batches
- customized outputs
- general purpose machinery
- highly skilled workers
(ex: fine dining)
flow shop - ANSWER - high volume
- standardized output
- special purpose equipment
- lower skilled workers
(fast food)
forecasting - ANSWER making decisions today to try to look into the future to
benefit the business
forecasting the economy - ANSWER can help predict interest rates
forecasting technology - ANSWER don't want to invest in something that may be
worth nothing later
forecasting demand - ANSWER being prepared to meet customer demand
what you need to meet customer demand - ANSWER - physical facility
- sufficient employees
- enough "stuff"
time ranges for forecasting - ANSWER - short-term: 0-6 months, effects short run
(restaurants)
- medium-term: 3 months-2 years (business expanding their facility)
- long-term: 5+ years (UNCW adding dorms/ academic buildings)
types of forecasting - ANSWER time series analysis, qualitative, simulation,
causal relationships
time series analysis - ANSWER using past data overtime to look at future trends
