ECU OMGT 3123 EXAM 1 QUESTIONS
AND ANSWERS
define Operations Management - Correct Answers -Involves "the planning, scheduling,
and control of the activities that transform inputs into finished goods and services"
Define Supply chain management - Correct Answers -is the "Active management of
supply chain activities and relationships to maximize customer value and achieve a
sustainable competitive advantage.
-The conscious effort to manage the supply chain in the most efficient and effective
ways possible"
what are the "hidden rocks" of inventory - Correct Answers -all the shit that could disrupt
the flow of products up or down the chain. ex= crazy demand, bad forecast, unreliable
supplies, quality problems, etc.
what is the continuous review system - Correct Answers -when the bar code scans and
reduces the store product inventory by 1. when it reaches the bare minimum the store
will automatically order more to stay out of stock.
what is EOQ - Correct Answers -economic order quantity. optimum quantity of goods to
be purchased at one time
goods vs services - Correct Answers -goods- tangible product. "Hows it manufactured,
stored, moved throughout the plant"
service- Intangible. "how much customer involvement, how much customization, types
of knowledge"
supply chain flows - Correct Answers -Raw materials/ Supplier management ->
Production and operations -> Finished goods/customer service.
UPSTREAM & DOWNSTREAM
supply chain issues - Correct Answers --Length of the supply chain(geo, # of parts, # of
suppliers/customers)
-Complexity
-Stability
-Competitors
trends in operation management - Correct Answers -Technology
Risk Management
, Relationship Management and Collaboration
Environmental and Social responsibility
Globalization and interconnectedness
Greater emphasis on analytics
Renewed efforts to be more efficient and improve revenue.
Job growth
trends in supply chain - Correct Answers -Technology
Risk Management
Relationship Management and Collaboration
Environmental and Social responsibility
Globalization and interconnectedness
Greater emphasis on analytics
Renewed efforts to be more efficient and improve revenue.
Job growth
what is strategy - Correct Answers -a set of carefully selected and integrated business
priorities/plans to achieve the objectives of the firm
top down model of strategy - Correct Answers -mission statement -> Business strategy
=> operations and supply chain strategies, other functional strategies
components of top down model of strategy - Correct Answers -
efficiency trade-offs - Correct Answers -Quality vs. Cost , high quality = high cost
Time vs. Quality , less time = lower quality
Flexibility vs. Cost , more flexibility = higher cost
Cost vs. Everything
operations impact on performance - Correct Answers --Quality (performance,
conformance, reliability)
-Time (delivery speed and reliability, development speed)
-Flexibility (mix, changeover, volume)
-Cost (labor, material, engineering, quality-related)
supply chain impact on performance - Correct Answers --Quality (performance,
conformance, reliability)
-Time (delivery speed and reliability, development speed)
AND ANSWERS
define Operations Management - Correct Answers -Involves "the planning, scheduling,
and control of the activities that transform inputs into finished goods and services"
Define Supply chain management - Correct Answers -is the "Active management of
supply chain activities and relationships to maximize customer value and achieve a
sustainable competitive advantage.
-The conscious effort to manage the supply chain in the most efficient and effective
ways possible"
what are the "hidden rocks" of inventory - Correct Answers -all the shit that could disrupt
the flow of products up or down the chain. ex= crazy demand, bad forecast, unreliable
supplies, quality problems, etc.
what is the continuous review system - Correct Answers -when the bar code scans and
reduces the store product inventory by 1. when it reaches the bare minimum the store
will automatically order more to stay out of stock.
what is EOQ - Correct Answers -economic order quantity. optimum quantity of goods to
be purchased at one time
goods vs services - Correct Answers -goods- tangible product. "Hows it manufactured,
stored, moved throughout the plant"
service- Intangible. "how much customer involvement, how much customization, types
of knowledge"
supply chain flows - Correct Answers -Raw materials/ Supplier management ->
Production and operations -> Finished goods/customer service.
UPSTREAM & DOWNSTREAM
supply chain issues - Correct Answers --Length of the supply chain(geo, # of parts, # of
suppliers/customers)
-Complexity
-Stability
-Competitors
trends in operation management - Correct Answers -Technology
Risk Management
, Relationship Management and Collaboration
Environmental and Social responsibility
Globalization and interconnectedness
Greater emphasis on analytics
Renewed efforts to be more efficient and improve revenue.
Job growth
trends in supply chain - Correct Answers -Technology
Risk Management
Relationship Management and Collaboration
Environmental and Social responsibility
Globalization and interconnectedness
Greater emphasis on analytics
Renewed efforts to be more efficient and improve revenue.
Job growth
what is strategy - Correct Answers -a set of carefully selected and integrated business
priorities/plans to achieve the objectives of the firm
top down model of strategy - Correct Answers -mission statement -> Business strategy
=> operations and supply chain strategies, other functional strategies
components of top down model of strategy - Correct Answers -
efficiency trade-offs - Correct Answers -Quality vs. Cost , high quality = high cost
Time vs. Quality , less time = lower quality
Flexibility vs. Cost , more flexibility = higher cost
Cost vs. Everything
operations impact on performance - Correct Answers --Quality (performance,
conformance, reliability)
-Time (delivery speed and reliability, development speed)
-Flexibility (mix, changeover, volume)
-Cost (labor, material, engineering, quality-related)
supply chain impact on performance - Correct Answers --Quality (performance,
conformance, reliability)
-Time (delivery speed and reliability, development speed)
