MGSC 395 EXAM 1 VERIFIED STUDY GUIDE
Operations management - Answers - The systematic design, direction, and control of
processes that transforms inputs into serves and products for internal, as well as
external, customers
Process - Answers - any activity or group of activities that takes one or more inputs,
transforms them, and provides one or more outputs for its customers
Operation - Answers - a group of resources performing all or part of one or more
processes
Supply Chain - Answers - An interrelated series of processes within and across firms
that produces a service or product to the satisfaction of customers
Supply Chain Management - Answers - the synchronization of a firm's processes with
those of its suppliers and customers to match the flow of materials, services, and
information with customer demand
External Customers - Answers - a customer who is either an end user or an
intermediary (ex. Manufacturers, financial institutions, or retailers) buying the firm's
finished services or products
Internal Customers - Answers - one or more employees or processes that rely on inputs
from other employees or processes in order to perform their work
External Suppliers - Answers - the businesses or individuals who provide the resources,
services, products, and materials for the firm's short-term and long-term needs
Internal Suppliers - Answers - the employees or processes that supply important
information or materials to a firm's processes
Nested process - Answers - the concept of a process within a process
Core process - Answers - a set of activities that delivers value to external customers
Supplier relationship process - Answers - a process that selects the suppliers of
services, materials, and information and facilitates the timely and efficient flow of these
items into the firm
New service/product development process - Answers - a process that designs and
develops new services or products from inputs received from external customer
specifications or from the market in general through the customer relationship process
, Order fulfillment process - Answers - a process that includes the activities required to
produce and deliver the service or product to the external customer
Customer relationship process - Answers - a process that identifies, attracts, and builds
relationships with external customers, and facilitates the placement of orders by
customers, sometimes referred to as customer relationship management
Support process - Answers - a process that provides vital resources and inputs to the
core processes and therefore is essential to the management of the business
Operations strategy - Answers - the means by which operations implements the firm's
corporate strategy and helps to build a customer driven firm
Environmental scanning - Answers - the process by which managers monitor trends in
the environment for potential opportunities or threats. A crucial reason for environmental
scanning is to stay ahead of the competition
Developing a corporate strategy - Answers - the four considerations are- (1) Monitoring
and adjusting to changes in the business environment, (2) Identifying and developing
the firm's core competencies, (3) developing the firm's core processes, and (4)
developing the firm's global strategies
Productivity = - Answers - output/input
Labor productivity = - Answers - output/input = policies processed/employee hours
(employees x hours)
Multifactor productivity = - Answers - value of output/total cost
Core competencies - Answers - the unique resources and strengths that an
organization's management considers when formulating strategy
Developing core competencies include the following - Answers - (1) workforce, (2)
facilities, (3) market and financial know-how, (4) systems and technology
Lead time - Answers - the elapsed time between the receipt of a customer order and
filling it
Two effective global strategies - Answers - (1) strategic alliances, (2) locating abroad
Competitive priorities - Answers - the critical dimensions that a process or supply chain
must process to satisfy its internal or external customers, both now and in the future
Competitive capabilities - Answers - the cost, quality, time, and flexibility dimensions
that a process or supply chain actually processes and is able to deliver
Operations management - Answers - The systematic design, direction, and control of
processes that transforms inputs into serves and products for internal, as well as
external, customers
Process - Answers - any activity or group of activities that takes one or more inputs,
transforms them, and provides one or more outputs for its customers
Operation - Answers - a group of resources performing all or part of one or more
processes
Supply Chain - Answers - An interrelated series of processes within and across firms
that produces a service or product to the satisfaction of customers
Supply Chain Management - Answers - the synchronization of a firm's processes with
those of its suppliers and customers to match the flow of materials, services, and
information with customer demand
External Customers - Answers - a customer who is either an end user or an
intermediary (ex. Manufacturers, financial institutions, or retailers) buying the firm's
finished services or products
Internal Customers - Answers - one or more employees or processes that rely on inputs
from other employees or processes in order to perform their work
External Suppliers - Answers - the businesses or individuals who provide the resources,
services, products, and materials for the firm's short-term and long-term needs
Internal Suppliers - Answers - the employees or processes that supply important
information or materials to a firm's processes
Nested process - Answers - the concept of a process within a process
Core process - Answers - a set of activities that delivers value to external customers
Supplier relationship process - Answers - a process that selects the suppliers of
services, materials, and information and facilitates the timely and efficient flow of these
items into the firm
New service/product development process - Answers - a process that designs and
develops new services or products from inputs received from external customer
specifications or from the market in general through the customer relationship process
, Order fulfillment process - Answers - a process that includes the activities required to
produce and deliver the service or product to the external customer
Customer relationship process - Answers - a process that identifies, attracts, and builds
relationships with external customers, and facilitates the placement of orders by
customers, sometimes referred to as customer relationship management
Support process - Answers - a process that provides vital resources and inputs to the
core processes and therefore is essential to the management of the business
Operations strategy - Answers - the means by which operations implements the firm's
corporate strategy and helps to build a customer driven firm
Environmental scanning - Answers - the process by which managers monitor trends in
the environment for potential opportunities or threats. A crucial reason for environmental
scanning is to stay ahead of the competition
Developing a corporate strategy - Answers - the four considerations are- (1) Monitoring
and adjusting to changes in the business environment, (2) Identifying and developing
the firm's core competencies, (3) developing the firm's core processes, and (4)
developing the firm's global strategies
Productivity = - Answers - output/input
Labor productivity = - Answers - output/input = policies processed/employee hours
(employees x hours)
Multifactor productivity = - Answers - value of output/total cost
Core competencies - Answers - the unique resources and strengths that an
organization's management considers when formulating strategy
Developing core competencies include the following - Answers - (1) workforce, (2)
facilities, (3) market and financial know-how, (4) systems and technology
Lead time - Answers - the elapsed time between the receipt of a customer order and
filling it
Two effective global strategies - Answers - (1) strategic alliances, (2) locating abroad
Competitive priorities - Answers - the critical dimensions that a process or supply chain
must process to satisfy its internal or external customers, both now and in the future
Competitive capabilities - Answers - the cost, quality, time, and flexibility dimensions
that a process or supply chain actually processes and is able to deliver
