UNIVERSITY OF ALABAMA, OM 300, CHILCUTT FINAL
UPDATED ACTUAL QUESTIONS AND CORRECT
ANSWERS
Question:
1. Production
Answer:
the creation of goods and services
Question:
2. Productivity
Answer:
ratio of outputs (goods and services) divided by one or more inputs (such as labor, capital, or
management.)
Question:
3. Multifactor productivity
Answer:
indicates the ratio of goods and services produced (outputs) to many or all resources (inputs)
Question:
4. Mission
Answer:
the purpose or rationale for an organization's existence
Question:
5. Strategy
Answer:
how an organization expects to achieve its missions and goals
Question:
6. Competitive advantage
Answer:
the creation of a unique advantage over competitors
Question:
7. Product Life Cycle Management
Answer:
software programs that tie together many phases of product design and manufacture
Question:
8. Critical Path
Answer:
the computed longest time path(s) through a network
, Question:
9. Project Manager
Answer:
coordinate activities w/ other departments and reports directly to top management
Question:
10. Project Manager Responsibilities
Answer:
responsible for ensuring:
1) all necessary activities are finished in proper sequence and on time
2) project stays within budget
3) project meets quality goals
4) people assigned to project receive motivation, direction, and info needed to do their jobs
Question:
11. Forecast Time Horizon (short range)
Answer:
- time span of up to 1 year but generally less than 3 months
- used for planning purchasing, scheduling, workforce levels, job assignments, and production levels
Question:
12. Forecast Time Horizon (medium range)
Answer:
- generally spans from 3 months to 3 years
- useful in sales planning, production planning + budgeting, cash budgeting, and analysis of various
operating plans
Question:
13. Forecast Time Horizon (long range)
Answer:
- generally 3+ years
- used in planning for new products, capital expenditures, facility location/expansion, and research +
development
Question:
14. Bill of Materials
Answer:
list of quantities of components, ingredients, and materials required to make a product
Question:
15. Engineering Drawing
Answer:
drawing that shows the dimensions, tolerances, materials, and finishes of a component
Question:
16. Stakeholders
UPDATED ACTUAL QUESTIONS AND CORRECT
ANSWERS
Question:
1. Production
Answer:
the creation of goods and services
Question:
2. Productivity
Answer:
ratio of outputs (goods and services) divided by one or more inputs (such as labor, capital, or
management.)
Question:
3. Multifactor productivity
Answer:
indicates the ratio of goods and services produced (outputs) to many or all resources (inputs)
Question:
4. Mission
Answer:
the purpose or rationale for an organization's existence
Question:
5. Strategy
Answer:
how an organization expects to achieve its missions and goals
Question:
6. Competitive advantage
Answer:
the creation of a unique advantage over competitors
Question:
7. Product Life Cycle Management
Answer:
software programs that tie together many phases of product design and manufacture
Question:
8. Critical Path
Answer:
the computed longest time path(s) through a network
, Question:
9. Project Manager
Answer:
coordinate activities w/ other departments and reports directly to top management
Question:
10. Project Manager Responsibilities
Answer:
responsible for ensuring:
1) all necessary activities are finished in proper sequence and on time
2) project stays within budget
3) project meets quality goals
4) people assigned to project receive motivation, direction, and info needed to do their jobs
Question:
11. Forecast Time Horizon (short range)
Answer:
- time span of up to 1 year but generally less than 3 months
- used for planning purchasing, scheduling, workforce levels, job assignments, and production levels
Question:
12. Forecast Time Horizon (medium range)
Answer:
- generally spans from 3 months to 3 years
- useful in sales planning, production planning + budgeting, cash budgeting, and analysis of various
operating plans
Question:
13. Forecast Time Horizon (long range)
Answer:
- generally 3+ years
- used in planning for new products, capital expenditures, facility location/expansion, and research +
development
Question:
14. Bill of Materials
Answer:
list of quantities of components, ingredients, and materials required to make a product
Question:
15. Engineering Drawing
Answer:
drawing that shows the dimensions, tolerances, materials, and finishes of a component
Question:
16. Stakeholders
