OM 300 FINAL EXAM UA CHILCUTT UPDATED ACTUAL
QUESTIONS AND CORRECT ANSWERS
Question:
1. Production
Answer:
the creation of goods and services
Question:
2. Operations Management
Answer:
the set of activities that create value in the form of goods and services by transforming inputs into outputs
Question:
3. Productivity
Answer:
the ratio of outputs (goods and services) divided by the inputs (resources such as labor and capital)
Question:
4. Multifactor Productivity
Answer:
also known as total factor productivity, multifactor = (output)/(labor+material+energy+capital+misc.)
Question:
5. Productivity in the service sector
Answer:
1. Typically labor intensive
2. Frequently focused on unique individual attributes or desires
3. Often an intellectual task performed by professionals
4. Often difficult to mechanize and automate
5. Often difficult to evaluate for quality
Question:
6. Strategies for Competitive Advantage
Answer:
1. Differentiation - better, or at least different
2. Cost leadership - cheaper
3. Response - more responsive
Question:
7. Competitive Advantage
Answer:
a set of unique features of a company and its products that are perceived by the target market as significant
and superior to those of the competition
, Question:
8. Product Life Cycle
Answer:
Introduction, Growth, Maturity, Decline
Question:
9. Introduction
Answer:
Best period to increase market share
Question:
10. Growth
Answer:
Practical to change price or quality image, strengthen niche
Question:
11. Maturity
Answer:
Poor time to change image, price, or quality; Competitive costs become critical; Defend market position
Question:
12. Decline
Answer:
Cost control critical
Question:
13. Outsourcing
Answer:
transferring activities that have traditionally been internal to external suppliers
Question:
14. Benefits of Outsourcing
Answer:
increased technological expertise, more reliable and cheaper transportation, rapid development and
deployment of advancements in telecommunications and computers
Question:
15. Core Competencies
Answer:
Things a company does extremely well, which sometimes give it an advantage over its competition
Question:
16. Critical Path
Answer:
The longest sequence of interdependent activities within a project that directly impacts the overall project
completion time
QUESTIONS AND CORRECT ANSWERS
Question:
1. Production
Answer:
the creation of goods and services
Question:
2. Operations Management
Answer:
the set of activities that create value in the form of goods and services by transforming inputs into outputs
Question:
3. Productivity
Answer:
the ratio of outputs (goods and services) divided by the inputs (resources such as labor and capital)
Question:
4. Multifactor Productivity
Answer:
also known as total factor productivity, multifactor = (output)/(labor+material+energy+capital+misc.)
Question:
5. Productivity in the service sector
Answer:
1. Typically labor intensive
2. Frequently focused on unique individual attributes or desires
3. Often an intellectual task performed by professionals
4. Often difficult to mechanize and automate
5. Often difficult to evaluate for quality
Question:
6. Strategies for Competitive Advantage
Answer:
1. Differentiation - better, or at least different
2. Cost leadership - cheaper
3. Response - more responsive
Question:
7. Competitive Advantage
Answer:
a set of unique features of a company and its products that are perceived by the target market as significant
and superior to those of the competition
, Question:
8. Product Life Cycle
Answer:
Introduction, Growth, Maturity, Decline
Question:
9. Introduction
Answer:
Best period to increase market share
Question:
10. Growth
Answer:
Practical to change price or quality image, strengthen niche
Question:
11. Maturity
Answer:
Poor time to change image, price, or quality; Competitive costs become critical; Defend market position
Question:
12. Decline
Answer:
Cost control critical
Question:
13. Outsourcing
Answer:
transferring activities that have traditionally been internal to external suppliers
Question:
14. Benefits of Outsourcing
Answer:
increased technological expertise, more reliable and cheaper transportation, rapid development and
deployment of advancements in telecommunications and computers
Question:
15. Core Competencies
Answer:
Things a company does extremely well, which sometimes give it an advantage over its competition
Question:
16. Critical Path
Answer:
The longest sequence of interdependent activities within a project that directly impacts the overall project
completion time
