OSCM Midterm QUESTIONS WITH COMPLETE SOLUTIONS

Operations and Supply Chain Management correct answer: Design, operation, and improvement of the systems that create and deliver the firm's primary products and services Servitization correct answer: Building service activities to support a firm's product offerings Efficinecy correct answer: Doing something at the lowest possible cost Effectiveness correct answer: Doing the right things to create the most value for the company Value correct answer: Ratio of quality to price paid. Competitive "happiness" is being able to increase quality and reduce price while maintaining or improving profit margins Mass customization correct answer: Producing products to order in lots sizes of one Sustainability correct answer: The ability to maintain balance in a system Triple bottom line correct answer: Relates to the economic, employee, and environmental impact of a firm's strategy Supply (chain) network correct answer: The pipeline movement of the materials and information needed to produce a good or service Triple bottom line strategy correct answer: A strategy that meets the needs of shareholders, employees and preserves the environment Planning correct answer: The processes needed to determine the set of future actions required to operate an existing supply chain Sourcing correct answer: The selection of suppliers Making correct answer: A type of process where the major product is produced or service provided Delivery correct answer: A type of process that moves products to warehouses or customers Returning correct answer: Processes that involve the receiving of wornout, defective, and excess products back from customers and support for customers who have problems Service correct answer: A business where the major product is intangible, so it cannot be weighted or measured Total quality control correct answer: A philosophy which aggressively seeks to eliminate causes of production defects Business process reengineering correct answer: An approac