OMIS 338 FINAL EXAM STUDY GUIDE 2024 WITH COMPLETE SOLUTIO;ACTUAL QUESTIONS AND ANSWERS SOLVED 100%

OMIS 338 FINAL EXAM STUDY GUIDE 2024 WITH COMPLETE SOLUTIO;ACTUAL QUESTIONS AND ANSWERS SOLVED 100% 4 Stages of the Product Life Cycle Introduction Stage -> Growth Stage -> Maturity Stage -> Decline Stage Why are new products development and introduction important in competitive markets? Great new products are the key to success and revenue, Customers buy satisfaction, not just a physical good or particular service What is an example of the Differentiation Strategy for competitive options? Apple (better) What is an example of the Low Cost strategy for competitive options? Walmart (cheaper) What is an example of the Rapid Response strategy for competitive options? FedEx (faster) Why should Operations get involved in the product conception stage? To determine the operations capabilities (materials, labor, technology) and to know the time frame for market readiness. Introduction Process capability and quality of manufacturing and suppliers Growth Forecasted level for focus on production and supplier capacities and Product and process reliability Maturity Optimize for Cost, Quality and Delivery Decline Focus on cost reduction, capacity reduction and minimize inventory obsolescence When does the product development team hand responsibility of production over to the operations team? After successful new product introduction What are the Project Characteristics discussed in this unit? Single unit, many related activities, High labor skills, General purpose equipment, and Difficult production planning and inventory control What are the responsibilities of the Project Manager? -All necessary activities are finished in order and on time -The project comes in within budget -The project meets quality goals -The people assigned to the project receive motivation, direction, and information Project Managers should be: Good coaches, good communicators, & able to organize activities from a variety of disciplines What are some ethical issues project managers face? Offers or gifts from contractors, pressure to alter status reports to mask delays, false reports for charges of time and expenses, and pressure to compromise quality to meet schedules