OPERATION MANAGEMENT EXAM SOLVED CORRECTLY #27
Production - correct answer The creation of goods and services
Operations management (OM) - correct answer Activities that relate to the creation of
goods and services through the transformation of inputs to outputs.
Supply chain - correct answer A global network of organizations and activities that
supplies a firm with goods and services.
10 Strategic OM Decisions - correct answer Design of goods and services, Managing
quality, Process strategy, Location strategies, Human resources, Supply-chain
management, Inventory management, Scheduling, Maintenance
Services - correct answer Economic activities that typically produce an intangible
product (such as education, entertainment, lodging, government, financial, and health
services).
Service sector - correct answer The segment of the economy that includes trade,
financial, lodging, education, legal, medical, and other professional occupations.
Productivity - correct answer The ratio of outputs (goods and services) divided by one or
more inputs (such as labor, capital, or management).
Single-factor productivity - correct answer Indicates the ratio of one resource (input) to
the goods and services produced (outputs).
Multifactor productivity - correct answer Indicates the ratio of many or all resources
(inputs) to the goods and services produced (outputs).
Productivity variables - correct answer The three factors critical to productivity
improvement-- labor, capital, and the art and science of management.
Knowledge society - correct answer A society in which much of the labor force has
migrated from manual work to work based on knowledge.
Stakeholders - correct answer Those with a vested interest in an organization, including
customers, distributors, suppliers, owners, lenders, employees, and community
members.
Maquiladoras - correct answer Mexican factories located along the U.S.- Mexican
border that receive preferential tariff treatment.
World Trade Organization (WTO) - correct answer An international organization that
promotes world trade by lowering barriers to the free flow of goods across borders.
, North American Free Trade Agreement (NAFTA) - correct answer A free trade
agreement between Canada, Mexico, and the United States.
European Union (EU) - correct answer A European trade group that has 27 member
states.
Mission - correct answer The purpose or rationale for an organization's existence.
Strategy - correct answer How an organization expects to achieve its missions and
goals.
Competitive advantaage - correct answer The creation of a unique advantage over
competitors.
Differentiation - correct answer Distinguishing the offerings of an organization in a way
that the customer perceives as adding value.
Experience differentiation - correct answer Engaging a customer with a product through
imaginative use of the five senses, so the customer "experiences" the product.
Low-cost leadership - correct answer Achieving maximum value, as perceived by the
customer.
Response - correct answer A set of values related to rapid, flexible, and reliable
performance.
Resources view - correct answer A method managers use to evaluate the resources at
their disposal and manage or alter them to achieve competitive advantage.
Value-chain analysis - correct answer A way to identify those elements in the
product/service chain that uniquely add value.
Five forces model - correct answer A method of analyzing the five forces in the
competitive environment.
SWOT analysis - correct answer A method of determining internal strengths and
weaknesses and external opportunities and threats.
Key success factors (ksfs) - correct answer Activities or factors that are key to achieving
competitive advantage.
Core competencies - correct answer A set of skills, talents, and capabilities in which a
firm is particularly strong.
Activity map - correct answer A graphical link of competitive advantage, ksfs and
supporting activities.
Production - correct answer The creation of goods and services
Operations management (OM) - correct answer Activities that relate to the creation of
goods and services through the transformation of inputs to outputs.
Supply chain - correct answer A global network of organizations and activities that
supplies a firm with goods and services.
10 Strategic OM Decisions - correct answer Design of goods and services, Managing
quality, Process strategy, Location strategies, Human resources, Supply-chain
management, Inventory management, Scheduling, Maintenance
Services - correct answer Economic activities that typically produce an intangible
product (such as education, entertainment, lodging, government, financial, and health
services).
Service sector - correct answer The segment of the economy that includes trade,
financial, lodging, education, legal, medical, and other professional occupations.
Productivity - correct answer The ratio of outputs (goods and services) divided by one or
more inputs (such as labor, capital, or management).
Single-factor productivity - correct answer Indicates the ratio of one resource (input) to
the goods and services produced (outputs).
Multifactor productivity - correct answer Indicates the ratio of many or all resources
(inputs) to the goods and services produced (outputs).
Productivity variables - correct answer The three factors critical to productivity
improvement-- labor, capital, and the art and science of management.
Knowledge society - correct answer A society in which much of the labor force has
migrated from manual work to work based on knowledge.
Stakeholders - correct answer Those with a vested interest in an organization, including
customers, distributors, suppliers, owners, lenders, employees, and community
members.
Maquiladoras - correct answer Mexican factories located along the U.S.- Mexican
border that receive preferential tariff treatment.
World Trade Organization (WTO) - correct answer An international organization that
promotes world trade by lowering barriers to the free flow of goods across borders.
, North American Free Trade Agreement (NAFTA) - correct answer A free trade
agreement between Canada, Mexico, and the United States.
European Union (EU) - correct answer A European trade group that has 27 member
states.
Mission - correct answer The purpose or rationale for an organization's existence.
Strategy - correct answer How an organization expects to achieve its missions and
goals.
Competitive advantaage - correct answer The creation of a unique advantage over
competitors.
Differentiation - correct answer Distinguishing the offerings of an organization in a way
that the customer perceives as adding value.
Experience differentiation - correct answer Engaging a customer with a product through
imaginative use of the five senses, so the customer "experiences" the product.
Low-cost leadership - correct answer Achieving maximum value, as perceived by the
customer.
Response - correct answer A set of values related to rapid, flexible, and reliable
performance.
Resources view - correct answer A method managers use to evaluate the resources at
their disposal and manage or alter them to achieve competitive advantage.
Value-chain analysis - correct answer A way to identify those elements in the
product/service chain that uniquely add value.
Five forces model - correct answer A method of analyzing the five forces in the
competitive environment.
SWOT analysis - correct answer A method of determining internal strengths and
weaknesses and external opportunities and threats.
Key success factors (ksfs) - correct answer Activities or factors that are key to achieving
competitive advantage.
Core competencies - correct answer A set of skills, talents, and capabilities in which a
firm is particularly strong.
Activity map - correct answer A graphical link of competitive advantage, ksfs and
supporting activities.
