P370 Midterm Exam Question And
Answers 2024
Operations Management - correct answers✅the
design, operation, and improvement of the production
system that creates the firm's primary products and
services
The Five P's - correct answers✅People, plants, parts,
processes, and planning and control
Strategic Decisions - correct answers✅long range
business plans such as the acquisition of new resources
Tactical Decisions - correct answers✅medium range,
typically for the utilization of existing resources
Operational Decisions - correct answers✅narrowly
focused for a short time frame, involving the execution of
schedules or control activities
Operations Strategy - correct answers✅concerned with
setting broad policies and plans for using the production
resources of the firm to best support the firm's long term
competitive strategy
, P370 Midterm Exam Question And
Answers 2024
Stage 1-Internally Neutral - correct answers✅Objective
here is limited to minimizing the downside (don't mess
up)
Stage 2-Externally Neutral - correct answers✅Here
operations is only required to match the performance of
the competition. Industry practice is followed but not
initiated (keep up with the joneses)
Stage 3-Internally Supportive - correct answers✅A
strategy is formulated and adhered to. processes and
technologies are screened for strategic consistency (be
consistent with corporate strategy)
Stage 4-Externally Supportive - correct
answers✅Operations is used to its fullest capability to
seek a competitive advantage. Fully involved with all
major decisions, adopting a proactive rather than reactive
role
Cost Priority - correct answers✅tend to usually offer a
product that is a commodity; little differentiation exists
between competitors products. High volume demand and
high competition
Answers 2024
Operations Management - correct answers✅the
design, operation, and improvement of the production
system that creates the firm's primary products and
services
The Five P's - correct answers✅People, plants, parts,
processes, and planning and control
Strategic Decisions - correct answers✅long range
business plans such as the acquisition of new resources
Tactical Decisions - correct answers✅medium range,
typically for the utilization of existing resources
Operational Decisions - correct answers✅narrowly
focused for a short time frame, involving the execution of
schedules or control activities
Operations Strategy - correct answers✅concerned with
setting broad policies and plans for using the production
resources of the firm to best support the firm's long term
competitive strategy
, P370 Midterm Exam Question And
Answers 2024
Stage 1-Internally Neutral - correct answers✅Objective
here is limited to minimizing the downside (don't mess
up)
Stage 2-Externally Neutral - correct answers✅Here
operations is only required to match the performance of
the competition. Industry practice is followed but not
initiated (keep up with the joneses)
Stage 3-Internally Supportive - correct answers✅A
strategy is formulated and adhered to. processes and
technologies are screened for strategic consistency (be
consistent with corporate strategy)
Stage 4-Externally Supportive - correct
answers✅Operations is used to its fullest capability to
seek a competitive advantage. Fully involved with all
major decisions, adopting a proactive rather than reactive
role
Cost Priority - correct answers✅tend to usually offer a
product that is a commodity; little differentiation exists
between competitors products. High volume demand and
high competition
