OMIS 338 Final Exam UPDATED
ACTUAL Questions and CORRECT
Answers
4 Stages of the Product Life Cycle - CORRECT ANSWER✔✔- Introduction Stage ->
Growth Stage -> Maturity Stage -> Decline Stage
Why are new products development and introduction important in competitive markets? -
CORRECT ANSWER✔✔- 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? - CORRECT
ANSWER✔✔- Apple (better)
What is an example of the Low Cost strategy for competitive options? - CORRECT
ANSWER✔✔- Walmart (cheaper)
What is an example of the Rapid Response strategy for competitive options? - CORRECT
ANSWER✔✔- FedEx (faster)
Why should Operations get involved in the product conception stage? - CORRECT
ANSWER✔✔- To determine the operations capabilities (materials, labor, technology) and to
know the time frame for market readiness.
Introduction - CORRECT ANSWER✔✔- Process capability and quality of manufacturing
and suppliers
Growth - CORRECT ANSWER✔✔- Forecasted level for focus on production and supplier
capacities and Product and process reliability
Maturity - CORRECT ANSWER✔✔- Optimize for Cost, Quality and Delivery
, Decline - CORRECT ANSWER✔✔- 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? - CORRECT ANSWER✔✔- After successful new product introduction
What are the Project Characteristics discussed in this unit? - CORRECT ANSWER✔✔-
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? - CORRECT ANSWER✔✔- -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: - CORRECT ANSWER✔✔- Good coaches, good
communicators, & able to organize activities from a variety of disciplines
What are some ethical issues project managers face? - CORRECT ANSWER✔✔- 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
What are the three phases of project management? - CORRECT ANSWER✔✔- Planning,
Scheduling, & Controlling,
What is the main difference between Project Organization & Matrix Organization? -
CORRECT ANSWER✔✔- Project Organization is a temporary structure whereas Matrix
Organization is a permanent structure
What does a Gantt chart show? - CORRECT ANSWER✔✔- It provides a graphical
illustration of a schedule that helps to plan, coordinate, and track specific tasks in a project
ACTUAL Questions and CORRECT
Answers
4 Stages of the Product Life Cycle - CORRECT ANSWER✔✔- Introduction Stage ->
Growth Stage -> Maturity Stage -> Decline Stage
Why are new products development and introduction important in competitive markets? -
CORRECT ANSWER✔✔- 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? - CORRECT
ANSWER✔✔- Apple (better)
What is an example of the Low Cost strategy for competitive options? - CORRECT
ANSWER✔✔- Walmart (cheaper)
What is an example of the Rapid Response strategy for competitive options? - CORRECT
ANSWER✔✔- FedEx (faster)
Why should Operations get involved in the product conception stage? - CORRECT
ANSWER✔✔- To determine the operations capabilities (materials, labor, technology) and to
know the time frame for market readiness.
Introduction - CORRECT ANSWER✔✔- Process capability and quality of manufacturing
and suppliers
Growth - CORRECT ANSWER✔✔- Forecasted level for focus on production and supplier
capacities and Product and process reliability
Maturity - CORRECT ANSWER✔✔- Optimize for Cost, Quality and Delivery
, Decline - CORRECT ANSWER✔✔- 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? - CORRECT ANSWER✔✔- After successful new product introduction
What are the Project Characteristics discussed in this unit? - CORRECT ANSWER✔✔-
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? - CORRECT ANSWER✔✔- -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: - CORRECT ANSWER✔✔- Good coaches, good
communicators, & able to organize activities from a variety of disciplines
What are some ethical issues project managers face? - CORRECT ANSWER✔✔- 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
What are the three phases of project management? - CORRECT ANSWER✔✔- Planning,
Scheduling, & Controlling,
What is the main difference between Project Organization & Matrix Organization? -
CORRECT ANSWER✔✔- Project Organization is a temporary structure whereas Matrix
Organization is a permanent structure
What does a Gantt chart show? - CORRECT ANSWER✔✔- It provides a graphical
illustration of a schedule that helps to plan, coordinate, and track specific tasks in a project
