OMIS 338 Final Exam Questions with Verified Solutions Rated 100% (Already Passed)

OMIS 338 Final Exam Questions with Verified Solutions Rated 100% (Already Passed) introduction stage - Answers product design and development are critical frequent product and process design changes quick elimination of market revealed design defects utmost attention to quality operations capacity, process, supplier capable skilled labor training information systems capability in place differentiation, low cost, rapid response - Answers what 3 things make a product/service competitive introduction, growth, maturity, decline - Answers what are the four stages of product life cycle introduction, growth (most of it) - Answers in what product life cycle stages does the product loss money maturity, decline (most of it) - Answers in what product life cycle stages does the product make money introduction - Answers process capability and quality of manufacturing and suppliers growth - Answers forecasted level for focus on production and supplier capactiies and product and process reliability growth - Answers forecasting is very critical focus on expanding capacity product and process reliability product focused layouts ensure supplier capacities enhance logistics and distribution maturity - Answers optimize for costs, quality, and delivery maturity - Answers optimize capacity focus on efficiency and low cost product focused increasing stability of operations processes lower labor skills forecasting is more stable beat competitor's cost, quality, deliver decline - Answers focus on cost reduction, capacity reduction and minimize inventory obsolescene decline - Answers little product differentiation from competition focus on cost reduction reduce operations capcity prune line to eliminate items not returning value focus on MRP and demand planning to minimize inventory obsolescene planning, scheduling, controlling - Answers the three phases of project management planning - Answers goal setting, defining the project, team organization time/costs estimates, budgets, engineering diagrams, cash flow charts, material availability details scheduling - Answers relate people, money, and supplies to specific activities and activities to each other sequence activities, assign people, schedule deliverables, schedule resources budgets, delayed activities report, slack activities report controlling - Answers monitor resources, costs, quality, and budgets revise plans and shift resources to meet time and cost demands critical path - Answers shortest time in which the project can be completed longest path through the network earliest start (ES) - Answers earliest time at which an activity can start, assuming all predecessors have been completed earliest finish (EF) - Answers earliest time at which an activity can be finished latest start (LS) - Answers latest time at which an activity can start so as to not delay the completion time of the entire project latest finish (LF) - Answers latest time by which an activity has to be finished so as to not delay the completion time of the entire project CPM - Answers assumes we know a fixed time estimate for each activity and there is no variability in activity times PERT - Answers uses a probability distribution for activity times to allow for variability decision making under uncertainty - Answers complete uncertainty as to which state of nature may occur maximax - Answers find the alternative that maximizes the maximum outcome (gain) for every alternative maximim - Answers find the alternative that maximizes the minimum outcome (loss) for every alternative equally likely - Answers find the alternative with the highest average outcome decision making under risk - Answers use EMV to calculate several states of nature may occur decision making under certainty - Answers state of nature is known use EVPI to calculate decision tree - Answers a graphic display of the decision process that indicates decision alternatives, states of nature and their respective probabilities, and payoffs for each combination of decision alternatives and state of nature a. competitors are well established - Answers which of the following is a characteristic of the maturity phase of the product life cycle? a. competitors are well established b. products are fine tuned c. products are considered for termination