MGM101 Exam UPDATED ACTUAL Exam
Questions and CORRECT Answers
business structure - CORRECT ANSWER - business system, strategic input, operations,
business strategy execution
operations management - CORRECT ANSWER - effective design, development, and
management of processes in an organizations business system for the purpose of achieving
strategic intent
responsibilities of operations management - CORRECT ANSWER - process management,
supply chain management, product/service management
process management - CORRECT ANSWER - development of work flow processes to
ensure efficient production and delivery to makrteplace
supply chain management - CORRECT ANSWER - management of suppliers,
manufacturers, and distributors. looks to enable all parties to meet objectives efficiently
product/service management - CORRECT ANSWER - development of new products and
support of existing ones via modifications
value maximazation - CORRECT ANSWER - maximizing the benefits a customer will
gain by using your product
primary activities - CORRECT ANSWER - specific activities where development of a
product occurs
support activities - CORRECT ANSWER - not directly associated with production but aid
in primary activity (IT, finance, HR)
,value chain - CORRECT ANSWER - 1. inbound logistics 2. operations 3. outbound
logistics 4. marketing/sales 5. customer service
inbound logistics - CORRECT ANSWER - components brought into a firm to produce
products
operations - CORRECT ANSWER - manufacturing or the product changing process
outbound logistics - CORRECT ANSWER - getting the finished product to the consumer
marketing/sales - CORRECT ANSWER - creating awareness for brand
customer service - CORRECT ANSWER - support provided to customer
operations cycle - CORRECT ANSWER - alignment of tasks to meet outcomes defined in
business strategy
process standardization - CORRECT ANSWER - utilization of common task sequencing
to produce a variety of products
process simplification - CORRECT ANSWER - utilization of a minimum number of tasks
when developing products
dice - CORRECT ANSWER - define, identify, create, execute
process management process - CORRECT ANSWER - 1. process design, layout,
execution 2. materials management 3. facility design/layout 4. capital asset evaluation
, PERT chart - CORRECT ANSWER - Program evaluation review technology, schedules
and organizes tasks in a project
gnatt chart - CORRECT ANSWER - shows each step of a project and the amount of time it
will take
capacity - CORRECT ANSWER - maximum amount of product that can be produced
supply chain partners - CORRECT ANSWER - customers, retailers, suppliers, distributors,
transportation/logistics
supply chain management responsibilities - CORRECT ANSWER - supply chain
planning, supply chain operating execution, supply chain performance evealuation
cash operating cycle - CORRECT ANSWER - time it takes for a company to recover cash
it paid out to produce
international organization for standardization - CORRECT ANSWER - world's largest
developer of international standards
six sigma - CORRECT ANSWER - focuses of philosophy of total improvement
total quality management - CORRECT ANSWER - broad-based approach to managing
quality
geographic - CORRECT ANSWER - segmentation based on physical location
demographic - CORRECT ANSWER - segmentation based on age, income, education
Questions and CORRECT Answers
business structure - CORRECT ANSWER - business system, strategic input, operations,
business strategy execution
operations management - CORRECT ANSWER - effective design, development, and
management of processes in an organizations business system for the purpose of achieving
strategic intent
responsibilities of operations management - CORRECT ANSWER - process management,
supply chain management, product/service management
process management - CORRECT ANSWER - development of work flow processes to
ensure efficient production and delivery to makrteplace
supply chain management - CORRECT ANSWER - management of suppliers,
manufacturers, and distributors. looks to enable all parties to meet objectives efficiently
product/service management - CORRECT ANSWER - development of new products and
support of existing ones via modifications
value maximazation - CORRECT ANSWER - maximizing the benefits a customer will
gain by using your product
primary activities - CORRECT ANSWER - specific activities where development of a
product occurs
support activities - CORRECT ANSWER - not directly associated with production but aid
in primary activity (IT, finance, HR)
,value chain - CORRECT ANSWER - 1. inbound logistics 2. operations 3. outbound
logistics 4. marketing/sales 5. customer service
inbound logistics - CORRECT ANSWER - components brought into a firm to produce
products
operations - CORRECT ANSWER - manufacturing or the product changing process
outbound logistics - CORRECT ANSWER - getting the finished product to the consumer
marketing/sales - CORRECT ANSWER - creating awareness for brand
customer service - CORRECT ANSWER - support provided to customer
operations cycle - CORRECT ANSWER - alignment of tasks to meet outcomes defined in
business strategy
process standardization - CORRECT ANSWER - utilization of common task sequencing
to produce a variety of products
process simplification - CORRECT ANSWER - utilization of a minimum number of tasks
when developing products
dice - CORRECT ANSWER - define, identify, create, execute
process management process - CORRECT ANSWER - 1. process design, layout,
execution 2. materials management 3. facility design/layout 4. capital asset evaluation
, PERT chart - CORRECT ANSWER - Program evaluation review technology, schedules
and organizes tasks in a project
gnatt chart - CORRECT ANSWER - shows each step of a project and the amount of time it
will take
capacity - CORRECT ANSWER - maximum amount of product that can be produced
supply chain partners - CORRECT ANSWER - customers, retailers, suppliers, distributors,
transportation/logistics
supply chain management responsibilities - CORRECT ANSWER - supply chain
planning, supply chain operating execution, supply chain performance evealuation
cash operating cycle - CORRECT ANSWER - time it takes for a company to recover cash
it paid out to produce
international organization for standardization - CORRECT ANSWER - world's largest
developer of international standards
six sigma - CORRECT ANSWER - focuses of philosophy of total improvement
total quality management - CORRECT ANSWER - broad-based approach to managing
quality
geographic - CORRECT ANSWER - segmentation based on physical location
demographic - CORRECT ANSWER - segmentation based on age, income, education
