OPMA 3306 Exam 1 questions with
complete correct answers
Mission - correct answer ✔✔What value will be created for the customer.
After Mission is established, Strategy and its
implementation starts.
Strategy - correct answer ✔✔What an organization does to achieve a mission is its
strategy.
Strategy is a plan designed to achieve a mission of
the organization.
sustainable strategy - correct answer ✔✔The firm's strategy describes how it will
create and sustain value for its current shareholders
Adding a sustainability requirement means meeting value goals without
compromising the ability of future generations to meet their own needs
triple bottom line - correct answer ✔✔evaluating the firm against social,
economic, and environmental criteria
, operations and supply chain strategy - correct answer ✔✔Setting broad policies
and plans for using the resources of a firm - must be integrated with corporate
strategy
Corporate strategy provides overall direction and coordinates operational goals
with those of the larger organization
operations effectiveness - correct answer ✔✔performing activities in a manner
that best implements strategic priorities at a minimum cost
formulating strategy - correct answer ✔✔1. develop/refine strategy (yearly)
2. translate strategy (updated as often as 4 times per year)
competitive dimensions - correct answer ✔✔price, quality, delivery speed,
delivery reliability, coping with changes in demand, flexibility and new product
introduction speed
trade offs - correct answer ✔✔Management must decide which parameters of
performance are critical and concentrate resources on those characteristics
straddling - correct answer ✔✔seeking to match a successful competitor by
adding features, services, or technology to existing activities
Often a risky strategy
order qualifiers - correct answer ✔✔Features customers will not forego
complete correct answers
Mission - correct answer ✔✔What value will be created for the customer.
After Mission is established, Strategy and its
implementation starts.
Strategy - correct answer ✔✔What an organization does to achieve a mission is its
strategy.
Strategy is a plan designed to achieve a mission of
the organization.
sustainable strategy - correct answer ✔✔The firm's strategy describes how it will
create and sustain value for its current shareholders
Adding a sustainability requirement means meeting value goals without
compromising the ability of future generations to meet their own needs
triple bottom line - correct answer ✔✔evaluating the firm against social,
economic, and environmental criteria
, operations and supply chain strategy - correct answer ✔✔Setting broad policies
and plans for using the resources of a firm - must be integrated with corporate
strategy
Corporate strategy provides overall direction and coordinates operational goals
with those of the larger organization
operations effectiveness - correct answer ✔✔performing activities in a manner
that best implements strategic priorities at a minimum cost
formulating strategy - correct answer ✔✔1. develop/refine strategy (yearly)
2. translate strategy (updated as often as 4 times per year)
competitive dimensions - correct answer ✔✔price, quality, delivery speed,
delivery reliability, coping with changes in demand, flexibility and new product
introduction speed
trade offs - correct answer ✔✔Management must decide which parameters of
performance are critical and concentrate resources on those characteristics
straddling - correct answer ✔✔seeking to match a successful competitor by
adding features, services, or technology to existing activities
Often a risky strategy
order qualifiers - correct answer ✔✔Features customers will not forego
