OMIS 338 FINAL EXAM QUESTIONS &
CORRECT ANSWERS
4 Stages of the Product Life Cycle - ANSWER Introduction Stage -> Growth Stage ->
Maturity Stage -> Decline Stage
Why are new products development and introduction important in competitive markets?
- 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? - ANSWER
Apple (better)
What is an example of the Low Cost strategy for competitive options? - ANSWER
Walmart (cheaper)
What is an example of the Rapid Response strategy for competitive options? -
ANSWER FedEx (faster)
Why should Operations get involved in the product conception stage? - ANSWER To
determine the operations capabilities (materials, labor, technology) and to know the time
frame for market readiness.
Introduction - ANSWER Process capability and quality of manufacturing and suppliers
Growth - ANSWER Forecasted level for focus on production and supplier capacities and
Product and process reliability
Maturity - ANSWER Optimize for Cost, Quality and Delivery
Decline - 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? - ANSWER After successful new product introduction
What are the Project Characteristics discussed in this unit? - 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? - ANSWER -All necessary
activities are finished in order and on time
-The project comes in within budget
-The project meets quality goals
CORRECT ANSWERS
4 Stages of the Product Life Cycle - ANSWER Introduction Stage -> Growth Stage ->
Maturity Stage -> Decline Stage
Why are new products development and introduction important in competitive markets?
- 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? - ANSWER
Apple (better)
What is an example of the Low Cost strategy for competitive options? - ANSWER
Walmart (cheaper)
What is an example of the Rapid Response strategy for competitive options? -
ANSWER FedEx (faster)
Why should Operations get involved in the product conception stage? - ANSWER To
determine the operations capabilities (materials, labor, technology) and to know the time
frame for market readiness.
Introduction - ANSWER Process capability and quality of manufacturing and suppliers
Growth - ANSWER Forecasted level for focus on production and supplier capacities and
Product and process reliability
Maturity - ANSWER Optimize for Cost, Quality and Delivery
Decline - 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? - ANSWER After successful new product introduction
What are the Project Characteristics discussed in this unit? - 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? - ANSWER -All necessary
activities are finished in order and on time
-The project comes in within budget
-The project meets quality goals
