OMIS 338 FINAL EXAM CORRECT 100%
introduction stage - ANSWER 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 - ANSWER what 3 things make a
product/service competitive
introduction, growth, maturity, decline - ANSWER what are the four stages of product
life cycle
introduction, growth (most of it) - ANSWER in what product life cycle stages does the
product loss money
maturity, decline (most of it) - ANSWER in what product life cycle stages does the
product make money
introduction - ANSWER process capability and quality of manufacturing and suppliers
decline - ANSWER 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 - ANSWER the three phases of project management
planning - ANSWER goal setting, defining the project, team organization
, time/costs estimates, budgets, engineering diagrams, cash flow charts, material
availability details
scheduling - ANSWER 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 - ANSWER monitor resources, costs, quality, and budgets
revise plans and shift resources to meet time and cost demands
critical path - ANSWER shortest time in which the project can be completed
longest path through the network
earliest start (ES) - ANSWER earliest time at which an activity can start, assuming all
predecessors have been completed
earliest finish (EF) - ANSWER earliest time at which an activity can be finished
latest start (LS) - ANSWER latest time at which an activity can start so as to not delay
the completion time of the entire project
latest finish (LF) - ANSWER latest time by which an activity has to be finished so as to
not delay the completion time of the entire project
CPM - ANSWER assumes we know a fixed time estimate for each activity and there is
no variability in activity times
PERT - ANSWER uses a probability distribution for activity times to allow for variability
decision making under uncertainty - ANSWER complete uncertainty as to which state of
nature may occur
maximax - ANSWER find the alternative that maximizes the maximum outcome (gain)
for every alternative
maximim - ANSWER find the alternative that maximizes the minimum outcome (loss) for
every alternative
growth - ANSWER forecasted level for focus on production and supplier capactiies and
product and process reliability
growth - ANSWER forecasting is very critical
introduction stage - ANSWER 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 - ANSWER what 3 things make a
product/service competitive
introduction, growth, maturity, decline - ANSWER what are the four stages of product
life cycle
introduction, growth (most of it) - ANSWER in what product life cycle stages does the
product loss money
maturity, decline (most of it) - ANSWER in what product life cycle stages does the
product make money
introduction - ANSWER process capability and quality of manufacturing and suppliers
decline - ANSWER 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 - ANSWER the three phases of project management
planning - ANSWER goal setting, defining the project, team organization
, time/costs estimates, budgets, engineering diagrams, cash flow charts, material
availability details
scheduling - ANSWER 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 - ANSWER monitor resources, costs, quality, and budgets
revise plans and shift resources to meet time and cost demands
critical path - ANSWER shortest time in which the project can be completed
longest path through the network
earliest start (ES) - ANSWER earliest time at which an activity can start, assuming all
predecessors have been completed
earliest finish (EF) - ANSWER earliest time at which an activity can be finished
latest start (LS) - ANSWER latest time at which an activity can start so as to not delay
the completion time of the entire project
latest finish (LF) - ANSWER latest time by which an activity has to be finished so as to
not delay the completion time of the entire project
CPM - ANSWER assumes we know a fixed time estimate for each activity and there is
no variability in activity times
PERT - ANSWER uses a probability distribution for activity times to allow for variability
decision making under uncertainty - ANSWER complete uncertainty as to which state of
nature may occur
maximax - ANSWER find the alternative that maximizes the maximum outcome (gain)
for every alternative
maximim - ANSWER find the alternative that maximizes the minimum outcome (loss) for
every alternative
growth - ANSWER forecasted level for focus on production and supplier capactiies and
product and process reliability
growth - ANSWER forecasting is very critical
