LOMA 335 Module 1 Exam Questions
With Correct Answers
Operations |- |CORRECT |ANSWER✔✔-The |activities |involved |in |producing |goods |and |services.
Strategic |Management |- |CORRECT |ANSWER✔✔-Process |of |providing |overall |long-term |
direction |to |the |company.
Functional |Management |- |CORRECT |ANSWER✔✔-Process |of |providing |planning |and |organizing
|within |a |given |area |of |specialization, |along |with |ensuring |that |the |units |activities |full |support |
the |company's |established |strategic |direction.
Operations |Management |- |CORRECT |ANSWER✔✔-Process |of |carrying |out |the |organization's |
day-to-day |activities, |emphasizing |the |management |functions |of |directing |and |controlling.
The |Value |Chain |- |CORRECT |ANSWER✔✔-A |model |which |companies |can |use |for |analyzing |
which |company |functions |contribute |directly |to |a |company's |competitive |position.
Transformative |System |- |CORRECT |ANSWER✔✔-System |for |transforming |or |converting |
resource |inputs |(capital/investment/labor/sales) |and |converting |them |to |product |and |service |
outputs |that |increase |value |for |company's |owners |(investment |growth, |satisfied |customers).
Resource |inputs |- |CORRECT |ANSWER✔✔-Any |element |that |can |be |used |to |create |a |product |or
|service.
Value-added |Function |- |CORRECT |ANSWER✔✔-A |function |that |has |the |effect |of |increasing |the
|amount |of |money |customers |pay |to |the |company.
, Transactional |Work |- |CORRECT |ANSWER✔✔-Work |typically |dedicated |for |setting |work |
priorities |and |processing |transactions. |Workers |engage |on |in |a |limited |range |of |customer |
interactions |have |very |little |need |for |specialized |knowledge.
Transitional |Work |- |CORRECT |ANSWER✔✔-Work |that |consists |of |performing |routine |tasks |and |
additional |requires |workers |to |hold |important |knowledge |in |a |specific |area.
Knowledge |Work |- |CORRECT |ANSWER✔✔-Work |that |requires |workers |to |interpret |information
|within |a |specific |yet |broad |domain |and |to |use |skills |and |knowledge |to |define |problems, |
identify |alternatives, |solve |problems |and |develop |intellectual |capacity.
Industry |Sector |- |CORRECT |ANSWER✔✔-A |part |of |an |industry |comprised |of |organizations |
carrying |out |a |similar |function |within |the |broader |industry.
Globalization |- |CORRECT |ANSWER✔✔-The |increasing |potential |for |businesses |to |communicate,
|conduct |trade, |and |move |funds |with |relative |freedom |across |national |boundaries.
Consolidation |- |CORRECT |ANSWER✔✔-The |trend |towards |mergers, |which |leads |to |fewer |
sellers |in |the |industry.
Convergence |- |CORRECT |ANSWER✔✔-A |breakdown |of |traditional |distinctions |between |sectors
|of |financial |services |industry.
Corporate |Mission |- |CORRECT |ANSWER✔✔-The |organization's |reason |for |being |and |is |
expressed |in |the |mission |statement.
Corporate |vision |- |CORRECT |ANSWER✔✔-Refers |to |a |company's |view |of |its |mission |as |it |
evolves |into |the |future.
With Correct Answers
Operations |- |CORRECT |ANSWER✔✔-The |activities |involved |in |producing |goods |and |services.
Strategic |Management |- |CORRECT |ANSWER✔✔-Process |of |providing |overall |long-term |
direction |to |the |company.
Functional |Management |- |CORRECT |ANSWER✔✔-Process |of |providing |planning |and |organizing
|within |a |given |area |of |specialization, |along |with |ensuring |that |the |units |activities |full |support |
the |company's |established |strategic |direction.
Operations |Management |- |CORRECT |ANSWER✔✔-Process |of |carrying |out |the |organization's |
day-to-day |activities, |emphasizing |the |management |functions |of |directing |and |controlling.
The |Value |Chain |- |CORRECT |ANSWER✔✔-A |model |which |companies |can |use |for |analyzing |
which |company |functions |contribute |directly |to |a |company's |competitive |position.
Transformative |System |- |CORRECT |ANSWER✔✔-System |for |transforming |or |converting |
resource |inputs |(capital/investment/labor/sales) |and |converting |them |to |product |and |service |
outputs |that |increase |value |for |company's |owners |(investment |growth, |satisfied |customers).
Resource |inputs |- |CORRECT |ANSWER✔✔-Any |element |that |can |be |used |to |create |a |product |or
|service.
Value-added |Function |- |CORRECT |ANSWER✔✔-A |function |that |has |the |effect |of |increasing |the
|amount |of |money |customers |pay |to |the |company.
, Transactional |Work |- |CORRECT |ANSWER✔✔-Work |typically |dedicated |for |setting |work |
priorities |and |processing |transactions. |Workers |engage |on |in |a |limited |range |of |customer |
interactions |have |very |little |need |for |specialized |knowledge.
Transitional |Work |- |CORRECT |ANSWER✔✔-Work |that |consists |of |performing |routine |tasks |and |
additional |requires |workers |to |hold |important |knowledge |in |a |specific |area.
Knowledge |Work |- |CORRECT |ANSWER✔✔-Work |that |requires |workers |to |interpret |information
|within |a |specific |yet |broad |domain |and |to |use |skills |and |knowledge |to |define |problems, |
identify |alternatives, |solve |problems |and |develop |intellectual |capacity.
Industry |Sector |- |CORRECT |ANSWER✔✔-A |part |of |an |industry |comprised |of |organizations |
carrying |out |a |similar |function |within |the |broader |industry.
Globalization |- |CORRECT |ANSWER✔✔-The |increasing |potential |for |businesses |to |communicate,
|conduct |trade, |and |move |funds |with |relative |freedom |across |national |boundaries.
Consolidation |- |CORRECT |ANSWER✔✔-The |trend |towards |mergers, |which |leads |to |fewer |
sellers |in |the |industry.
Convergence |- |CORRECT |ANSWER✔✔-A |breakdown |of |traditional |distinctions |between |sectors
|of |financial |services |industry.
Corporate |Mission |- |CORRECT |ANSWER✔✔-The |organization's |reason |for |being |and |is |
expressed |in |the |mission |statement.
Corporate |vision |- |CORRECT |ANSWER✔✔-Refers |to |a |company's |view |of |its |mission |as |it |
evolves |into |the |future.
