LOMA 335 The Insurance Company and
Operations Management (Module 2) Exam
Questions With Correct Answers
________________ |means |completing |the |activities |necessary |to |achieve |the |desired |
outcome. |- |CORRECT |ANSWER✔✔-Effectiveness
_______________ |means |completing |an |activity |with |minimal |waste |of |human |or |financial |
resources. |- |CORRECT |ANSWER✔✔-Efficiency
An |_______________ |process |remains |efficient |and |effective |as |the |environment |changes. |- |
CORRECT |ANSWER✔✔-adaptable
A |____________ |process |can |adjust |to |changes |in |volume |without |losing |efficiency |or |
effectiveness. |- |CORRECT |ANSWER✔✔-scalable
A |business |___________ |is |an |ongoing |method |or |system |for |responding |to |customer |needs. |-
|CORRECT |ANSWER✔✔-process
_____________ |management |is |a |formal |method |of |defining, |documenting, |evaluating, |and |
improving |resources |and |workflow |so |that |processes |better |achieve |the |tasks |they |were |
designed |to |accomplish. |- |CORRECT |ANSWER✔✔-Process
A |________ |process |is |one |of |several |operational |processes |critical |to |meeting |customer |
needs, |maintaining |a |competitive |position, |or |implementing |the |corporate |plan. |- |CORRECT |
ANSWER✔✔-key
A |process |___________ |establishes |the |authority |and |accountability, |or |process |ownership, |of |
a |process |team. |- |CORRECT |ANSWER✔✔-charter
,The |charter |usually |contains |the |following |information |(list |7): |- |CORRECT |ANSWER✔✔-1) |A |
scope |statement |that |defines |the |process, |identifies |its |beginning |and |end |points, |and |
addresses |existing |resource |constraints |
2) |A |business |case |that |identifies |why |the |process |needs |to |be |implemented |or |changed |at |
this |particular |point |in |time
3) |An |estimate |of |the |process |costs |
4) |A |goal |statement |that |identifies |the |measurable |outcomes |of |this |process |initiative |
5) |A |plan |that |identifies |milestone |activities |and |offers |a |tentative |time |frame |for |completion
6) |A |list |of |participants |with |assigned |roles
7) |An |explanation |of |the |researched |needs |of |process |stakeholders, |who |are |any |internal |and |
external |parties |expecting |to |benefit |from |process |outcomes |but |who |do |not |directly |
participate |in |performing |the |process, |such |as |a |customer |who |gains |a |new |service
A |process |charter |may |contain |or |allude |to |a |process |_______, |which |is |a |graphical |
representation |of |a |business |process, |typically |using |a |recognized |set |of |graphical |symbols. |- |
CORRECT |ANSWER✔✔-map
Within |a |process, |an |____________ |is |any |part |of |a |set |of |actions |that |generates |work |to |
accomplish |a |job, |problem, |or |assignment. |- |CORRECT |ANSWER✔✔-activity
A |________-adding |activity |makes |the |product |or |service |more |valuable |to |the |customer, |such
|as |customer |service |or |claims |check |issuing. |- |CORRECT |ANSWER✔✔-value
, A |_____-________-adding |activity |doesn't |make |the |product |or |service |more |valuable |to |the |
customer. |- |CORRECT |ANSWER✔✔-non-value
________ |are |the |smallest |units |in |a |process |to |undergo |analysis. |- |CORRECT |ANSWER✔✔-
Tasks
Process |_____________: |typically |a |company |executive |who |authorizes |a |process |design |- |
CORRECT |ANSWER✔✔-sponsor
_____________ |process |owner: |an |employee |responsible |for |the |direction |of |the |process |but |
who |doesn't |perform |duties |related |to |the |process |- |CORRECT |ANSWER✔✔-Worker
Process |________ |members: |all |employees |assembled |to |accomplish |a |process |- |CORRECT |
ANSWER✔✔-team
Process |___________ |is |a |systemic |evaluation |of |all |aspects |of |a |process |to |make |the |process |
faster, |more |efficient, |less |expensive, |and |more |focused |on |the |customer. |- |CORRECT |
ANSWER✔✔-analysis
Companies |can |use |_______ |lane |diagrams, |which |elaborate |on |simple |process |maps |by |
identifying |the |parties |responsible |for |each |activity. |- |CORRECT |ANSWER✔✔-swim
Additionally, |companies |can |use |value |________ |maps, |which |are |visual |representations |of |
processes |that |identify |each |activity's |end |value |to |the |customer. |- |CORRECT |ANSWER✔✔-
stream
Value |stream |maps |help |identify |the |parts |of |a |process |that |aren't |adding |value |to |the |
customer, |or |that |are |slowing |down |the |continuous |flow |process |of |value |creation |known |as |a |
value |___________. |- |CORRECT |ANSWER✔✔-stream
Operations Management (Module 2) Exam
Questions With Correct Answers
________________ |means |completing |the |activities |necessary |to |achieve |the |desired |
outcome. |- |CORRECT |ANSWER✔✔-Effectiveness
_______________ |means |completing |an |activity |with |minimal |waste |of |human |or |financial |
resources. |- |CORRECT |ANSWER✔✔-Efficiency
An |_______________ |process |remains |efficient |and |effective |as |the |environment |changes. |- |
CORRECT |ANSWER✔✔-adaptable
A |____________ |process |can |adjust |to |changes |in |volume |without |losing |efficiency |or |
effectiveness. |- |CORRECT |ANSWER✔✔-scalable
A |business |___________ |is |an |ongoing |method |or |system |for |responding |to |customer |needs. |-
|CORRECT |ANSWER✔✔-process
_____________ |management |is |a |formal |method |of |defining, |documenting, |evaluating, |and |
improving |resources |and |workflow |so |that |processes |better |achieve |the |tasks |they |were |
designed |to |accomplish. |- |CORRECT |ANSWER✔✔-Process
A |________ |process |is |one |of |several |operational |processes |critical |to |meeting |customer |
needs, |maintaining |a |competitive |position, |or |implementing |the |corporate |plan. |- |CORRECT |
ANSWER✔✔-key
A |process |___________ |establishes |the |authority |and |accountability, |or |process |ownership, |of |
a |process |team. |- |CORRECT |ANSWER✔✔-charter
,The |charter |usually |contains |the |following |information |(list |7): |- |CORRECT |ANSWER✔✔-1) |A |
scope |statement |that |defines |the |process, |identifies |its |beginning |and |end |points, |and |
addresses |existing |resource |constraints |
2) |A |business |case |that |identifies |why |the |process |needs |to |be |implemented |or |changed |at |
this |particular |point |in |time
3) |An |estimate |of |the |process |costs |
4) |A |goal |statement |that |identifies |the |measurable |outcomes |of |this |process |initiative |
5) |A |plan |that |identifies |milestone |activities |and |offers |a |tentative |time |frame |for |completion
6) |A |list |of |participants |with |assigned |roles
7) |An |explanation |of |the |researched |needs |of |process |stakeholders, |who |are |any |internal |and |
external |parties |expecting |to |benefit |from |process |outcomes |but |who |do |not |directly |
participate |in |performing |the |process, |such |as |a |customer |who |gains |a |new |service
A |process |charter |may |contain |or |allude |to |a |process |_______, |which |is |a |graphical |
representation |of |a |business |process, |typically |using |a |recognized |set |of |graphical |symbols. |- |
CORRECT |ANSWER✔✔-map
Within |a |process, |an |____________ |is |any |part |of |a |set |of |actions |that |generates |work |to |
accomplish |a |job, |problem, |or |assignment. |- |CORRECT |ANSWER✔✔-activity
A |________-adding |activity |makes |the |product |or |service |more |valuable |to |the |customer, |such
|as |customer |service |or |claims |check |issuing. |- |CORRECT |ANSWER✔✔-value
, A |_____-________-adding |activity |doesn't |make |the |product |or |service |more |valuable |to |the |
customer. |- |CORRECT |ANSWER✔✔-non-value
________ |are |the |smallest |units |in |a |process |to |undergo |analysis. |- |CORRECT |ANSWER✔✔-
Tasks
Process |_____________: |typically |a |company |executive |who |authorizes |a |process |design |- |
CORRECT |ANSWER✔✔-sponsor
_____________ |process |owner: |an |employee |responsible |for |the |direction |of |the |process |but |
who |doesn't |perform |duties |related |to |the |process |- |CORRECT |ANSWER✔✔-Worker
Process |________ |members: |all |employees |assembled |to |accomplish |a |process |- |CORRECT |
ANSWER✔✔-team
Process |___________ |is |a |systemic |evaluation |of |all |aspects |of |a |process |to |make |the |process |
faster, |more |efficient, |less |expensive, |and |more |focused |on |the |customer. |- |CORRECT |
ANSWER✔✔-analysis
Companies |can |use |_______ |lane |diagrams, |which |elaborate |on |simple |process |maps |by |
identifying |the |parties |responsible |for |each |activity. |- |CORRECT |ANSWER✔✔-swim
Additionally, |companies |can |use |value |________ |maps, |which |are |visual |representations |of |
processes |that |identify |each |activity's |end |value |to |the |customer. |- |CORRECT |ANSWER✔✔-
stream
Value |stream |maps |help |identify |the |parts |of |a |process |that |aren't |adding |value |to |the |
customer, |or |that |are |slowing |down |the |continuous |flow |process |of |value |creation |known |as |a |
value |___________. |- |CORRECT |ANSWER✔✔-stream
