MGT 227 Exam 1 Questions and Answers 100% Correct
3 types of projects - ✔✔pure, functional, matrix
asset turnover - ✔✔revenue or sales/total assets
Capacity - ✔✔generally: the ability to hold, receive, store, or accommodate
in business: the amount of output that a system is capable of achieving over a
period of time
capacity cushion - ✔✔capacity in excess of expected demand
capacity flexibility - ✔✔the ability to rapidly increase/decrease the product
levels
or ability to rapidly shift from one product to another
high capacity flexibility=high economies of scope
flexible plants, flexible processes, flexible workers
Capacity planning time durations - ✔✔Long range: greater than a year
intermediate range: monthly or quarterly plans covering next 6-18 months
short range: less than a month
Capacity utilization rate - ✔✔measurement of how close a firm is to its best
operating level
capacity used/best operating level
, Characteristics of projects - ✔✔-simplest type of manufacturing system
-one time activity
-definite start and end date
-commitment of resources (budget, manpower, time)
-predefined specifications
Characteristics of services - ✔✔intangible
inconsistent (cannot be perfectly replicated-heterogeneous)
recipient of services are involved in production of services (produced and
consumed simultaneously)
Critical path model - ✔✔longest path represents the timeline of a project
Define strategy - ✔✔an action plan to achieve a firm's mission
Define trade-offs - ✔✔management must decide which parameters of
performance are critical and concentrate resources on those characteristics (ex:
IKEA has low prices but you have to build it yourself)
Design for manufacturing and assembly - ✔✔Traditional approach: we design it
you build it
concurrent engineering: let's work together simultaneously
results in simplification of product by reducing the number of parts
3 types of projects - ✔✔pure, functional, matrix
asset turnover - ✔✔revenue or sales/total assets
Capacity - ✔✔generally: the ability to hold, receive, store, or accommodate
in business: the amount of output that a system is capable of achieving over a
period of time
capacity cushion - ✔✔capacity in excess of expected demand
capacity flexibility - ✔✔the ability to rapidly increase/decrease the product
levels
or ability to rapidly shift from one product to another
high capacity flexibility=high economies of scope
flexible plants, flexible processes, flexible workers
Capacity planning time durations - ✔✔Long range: greater than a year
intermediate range: monthly or quarterly plans covering next 6-18 months
short range: less than a month
Capacity utilization rate - ✔✔measurement of how close a firm is to its best
operating level
capacity used/best operating level
, Characteristics of projects - ✔✔-simplest type of manufacturing system
-one time activity
-definite start and end date
-commitment of resources (budget, manpower, time)
-predefined specifications
Characteristics of services - ✔✔intangible
inconsistent (cannot be perfectly replicated-heterogeneous)
recipient of services are involved in production of services (produced and
consumed simultaneously)
Critical path model - ✔✔longest path represents the timeline of a project
Define strategy - ✔✔an action plan to achieve a firm's mission
Define trade-offs - ✔✔management must decide which parameters of
performance are critical and concentrate resources on those characteristics (ex:
IKEA has low prices but you have to build it yourself)
Design for manufacturing and assembly - ✔✔Traditional approach: we design it
you build it
concurrent engineering: let's work together simultaneously
results in simplification of product by reducing the number of parts
