GMS 401 Final Exam Study Guide: Key Notes,
Practice Questions & Answers - Toronto
Metropolitan University (TMU)
Production
- CORRECT ANSWER-the creation of goods and services
Operations Management
- CORRECT ANSWER-Activities that relate to the creation of goods and services through the
transformation of inputs to outputs
Supply chain
- CORRECT ANSWER-A global network of organizations and activities that supply a firm with
goods and services
Services
- CORRECT ANSWER-Economic activities that typically produce an intangible product (such as
education, entertainment, lodging, government, financial, and health services)
Service sector
- CORRECT ANSWER-the segment of the economy that includes trade, financial, lodging,
education, legal, medical, and other professional occupations
,Management process
- CORRECT ANSWER-the application of planning, organizing, staffing, leading, and controlling
to the achievement of objectives
Differentiation
- CORRECT ANSWER-distinguishing the offerings of an organization in a way that the
customer perceives as adding value
Experience Differentiation
- CORRECT ANSWER-Engaging a customer with a product through imaginative use of the five
senses, so the customer "experiences" the product
Low cost leadership
- CORRECT ANSWER-achieving maximum value, as perceived by the customer
Response
- CORRECT ANSWER-a set of values related to rapid, flexible, and reliable performance
Mission
- CORRECT ANSWER-the purpose or rationale for an organization's existence
Strategy
- CORRECT ANSWER-how an organization expects to achieve its missions and goals
,Productivity
- CORRECT ANSWER-the ratio of outputs (goods and services) divided by one or more inputs
(such as labour, capital or management)
Single factor Productivity
- CORRECT ANSWER-Indicates the ratio of one resource (input) to the goods and services
produced (outputs).
Multifactor productivity
- CORRECT ANSWER-indicates the ratio of many or all resources (inputs) to the goods and
services produced (outputs)
Productivity variables
- CORRECT ANSWER-the three factors critical to productivity improvement - capital and the art
and science of management
Knowledge Society
- CORRECT ANSWER-a society in which much of the labour force has migrated from manual
work to work based on knowledge
Maintenance
- CORRECT ANSWER-the activities involved in keeping a systems equipment in working order
Reliability
- CORRECT ANSWER-the probability that a machine part or product will function properly for a
specified time under stated conditions
, Mean Time Between Failures (MTBF)
- CORRECT ANSWER-The expected time between a repair and the next failure of a
component, machine, process, or product.
Redundancy
- CORRECT ANSWER-the use of components in parallel to raise reliability
Product development stages
- CORRECT ANSWER-Product concepts are developed from a variety of sources, both external
and internal to the firm. Concepts that survive the product idea stage progress through various
stages, with nearly constant review, feedback, and evaluation in a highly participative
environment to minimize failure
Robust design
- CORRECT ANSWER-a design that can be produced to requirements even with unfavorable
conditions in the production process
Modular designs
- CORRECT ANSWER-Designs in which parts or components of a product are subdivided into
modules that are easily interchanged or replaced
computer-aided design (CAD)
- CORRECT ANSWER-interactive use of a computer to develop and document a product
Practice Questions & Answers - Toronto
Metropolitan University (TMU)
Production
- CORRECT ANSWER-the creation of goods and services
Operations Management
- CORRECT ANSWER-Activities that relate to the creation of goods and services through the
transformation of inputs to outputs
Supply chain
- CORRECT ANSWER-A global network of organizations and activities that supply a firm with
goods and services
Services
- CORRECT ANSWER-Economic activities that typically produce an intangible product (such as
education, entertainment, lodging, government, financial, and health services)
Service sector
- CORRECT ANSWER-the segment of the economy that includes trade, financial, lodging,
education, legal, medical, and other professional occupations
,Management process
- CORRECT ANSWER-the application of planning, organizing, staffing, leading, and controlling
to the achievement of objectives
Differentiation
- CORRECT ANSWER-distinguishing the offerings of an organization in a way that the
customer perceives as adding value
Experience Differentiation
- CORRECT ANSWER-Engaging a customer with a product through imaginative use of the five
senses, so the customer "experiences" the product
Low cost leadership
- CORRECT ANSWER-achieving maximum value, as perceived by the customer
Response
- CORRECT ANSWER-a set of values related to rapid, flexible, and reliable performance
Mission
- CORRECT ANSWER-the purpose or rationale for an organization's existence
Strategy
- CORRECT ANSWER-how an organization expects to achieve its missions and goals
,Productivity
- CORRECT ANSWER-the ratio of outputs (goods and services) divided by one or more inputs
(such as labour, capital or management)
Single factor Productivity
- CORRECT ANSWER-Indicates the ratio of one resource (input) to the goods and services
produced (outputs).
Multifactor productivity
- CORRECT ANSWER-indicates the ratio of many or all resources (inputs) to the goods and
services produced (outputs)
Productivity variables
- CORRECT ANSWER-the three factors critical to productivity improvement - capital and the art
and science of management
Knowledge Society
- CORRECT ANSWER-a society in which much of the labour force has migrated from manual
work to work based on knowledge
Maintenance
- CORRECT ANSWER-the activities involved in keeping a systems equipment in working order
Reliability
- CORRECT ANSWER-the probability that a machine part or product will function properly for a
specified time under stated conditions
, Mean Time Between Failures (MTBF)
- CORRECT ANSWER-The expected time between a repair and the next failure of a
component, machine, process, or product.
Redundancy
- CORRECT ANSWER-the use of components in parallel to raise reliability
Product development stages
- CORRECT ANSWER-Product concepts are developed from a variety of sources, both external
and internal to the firm. Concepts that survive the product idea stage progress through various
stages, with nearly constant review, feedback, and evaluation in a highly participative
environment to minimize failure
Robust design
- CORRECT ANSWER-a design that can be produced to requirements even with unfavorable
conditions in the production process
Modular designs
- CORRECT ANSWER-Designs in which parts or components of a product are subdivided into
modules that are easily interchanged or replaced
computer-aided design (CAD)
- CORRECT ANSWER-interactive use of a computer to develop and document a product
