LOMA 335- The Insurance Company and Operations Management (Module 2) questions with answers

LOMA 335: The Insurance Company and |\ |\ |\ |\ |\ |\




Operations Management (Module 2) questions |\ |\ |\ |\ |\




with answers |\




________________ means completing the activities necessary to |\ |\ |\ |\ |\ |\ |\


achieve the desired outcome. - CORRECT ANSWERS
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✔✔Effectiveness


_______________ means completing an activity with minimal waste |\ |\ |\ |\ |\ |\ |\ |\


of human or financial resources. - CORRECT ANSWERS
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✔✔Efficiency


An _______________ process remains efficient and effective as the
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environment changes. - CORRECT ANSWERS ✔✔adaptable |\ |\ |\ |\ |\




A ____________ process can adjust to changes in volume without
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losing efficiency or effectiveness. - CORRECT ANSWERS
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✔✔scalable


A business ___________ is an ongoing method or system for
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responding to customer needs. - CORRECT ANSWERS ✔✔process
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_____________ 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
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accomplish. - CORRECT ANSWERS ✔✔Process
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,A ________ process is one of several operational processes critical
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to meeting customer needs, maintaining a competitive position,
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or implementing the corporate plan. - CORRECT ANSWERS ✔✔key
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A process ___________ establishes the authority and
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accountability, or process ownership, of a process team. - |\ |\ |\ |\ |\ |\ |\ |\ |\


CORRECT ANSWERS ✔✔charter |\ |\




The charter usually contains the following information (list 7): -
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CORRECT ANSWERS ✔✔1) A scope statement that defines the
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process, identifies its beginning and end points, and addresses
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existing resource constraints |\ |\ |\




2) A business case that identifies why the process needs to be
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implemented or changed at this particular point in time |\ |\ |\ |\ |\ |\ |\ |\




3) An estimate of the process costs
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4) A goal statement that identifies the measurable outcomes of
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this process initiative
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5) A plan that identifies milestone activities and offers a tentative
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time frame for completion
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6) A list of participants with assigned roles
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,7) An explanation of the researched needs of process
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stakeholders, who are any internal and external parties expecting |\ |\ |\ |\ |\ |\ |\ |\


to benefit from process outcomes but who do not directly
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participate in performing the process, such as a customer who|\ |\ |\ |\ |\ |\ |\ |\ |\ |\


gains a new service |\ |\ |\




A process charter may contain or allude to a process _______,
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which is a graphical representation of a business process,
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typically using a recognized set of graphical symbols. - CORRECT
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ANSWERS ✔✔map |\




Within a process, an ____________ is any part of a set of actions
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that generates work to accomplish a job, problem, or assignment.
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- CORRECT ANSWERS ✔✔activity
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A ________-adding activity makes the product or service more
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valuable to the customer, such as customer service or claims
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check issuing. - CORRECT ANSWERS ✔✔value
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A _____-________-adding activity doesn't make the product or
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service more valuable to the customer. - CORRECT ANSWERS
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✔✔non-value


________ are the smallest units in a process to undergo analysis. -
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CORRECT ANSWERS ✔✔Tasks |\ |\




Process _____________: typically a company executive who
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authorizes a process design - CORRECT ANSWERS ✔✔sponsor |\ |\ |\ |\ |\ |\ |\

, _____________ process owner: an employee responsible for the
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direction of the process but who doesn't perform duties related to
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the process - CORRECT ANSWERS ✔✔Worker
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Process ________ members: all employees assembled to
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accomplish a process - CORRECT ANSWERS ✔✔team |\ |\ |\ |\ |\ |\




Process ___________ is a systemic evaluation of all aspects of a
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process to make the process faster, more efficient, less
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expensive, and more focused on the customer. - CORRECT
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ANSWERS ✔✔analysis |\




Companies can use _______ lane diagrams, which elaborate on
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simple process maps by identifying the parties responsible for
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each activity. - CORRECT ANSWERS ✔✔swim
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Additionally, companies can use value ________ maps, which are
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visual representations of processes that identify each activity's
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end value to the customer. - CORRECT ANSWERS ✔✔stream
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Value stream maps help identify the parts of a process that aren't
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adding value to the customer, or that are slowing down the
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continuous flow process of value creation known as a value
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___________. - CORRECT ANSWERS ✔✔stream |\ |\ |\ |\




Use the same word for both spaces:
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