LOMA 335: THE INSURANCE COMPANY AND
OPERATIONS MANAGEMENT (MODULE 2)
________________ means completing the activities necessary to achieve the desired
outcome. - Answer -Effectiveness
_______________ means completing an activity with minimal waste of human or
financial resources. - Answer -Efficiency
An _______________ process remains efficient and effective as the environment
changes. - Answer -adaptable
A ____________ process can adjust to changes in volume without losing efficiency or
effectiveness. - Answer -scalable
A business ___________ is an ongoing method or system for responding to customer
needs. - 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. - Answer -Process
A ________ process is one of several operational processes critical to meeting
customer needs, maintaining a competitive position, or implementing the corporate plan.
- Answer -key
A process ___________ establishes the authority and accountability, or process
ownership, of a process team. - Answer -charter
The charter usually contains the following information (list 7): - 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. - Answer -map
Within a process, an ____________ is any part of a set of actions that generates work
to accomplish a job, problem, or assignment. - Answer -activity
A ________-adding activity makes the product or service more valuable to the
customer, such as customer service or claims check issuing. - Answer -value
Companies can use _______ lane diagrams, which elaborate on simple process maps
by identifying the parties responsible for each activity. - Answer -swim
Additionally, companies can use value ________ maps, which are visual
representations of processes that identify each activity's end value to the customer. -
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 ___________. - Answer -stream
Use the same word for both spaces:
A value stream is different from a value __________, in part because a value
_________ focuses on organizational functions, whereas a value stream usually
focuses on cross-functional purposes. - Answer -chain
______________ is a formal program for measuring company performance results,
identifying best practices for the same performance areas, and emulating best practices
for company processes. - Answer -Benchmarking
A _____________ is a performance standard that a company aspires to achieve. -
Answer -benchmark
To identify appropriate benchmarks, companies often look at ___________ benchmarks
- high performance standards achieved by other companies in their same industry - or
at _____________ benchmarks - positive results achieved by another company
performing the same process, regardless of industry. - Answer -1) industry
2) universal
, A balanced ____________ displays a set of KPIs and compares the values to
performance standards. - Answer -scorecard
A typical balanced scorecard keeps track of a company's activities in terms of 4
perspectives: - Answer -1) financial performance
2) customer satisfaction
3) internal operations
4) learning and growth
_________________ process improvement uses strategic initiatives to make ongoing,
incremental improvements in processes and technology. - Answer -Continuous
____________ is a gradual and continuous approach to process improvement using a
series of modest changes and feedback from process team members. - Answer -
Kaizen
Use the same word for both spaces:
_________ management is a continuous process improvement approach that
emphasizes creating a value stream comprising _________ processes with minimal
waste. - Answer -Lean
Lean thinking places less emphasis on optimizing individual activities and more
emphasis on optimizing the _____-_____________, continuous flow of the entire
process. - Answer -cross-departmental
A _____-________-adding activity doesn't make the product or service more valuable to
the customer. - Answer -non-value
________ are the smallest units in a process to undergo analysis. - Answer -Tasks
Process _____________: typically a company executive who authorizes a process
design - Answer -sponsor
_____________ process owner: an employee responsible for the direction of the
process but who doesn't perform duties related to the process - Answer -Worker
Process ________ members: all employees assembled to accomplish a process -
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. -
Answer –analysis
A __________ is a transfer of work from one work team member to another, typically
across organizational boundaries. - Answer -handoffs
OPERATIONS MANAGEMENT (MODULE 2)
________________ means completing the activities necessary to achieve the desired
outcome. - Answer -Effectiveness
_______________ means completing an activity with minimal waste of human or
financial resources. - Answer -Efficiency
An _______________ process remains efficient and effective as the environment
changes. - Answer -adaptable
A ____________ process can adjust to changes in volume without losing efficiency or
effectiveness. - Answer -scalable
A business ___________ is an ongoing method or system for responding to customer
needs. - 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. - Answer -Process
A ________ process is one of several operational processes critical to meeting
customer needs, maintaining a competitive position, or implementing the corporate plan.
- Answer -key
A process ___________ establishes the authority and accountability, or process
ownership, of a process team. - Answer -charter
The charter usually contains the following information (list 7): - 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. - Answer -map
Within a process, an ____________ is any part of a set of actions that generates work
to accomplish a job, problem, or assignment. - Answer -activity
A ________-adding activity makes the product or service more valuable to the
customer, such as customer service or claims check issuing. - Answer -value
Companies can use _______ lane diagrams, which elaborate on simple process maps
by identifying the parties responsible for each activity. - Answer -swim
Additionally, companies can use value ________ maps, which are visual
representations of processes that identify each activity's end value to the customer. -
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 ___________. - Answer -stream
Use the same word for both spaces:
A value stream is different from a value __________, in part because a value
_________ focuses on organizational functions, whereas a value stream usually
focuses on cross-functional purposes. - Answer -chain
______________ is a formal program for measuring company performance results,
identifying best practices for the same performance areas, and emulating best practices
for company processes. - Answer -Benchmarking
A _____________ is a performance standard that a company aspires to achieve. -
Answer -benchmark
To identify appropriate benchmarks, companies often look at ___________ benchmarks
- high performance standards achieved by other companies in their same industry - or
at _____________ benchmarks - positive results achieved by another company
performing the same process, regardless of industry. - Answer -1) industry
2) universal
, A balanced ____________ displays a set of KPIs and compares the values to
performance standards. - Answer -scorecard
A typical balanced scorecard keeps track of a company's activities in terms of 4
perspectives: - Answer -1) financial performance
2) customer satisfaction
3) internal operations
4) learning and growth
_________________ process improvement uses strategic initiatives to make ongoing,
incremental improvements in processes and technology. - Answer -Continuous
____________ is a gradual and continuous approach to process improvement using a
series of modest changes and feedback from process team members. - Answer -
Kaizen
Use the same word for both spaces:
_________ management is a continuous process improvement approach that
emphasizes creating a value stream comprising _________ processes with minimal
waste. - Answer -Lean
Lean thinking places less emphasis on optimizing individual activities and more
emphasis on optimizing the _____-_____________, continuous flow of the entire
process. - Answer -cross-departmental
A _____-________-adding activity doesn't make the product or service more valuable to
the customer. - Answer -non-value
________ are the smallest units in a process to undergo analysis. - Answer -Tasks
Process _____________: typically a company executive who authorizes a process
design - Answer -sponsor
_____________ process owner: an employee responsible for the direction of the
process but who doesn't perform duties related to the process - Answer -Worker
Process ________ members: all employees assembled to accomplish a process -
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. -
Answer –analysis
A __________ is a transfer of work from one work team member to another, typically
across organizational boundaries. - Answer -handoffs
