OMIS 338 Final Exam Questions with Correct Answers Latest Update 2025/2026
4 Stages of the Product Life Cycle - Answers Introduction Stage -> Growth Stage -> Maturity
Stage -> Decline Stage
Why are new products development and introduction important in competitive markets? -
Answers Great new products are the key to success and revenue, Customers buy satisfaction,
not just a physical good or particular service
What is an example of the Differentiation Strategy for competitive options? - Answers Apple
(better)
What is an example of the Low Cost strategy for competitive options? - Answers Walmart
(cheaper)
What is an example of the Rapid Response strategy for competitive options? - Answers FedEx
(faster)
Why should Operations get involved in the product conception stage? - Answers To determine
the operations capabilities (materials, labor, technology) and to know the time frame for market
readiness.
Introduction - Answers Process capability and quality of manufacturing and suppliers
Growth - Answers Forecasted level for focus on production and supplier capacities and Product
and process reliability
Maturity - Answers Optimize for Cost, Quality and Delivery
Decline - Answers Focus on cost reduction, capacity reduction and minimize inventory
obsolescence
When does the product development team hand responsibility of production over to the
operations team? - Answers After successful new product introduction
What are the Project Characteristics discussed in this unit? - Answers Single unit, many related
activities, High labor skills, General purpose equipment, and Difficult production planning and
inventory control
What are the responsibilities of the Project Manager? - Answers -All necessary activities are
finished in order and on time
-The project comes in within budget
-The project meets quality goals
-The people assigned to the project receive motivation, direction, and information
4 Stages of the Product Life Cycle - Answers Introduction Stage -> Growth Stage -> Maturity
Stage -> Decline Stage
Why are new products development and introduction important in competitive markets? -
Answers Great new products are the key to success and revenue, Customers buy satisfaction,
not just a physical good or particular service
What is an example of the Differentiation Strategy for competitive options? - Answers Apple
(better)
What is an example of the Low Cost strategy for competitive options? - Answers Walmart
(cheaper)
What is an example of the Rapid Response strategy for competitive options? - Answers FedEx
(faster)
Why should Operations get involved in the product conception stage? - Answers To determine
the operations capabilities (materials, labor, technology) and to know the time frame for market
readiness.
Introduction - Answers Process capability and quality of manufacturing and suppliers
Growth - Answers Forecasted level for focus on production and supplier capacities and Product
and process reliability
Maturity - Answers Optimize for Cost, Quality and Delivery
Decline - Answers Focus on cost reduction, capacity reduction and minimize inventory
obsolescence
When does the product development team hand responsibility of production over to the
operations team? - Answers After successful new product introduction
What are the Project Characteristics discussed in this unit? - Answers Single unit, many related
activities, High labor skills, General purpose equipment, and Difficult production planning and
inventory control
What are the responsibilities of the Project Manager? - Answers -All necessary activities are
finished in order and on time
-The project comes in within budget
-The project meets quality goals
-The people assigned to the project receive motivation, direction, and information
