OPMA 3306 EXAM 1 QUESTIONS WITH
CORRECT ANSWERS
Mission - Correct Answers -What value will be created for the customer.
After Mission is established ,Strategy and its
implementation starts.
Strategy - Correct Answers -What an organization does to achieve a mission is its
strategy.
Strategy is a plan designed to achieve a mission of
the organization.
sustainable strategy - Correct Answers -The firm's strategy describes how it will create
and sustain value for its current shareholders
Adding a sustainability requirement means meeting value goals without compromising
the ability of future generations to meet their own needs
triple bottom line - Correct Answers -evaluating the firm against social,
economic, and environmental criteria
components of demand - Correct Answers -Average demand for a period of time
Trend
Seasonal element
Cyclical elements
Random variation
Autocorrelation
trends - Correct Answers -Identification of trend lines is a common starting
point when developing a forecast
operations and supply chain strategy - Correct Answers -Setting broad policies and
plans for using the resources of a firm - must be integrated with corporate strategy
Corporate strategy provides overall direction and coordinates operational goals with
those of the larger organization
, operations effectiveness - Correct Answers -performing activities in a manner that best
implements strategic priorities at a minimum cost
formulating strategy - Correct Answers -1. develop/refine strategy (yearly)
2. translate strategy (updated as often as 4 times per year)
competitive dimensions - Correct Answers -price, quality, delivery speed, delivery
reliability, coping with changes in demand, flexibility and new product introduction speed
trade offs - Correct Answers -Management must decide which parameters of
performance are critical and concentrate resources on those characteristics
straddling - Correct Answers -seeking to match a successful competitor by adding
features, services, or technology to existing activities
Often a risky strategy
order qualifiers - Correct Answers -Features customers will not forego
order winners - Correct Answers -Features that customers use to determine which
product to ultimately purchase
productivity measurement - Correct Answers -Productivity is a measure of how well
resources are used; is a relative measure
outputs/inputs
assessing risk - Correct Answers -All strategies have an inherent level of risk
Supply chain risk is the likelihood of a disruption that would impact the ability of a
company to continuously supply products or services
Supply chain coordination risks are associated with the day- to-day management of the
supply chain
Disruption risks are caused by natural or man-made disasters
risk management - Correct Answers -1. IDENTIFY sources of potential disruptions
2. ASSESS potential impact of risk
3. DEVELOP plans to mitigate risk
forecasting - Correct Answers -Forecasting is prediction of future.
Use historical data.
Intuition.
Combination of both.
CORRECT ANSWERS
Mission - Correct Answers -What value will be created for the customer.
After Mission is established ,Strategy and its
implementation starts.
Strategy - Correct Answers -What an organization does to achieve a mission is its
strategy.
Strategy is a plan designed to achieve a mission of
the organization.
sustainable strategy - Correct Answers -The firm's strategy describes how it will create
and sustain value for its current shareholders
Adding a sustainability requirement means meeting value goals without compromising
the ability of future generations to meet their own needs
triple bottom line - Correct Answers -evaluating the firm against social,
economic, and environmental criteria
components of demand - Correct Answers -Average demand for a period of time
Trend
Seasonal element
Cyclical elements
Random variation
Autocorrelation
trends - Correct Answers -Identification of trend lines is a common starting
point when developing a forecast
operations and supply chain strategy - Correct Answers -Setting broad policies and
plans for using the resources of a firm - must be integrated with corporate strategy
Corporate strategy provides overall direction and coordinates operational goals with
those of the larger organization
, operations effectiveness - Correct Answers -performing activities in a manner that best
implements strategic priorities at a minimum cost
formulating strategy - Correct Answers -1. develop/refine strategy (yearly)
2. translate strategy (updated as often as 4 times per year)
competitive dimensions - Correct Answers -price, quality, delivery speed, delivery
reliability, coping with changes in demand, flexibility and new product introduction speed
trade offs - Correct Answers -Management must decide which parameters of
performance are critical and concentrate resources on those characteristics
straddling - Correct Answers -seeking to match a successful competitor by adding
features, services, or technology to existing activities
Often a risky strategy
order qualifiers - Correct Answers -Features customers will not forego
order winners - Correct Answers -Features that customers use to determine which
product to ultimately purchase
productivity measurement - Correct Answers -Productivity is a measure of how well
resources are used; is a relative measure
outputs/inputs
assessing risk - Correct Answers -All strategies have an inherent level of risk
Supply chain risk is the likelihood of a disruption that would impact the ability of a
company to continuously supply products or services
Supply chain coordination risks are associated with the day- to-day management of the
supply chain
Disruption risks are caused by natural or man-made disasters
risk management - Correct Answers -1. IDENTIFY sources of potential disruptions
2. ASSESS potential impact of risk
3. DEVELOP plans to mitigate risk
forecasting - Correct Answers -Forecasting is prediction of future.
Use historical data.
Intuition.
Combination of both.
