MGSC 395 Exam 1 Questions With Verified Answers

Operations management - Answer The systematic design, direction, and control of processes that transforms inputs into serves and products for internal, as well as external, customers Process - Answer any activity or group of activities that takes one or more inputs, transforms them, and provides one or more outputs for its customers Operation - Answer a group of resources performing all or part of one or more processes Supply Chain - Answer An interrelated series of processes within and across firms that produces a service or product to the satisfaction of customers Supply Chain Management - Answer the synchronization of a firm's processes with those of its suppliers and customers to match the flow of materials, services, and information with customer demand External Customers - Answer a customer who is either an end user or an intermediary (ex. Manufacturers, financial institutions, or retailers) buying the firm's finished services or products Internal Customers - Answer one or more employees or processes that rely on inputs from other employees or processes in order to perform their work External Suppliers - Answer the businesses or individuals who provide the resources, services, products, and materials for the firm's short-term and long-term needs Internal Suppliers - Answer the employees or processes that supply important information or materials to a firm's processes Nested process - Answer the concept of a process within a process Core process - Answer a set of activities that delivers value to external customers Supplier relationship process - Answer a process that selects the suppliers of services, materials, and information and facilitates the timely and efficient flow of these items into the firm New service/product development process - Answer a process that designs and develops new services or products from inputs received from external customer specifications or from the market in general through the customer relationship process Order fulfillment process - Answer a process that includes the activities required to produce and deliver the service or product to the external customer Customer relationship process - Answer a process that identifies, attracts, and builds relationships with external customers, and facilitates the placement of orders by customers, sometimes referred to as customer relationship management Support process - Answer a process that provides vital resources and inputs to the core processes and therefore is essential to the management of the business Operations strategy - Answer the means by which operations implements the firm's corporate strategy and helps to build a customer driven firm Environmental scanning - Answer the process by which managers monitor trends in the environment for potential opportunities or threats. A crucial reason for environmental scanning is to stay ahead of the competition Developing a corporate strategy - Answer the four considerations are- (1) Monitoring and adjusting to changes in the business environment, (2) Identifying and developing the firm's core competencies, (3) developing the firm's core processes, and (4) developing the firm's global strategies Productivity = - Answer output/input Labor productivity = - Answer output/input = policies processed/employee hours (employees x hours) Multifactor productivity = - Answer value of output/total cost Core competencies - Answer the unique resources and strengths that an organization's management considers when formulating strategy Developing core competencies include the following - Answer (1) workforce, (2) facilities, (3) market and financial know-how, (4) systems and technology Lead time - Answer the elapsed time between the receipt of a customer order and filling it Two effective global strategies - Answer (1) strategic alliances, (2) locating abroad Competitive priorities - Answer the critical dimensions that a process or supply chain must process to satisfy its internal or external customers, both now and in the future Competitive capabilities - Answer the cost, quality, time, and flexibility dimensions that a process or supply chain actually processes and is able to deliver Time-based competition - Answer a strategy that focuses on the competitive priorities of delivery speed and development speed Order winner - Answer a criterion customers use to differentiate the services or products of one firm from those of another