MGSC 395 Exam 1 Questions & Answers Latest Updated

Global Supply Chain and Operations Management - Answer -designing products and services -designing, implementing, and improving processes -Create and provide these products and services to customers when they want, at prices they will buy, and at quality they expect.... all while making profits long term and short term Operations Management - Answer Systematic design, direction, and control of processes that transform inputs into services 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 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 Supply Chain - Answer An interrelated series of processes within and across firms that produces a service or product to the satisfaction of customers Every process and every person in the organization has... - Answer customers, both external and internal Every process and every person in the organization relies on... - Answer suppliers, both external and internal Services and manufacturing processes differ in what way - Answer nature of output and degree of customer contact Manufacturing Processes - Answer physical product output can be inventoried low customer contact long response time capital intensive quality easily measured Service Processes - Answer Intangible, perishable output Output cannot be inventoried High customer contact Short response time Labor intensive Quality not easily measured Supply Chain View - Answer Each activity in a process should add value to the preceding activities Waste and unnecessary cost should be eliminated The Supply Chain View New Service/Product Development - Answer a process that designs and develops new services or products from inputs from external customer specifications or from the market The Supply Chain View Order Fulfillment Process - Answer A process that includes the activities required to produce and deliver the service or product to the external customer The Supply Chain View Customer Relationship Process - Answer A process that identifies, attracts, and builds relationships with external customers and facilitates the placement of orders by customers (customer relationship management) The Supply Chain View Support Processes - Answer Accounting, Finance, Human Resources, Management Information Systems and Marketing Provide vital resources and inputs to the core processes The Supply Chain Process - Answer Business processes that have external customers or suppliers Outsourcing, warehousing, sourcing, customer service, logistics, crossdocking Operations Strategy - Answer The means by which operations implements the firm's corporate strategy and helps to build a customer-driven firm Corporate Strategy - Answer Provides an overall direction that serves as the framework for carrying out all the organization's functions Environmental scanning, core competencies, core processes, global strategies Market Analysis - Answer Understand what the customers want and how to provide it Market segmentation and needs assessment Competitive Priorities - Answer The critical dimensions that a process or supply chain must possess 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 possesses and is able to deliver.