BUAD 341 Exam One with 100%
Correct Solutions
production - ANS-the creation of goods and services
operations management - ANS-the set of activities that creates value in the form goods
and services by transforming inputs into outputs
supply chain - ANS-a global network of organizations and activities that supply a firm
with goods and services
design of goods and services - ANS-defines much of what is required of operations in
each of the other operation management decisions
managing quality and statistical process control - ANS-determines the customer's
quality expectations and establishes policies and procedures to identify and achieve
that quality
process and capacity strategies - ANS-determines how a good or service is produced
and commits management to specific technology, quality, Human Resources, and
capital investments that determine much of the firm's basic cost structure
layout strategies - ANS-requires integrating capacity needs, personnel levels,
technology, and inventory requirements to determine the efficient flow of materials,
people, and information
human resources, job design, and work measurement - ANS-determines how to recruit,
motivate, and retain personnel with the required talent and skills
supply chain management - ANS-decides how to integrate the supply chain into the
firm's strategy
inventory management - ANS-considers inventory ordering and holding decisions and
how to optimize them as customer satisfaction, supplier capability, and production
schedules are considered
scheduling - ANS-determines and implements intermediate and short term schedules
that effectively and efficiently use personnel and facilities while meeting customer
demands
services - ANS-economic activities that typically produce an intangible product
, competitive advantage - ANS-the creation of a system that has a unique advantage
over competitors
differentiation - ANS-distinguishing the offerings of an organization in a way that the
customer perceives as adding value
experience differentiation - ANS-Engaging a customer with a product through
imaginative use of the five senses, so the customer "experiences" the product
low-cost leadership - ANS-achieving maximum value as defined by your customer
response - ANS-a set of values related to rapid, flexible, and reliable performance
resources view - ANS-a method managers use to evaluate the resources at their
disposal and manage or alter them to achieve competitive advantage
value-chain analysis - ANS-a way to identify those elements in the product/service chain
that uniquely add value
five forces model - ANS-a method of analyzing the five forces in the competitive
environment
swot analysis - ANS-a formal review of internal strengths and weaknesses and external
opportunities and threats
key success factors - ANS-activities or factors that are key to achieving competitive
advantage
core competencies - ANS-a set of skills, talents, and capabilities in which a firm is
particularly strong
activity map - ANS-a graphical link of competitive advantage, KSFs, and supporting
activities
outsourcing - ANS-transferring activities that have traditionally been internal to external
suppliers
theory of competitive advantage - ANS-a theory which states that countries benefit from
specializing in (and exporting) goods and services in which they have relative
advantage, and they benefit from importing goods and services in which they have a
relative disadvantage
international business - ANS-any firm that engages in international trade or investment
Correct Solutions
production - ANS-the creation of goods and services
operations management - ANS-the set of activities that creates value in the form goods
and services by transforming inputs into outputs
supply chain - ANS-a global network of organizations and activities that supply a firm
with goods and services
design of goods and services - ANS-defines much of what is required of operations in
each of the other operation management decisions
managing quality and statistical process control - ANS-determines the customer's
quality expectations and establishes policies and procedures to identify and achieve
that quality
process and capacity strategies - ANS-determines how a good or service is produced
and commits management to specific technology, quality, Human Resources, and
capital investments that determine much of the firm's basic cost structure
layout strategies - ANS-requires integrating capacity needs, personnel levels,
technology, and inventory requirements to determine the efficient flow of materials,
people, and information
human resources, job design, and work measurement - ANS-determines how to recruit,
motivate, and retain personnel with the required talent and skills
supply chain management - ANS-decides how to integrate the supply chain into the
firm's strategy
inventory management - ANS-considers inventory ordering and holding decisions and
how to optimize them as customer satisfaction, supplier capability, and production
schedules are considered
scheduling - ANS-determines and implements intermediate and short term schedules
that effectively and efficiently use personnel and facilities while meeting customer
demands
services - ANS-economic activities that typically produce an intangible product
, competitive advantage - ANS-the creation of a system that has a unique advantage
over competitors
differentiation - ANS-distinguishing the offerings of an organization in a way that the
customer perceives as adding value
experience differentiation - ANS-Engaging a customer with a product through
imaginative use of the five senses, so the customer "experiences" the product
low-cost leadership - ANS-achieving maximum value as defined by your customer
response - ANS-a set of values related to rapid, flexible, and reliable performance
resources view - ANS-a method managers use to evaluate the resources at their
disposal and manage or alter them to achieve competitive advantage
value-chain analysis - ANS-a way to identify those elements in the product/service chain
that uniquely add value
five forces model - ANS-a method of analyzing the five forces in the competitive
environment
swot analysis - ANS-a formal review of internal strengths and weaknesses and external
opportunities and threats
key success factors - ANS-activities or factors that are key to achieving competitive
advantage
core competencies - ANS-a set of skills, talents, and capabilities in which a firm is
particularly strong
activity map - ANS-a graphical link of competitive advantage, KSFs, and supporting
activities
outsourcing - ANS-transferring activities that have traditionally been internal to external
suppliers
theory of competitive advantage - ANS-a theory which states that countries benefit from
specializing in (and exporting) goods and services in which they have relative
advantage, and they benefit from importing goods and services in which they have a
relative disadvantage
international business - ANS-any firm that engages in international trade or investment
