Business Management 3130 Midterm Exam
With Complete Solutions
operations management - ANSWER the process that effectively produce, transform, and
deliver a product or service (how things get done) (every business has this)
supply chain management - ANSWER the oversight of materials, information, and finances as
they move in a process from supplier to manufacturer to wholesaler to retailer to consumer.
involves coordinating and integrating these flows both within and among companies
process - ANSWER a system of activities that transforms inputs into valuable outputs (occurs
in many different ways)
5 distinct management processes - ANSWER 1. planning
2. sourcing
3. making (transformation process)
4. delivering (logistics)
5. returning (bringing things back from customer)
competitive capabilities - ANSWER the unique and valued skills, processes, and knowledge
the firm is able to actually achieve and use to satisfy customers
,sustainability - ANSWER meeting today's needs without compromising the ability to meet
tomorrow's
triple bottom line (TBL) - ANSWER evaluating the firm against economic social, and
environmental criteria
the 3 P's - ANSWER 1. people
2. profit
3. planet
strategy - ANSWER determines which competitive dimensions an organization pursues
operations and supply chain strategy - ANSWER setting goals and policies and creating plans
for using the firm's resources to support the organizational strategy
competitive dimensions (priorities) - ANSWER what the company WOULD LIKE to achieve and
how the company would like to compete and beat their competitors
5 competitive dimensions - ANSWER 1. cost
2. quality
3. time (delivery, speed)
4. flexibility (customization, variety)
, 5. others (returns, service and support, certifications, environmental concerns)
order winners - ANSWER characteristics causing customers to prefer you over your
competitors
order qualifiers - ANSWER characteristics you need to have to be considered by potential
customers (ex. cleanliness), minimal capability to be in market
risk - ANSWER any source of unplanned disruption
productivity - ANSWER a measure of how well resources are used (output/ALL inputs,
output/SPECIFIC input, output/SOME inputs), needs to be compared to something else to be
meaningful
lead time - ANSWER the time needed to respond to a customer order
lean manufacturing - ANSWER provides tools and processes to eliminate waste from the
manufacturing process resulting in improved efficiency, effectiveness, and profitability
strategies for production (4) - ANSWER 1. make to stock (MTS)
2. assemble to order (ATO)
3. make to order (MTO)
With Complete Solutions
operations management - ANSWER the process that effectively produce, transform, and
deliver a product or service (how things get done) (every business has this)
supply chain management - ANSWER the oversight of materials, information, and finances as
they move in a process from supplier to manufacturer to wholesaler to retailer to consumer.
involves coordinating and integrating these flows both within and among companies
process - ANSWER a system of activities that transforms inputs into valuable outputs (occurs
in many different ways)
5 distinct management processes - ANSWER 1. planning
2. sourcing
3. making (transformation process)
4. delivering (logistics)
5. returning (bringing things back from customer)
competitive capabilities - ANSWER the unique and valued skills, processes, and knowledge
the firm is able to actually achieve and use to satisfy customers
,sustainability - ANSWER meeting today's needs without compromising the ability to meet
tomorrow's
triple bottom line (TBL) - ANSWER evaluating the firm against economic social, and
environmental criteria
the 3 P's - ANSWER 1. people
2. profit
3. planet
strategy - ANSWER determines which competitive dimensions an organization pursues
operations and supply chain strategy - ANSWER setting goals and policies and creating plans
for using the firm's resources to support the organizational strategy
competitive dimensions (priorities) - ANSWER what the company WOULD LIKE to achieve and
how the company would like to compete and beat their competitors
5 competitive dimensions - ANSWER 1. cost
2. quality
3. time (delivery, speed)
4. flexibility (customization, variety)
, 5. others (returns, service and support, certifications, environmental concerns)
order winners - ANSWER characteristics causing customers to prefer you over your
competitors
order qualifiers - ANSWER characteristics you need to have to be considered by potential
customers (ex. cleanliness), minimal capability to be in market
risk - ANSWER any source of unplanned disruption
productivity - ANSWER a measure of how well resources are used (output/ALL inputs,
output/SPECIFIC input, output/SOME inputs), needs to be compared to something else to be
meaningful
lead time - ANSWER the time needed to respond to a customer order
lean manufacturing - ANSWER provides tools and processes to eliminate waste from the
manufacturing process resulting in improved efficiency, effectiveness, and profitability
strategies for production (4) - ANSWER 1. make to stock (MTS)
2. assemble to order (ATO)
3. make to order (MTO)
