Rtf Latest Exam Review

Rtf Latest Exam Review 1. What activities does operations management involve? ANSWER: Operations management consists of all activities required to produce goods and services. Research and development, planning production, controlling operations, managing product quality, purchasing and monitoring inventory, managing production costs, and using technology to improve productivity are all activities of operations. POINTS: 1 DIFFICULTY: Moderate REFERENCES: pp. 207-208 LEARNING OBJECTIVES: FOBU.PRIDE.15.8-1 NATIONAL STANDARDS: United States - BUSPROG: Analytic TOPICS: What is Production? KEYWORDS: Bloom's: Comprehension 2. Briefly assess the good and bad news of the current U.S. manufacturing environment. ANSWER: The bad news is that many manufacturing jobs have been outsourced to low-wage workers in overseas countries, the cost of U.S. manufacturing is approximately 20 percent higher, and the number of unemployed factory workers increased during the recent economic crisis. The good news is that U.S. manufacturers produce approximately 18 percent of total global manufacturing output and contribute approximately $2 trillion to the U.S. economy each year. Also, manufacturing exports are nearly 60 percent of all U.S. exports, and it is anticipated that there will be 2 million job openings in manufacturing through 2018. Finally, for every manufacturing job created, there are another three jobs created in the supply chain, the trucking industry, and other related areas of the economy. POINTS: 1 DIFFICULTY: Challenging REFERENCES: pp. 208-209 LEARNING OBJECTIVES: FOBU.PRIDE.15.8-1 NATIONAL STANDARDS: United States - AACSB: Reflective Thinking TOPICS: What is Production? KEYWORDS: Bloom's: Synthesis 3. What is meant by the magnitude of a conversion process? ANSWER: The magnitude of a conversion process is the degree to which the resources are physically changed. There is a wide range of magnitude. At one extreme is taking raw materials and changing them into something completely unrecognizable when turned into a final product. At the other extreme is a service such as airline service that produces no physical change. POINTS: 1 DIFFICULTY: Moderate REFERENCES: p. 211 LEARNING OBJECTIVES: FOBU.PRIDE.15.8-2 NATIONAL STANDARDS: United States - BUSPROG: Analytic TOPICS: The Conversion Process KEYWORDS: Bloom's: Knowledge 4. Explain how the production of services is different from the production of manufactured goods. ANSWER: Customers are more involved in obtaining the services they want when compared to manufactured products. Services are consumed immediately unlike products. Most often, services are provided when and where customers desire them; products are not. Services are usually labor-intensive. Services are intangible and, therefore, it is more difficult to evaluate customer satisfaction. POINTS: 1 DIFFICULTY: Moderate REFERENCES: p. 213 LEARNING OBJECTIVES: FOBU.PRIDE.15.8-3 NATIONAL STANDARDS: United States - BUSPROG: Analytic TOPICS: The Increasing Importance of Services KEYWORDS: Bloom's: Comprehension 5. Provide an example of a product that has refined the want-satisfying capability of its product and a second product that has extended the capability of its product... CONTINUES...