OM 300- Exam 4 UPDATED ACTUAL
QUESTIONS AND CORRECT ANSWERS
Production - CORRECT ANSWER The creation of good and services.
Productivity - CORRECT ANSWER The ratio of outputs (goods and services) divided by one
or more inputs (such as labor, capital, or management).
Multi-factor Productivity - CORRECT ANSWER Indicates the ratio of goods and services
produced (outputs) to many or all resources (inputs).
Mission - CORRECT ANSWER The purpose or rationale for an organization's existence.
Strategy - CORRECT ANSWER How an organization expects to achieve its missions and
goals.
Competition Advantage - CORRECT ANSWER The creation of a unique advantage over
competitors.
Product Life-Cycle Management (PLM) - CORRECT ANSWER Software programs that tie
together many phases of product design and manufacture.
Critical Path - CORRECT ANSWER The computed longest time path(s) through a network.
Project Manager - CORRECT ANSWER They are responsible for making sure that (1) all
necessary activities are finished in proper sequence and on time; (2) the project comes in within
budget; (3) the project meets its quality goals; and (4) the people assigned to the project receive the
motivation, direction, and information needed to do their jobs.
Forecasting Time Horizons (Short, Medium, Long Range) - CORRECT ANSWER Short-range
forecast: This forecast has a time span of up to 1 year but is generally less than 3 months. It is used for
planning purchasing, job scheduling, workforce levels, job assignments, and production levels.
QUESTIONS AND CORRECT ANSWERS
Production - CORRECT ANSWER The creation of good and services.
Productivity - CORRECT ANSWER The ratio of outputs (goods and services) divided by one
or more inputs (such as labor, capital, or management).
Multi-factor Productivity - CORRECT ANSWER Indicates the ratio of goods and services
produced (outputs) to many or all resources (inputs).
Mission - CORRECT ANSWER The purpose or rationale for an organization's existence.
Strategy - CORRECT ANSWER How an organization expects to achieve its missions and
goals.
Competition Advantage - CORRECT ANSWER The creation of a unique advantage over
competitors.
Product Life-Cycle Management (PLM) - CORRECT ANSWER Software programs that tie
together many phases of product design and manufacture.
Critical Path - CORRECT ANSWER The computed longest time path(s) through a network.
Project Manager - CORRECT ANSWER They are responsible for making sure that (1) all
necessary activities are finished in proper sequence and on time; (2) the project comes in within
budget; (3) the project meets its quality goals; and (4) the people assigned to the project receive the
motivation, direction, and information needed to do their jobs.
Forecasting Time Horizons (Short, Medium, Long Range) - CORRECT ANSWER Short-range
forecast: This forecast has a time span of up to 1 year but is generally less than 3 months. It is used for
planning purchasing, job scheduling, workforce levels, job assignments, and production levels.
