GMS 401 Final exam Questions and Answers 100% Pass

GMS 401 Final exam Questions and Answers 100% Pass Production - Answer- the creation of goods and services Operations Management - Answer- Activities that relate to the creation of goods and services through the transformation of inputs to outputs Supply chain - Answer- A global network of organizations and activities that supply a firm with goods and services Services - Answer- Economic activities that typically produce an intangible product (such as education, entertainment, lodging, government, financial, and health services) Service sector - Answer- the segment of the economy that includes trade, financial, lodging, education, legal, medical, and other professional occupations Management process - Answer- the application of planning, organizing, staffing, leading, and controlling to the achievement of objectives Differentiation - Answer- distinguishing the offerings of an organization in a way that the customer perceives as adding value Experience Differentiation - Answer- Engaging a customer with a product through imaginative use of the five senses, so the customer "experiences" the product Low cost leadership - Answer- achieving maximum value, as perceived by the customer Response - Answer- a set of values related to rapid, flexible, and reliable performance Mission - Answer- the purpose or rationale for an organization's existence Strategy - Answer- how an organization expects to achieve its missions and goals Productivity - Answer- the ratio of outputs (goods and services) divided by one or more inputs (such as labour, capital or management) Single factor Productivity - Answer- Indicates the ratio of one resource (input) to the goods and services produced (outputs). Multifactor productivity - Answer- indicates the ratio of many or all resources (inputs) to the goods and services produced (outputs) Productivity variables - Answer- the three factors critical to productivity improvement - capital and the art and science of management Knowledge Society - Answer- a society in which much of the labour force has migrated from manual work to work based on knowledge Maintenance - Answer- the activities involved in keeping a systems equipment in working order Reliability - Answer- the probability that a machine part or product will function properly for a specified time under stated conditions Mean Time Between Failures (MTBF) - Answer- The expected time between a repair and the next failure of a component, machine, process, or product. Redundancy - Answer- the use of components in parallel to raise reliability Product development stages - Answer- Product concepts are developed from a variety of sources, both external and internal to the firm. Concepts that survive the product idea stage progress through various stages, with nearly constant review, feedback, and evaluation in a highly participative environment to minimize failure Robust design - Answer- a design that can be produced to requirements even with unfavorable conditions in the production process Modular designs - Answer- Designs in which parts or components of a product are subdivided into modules that are easily interchanged or replaced computer-aided design (CAD) - Answer- interactive use of a computer to develop and document a product Design for manufacture and assembly (DFMA) - Answer- software that allows designers to look at the effect of design on manufacturing of the product 3-D Object Modeling - Answer- An extension of CAD that builds small prototypes. Standard for the exchange of product data (STEP) - Answer- a standard that provides a format allowing the electronic transmission of three-dimensional data computer-aided manufacturing (CAM) - Answer- the use of information technology to control machinery Virtual reality - Answer- a visual form of communication in which images substitute for reality and typically allow the user to respond interactively Value analysis - Answer- a review of successful products that takes place during the production process Process-Chain-Network (PCN) Analysis - Answer- analysis that focuses on the ways in which processes can be designed to optimize interaction between firms and their customers Process chain - Answer- a sequence of steps that accomplishes an identifiable purpose (of providing value to process participants) Quality Function Deployment (QFD) - Answer- A process for determining customer requirements (customer "wants") and translating them into the attributes (the "hows") that each functional area can understand and act on