/
Operations Management Essentials
Save to my account
Sign up
Operations Management Essentials
Operations Management Essentials
Study
1
Question
What is a global network of organizations and activities that supply a firm with goods and services?
Page 1
Answer
Supply chain
2
Question
Why is a supply chain important for a firm's operations?
Page 1
Answer
It ensures timely and efficient provision of goods and services
3
Question
How does a supply chain differ from a simple vendor relationship?
Page 1
Answer
It involves a broader network of multiple organizations and activities
4
Question
What is the practice of transferring a firm's internal activities to external suppliers?
Page 1
Answer
Outsourcing
5
Question
What are the potential benefits of outsourcing in operations management?
Page 1
Answer
Cost reduction and access to specialized expertise
6
Question
What risks are associated with outsourcing?
Page 1
Answer
Loss of control and dependency on external suppliers
7
Question
In the 21st century, what level of competition is emphasized in operations management?
Page 1
Answer
Competition between supply chains, not individual companies
8
Question
Why is supply chain competition more relevant today than company competition?
Page 1
Answer
Globalization and interconnected markets make chains the true battleground
9
Question
How does operations management create value?
Page 1
Answer
By transforming inputs into outputs
10
Question
What types of inputs are transformed in operations management?
Page 1
Answer
Resources like materials, labor, and information
11
Question
Why do goods tend to have lower customer interaction than services?
Page 1
Answer
Goods are produced separately from consumption, unlike services
12
Question
What is the main difference in customer interaction between goods and services?
Page 1
Answer
Services often involve direct, real-time customer involvement
13
Question
What does SWOT analysis evaluate?
Page 1
Answer
Internal strengths and weaknesses, external opportunities and threats
14
Question
How is SWOT analysis used in operations management?
Page 1
Answer
To inform strategic planning and decision-making
15
Question
Why is operations management applicable to all firms?
Page 1
Answer
It applies to both manufacturing and service organizations
16
Question
Give an example of operations management in a service firm.
Page 1
Answer
Managing customer flow in a restaurant or call center efficiency
17
Question
Which strategic concepts help firms achieve their missions according to operations management?
Page 2
Answer
Differentiation, cost leadership, and response
18
Question
How does differentiation contribute to a firm's mission?
Page 2
Answer
By offering unique goods or services
19
Question
What is cost leadership in strategic planning?
Page 2
Answer
Producing at lower costs than competitors
20
Question
Why is response important in modern strategy?
Page 2
Answer
It allows quick adaptation to market changes
21
Question
How are functional strategies related to corporate strategy?
Page 2
Answer
They are shaped by and support the overall corporate strategy
22
Question
What characterizes delivery reliability in operations?
Page 2
Answer
Always delivering at the promised time
23
Question
Why is delivery reliability a key competitive factor?
Page 2
Answer
It enhances customer satisfaction and retention
24
Question
What is a strategy in the context of operations management?
Page 2
Answer
An action plan to achieve the mission
25
Question
How does competing on differentiation work?
Page 2
Answer
By producing goods or services with uniqueness
26
Question
What does PDCA stand for in quality management?
Page 2
Answer
Plan-Do-Check-Act
27
Question
Who developed the PDCA cycle?
Page 2
Answer
Walter Shewhart
28
Question
What is an example of competing on quick response?
Page 2
Answer
Introducing products faster than competitors
29
Question
How does low-cost leadership manifest in operations?
Page 2
Answer
Producing with less raw material waste than competitors
30
Question
What follows the development of an organization's mission?
Page 2
Answer
Functional areas develop supporting missions