OM 300 Exam 1 Northam Questions And Answers Rated A+
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Course
OM 300
Institution
OM 300
OM 300 Exam 1 Northam Questions And Answers Rated A+
What is a model? ANS A purposeful representation of key elements of objects or systems and the relationships among them; provides abstract representation of something real
What should be omitted in a model? ANS Useless data
What are the ...
OM 300 Exam 1 Northam Questions And Answers
Rated A+
What is a model? ANS A purposeful representation of key elements of objects or systems and the relationships
among them; provides abstract representation of something real
What should be omitted in a model? ANS Useless data
What are the four different types of models? ANS 1. Mental Models
2. Visual Models
3. Physical Models
4. Mathematical Models
What is mental model? ANS Models that tell you what to do; example: traffic light, ski slope difficulty indicator
What is a visual model? ANS Graphic model; example: maps and flowcharts
What is a physical model? ANS A 3D representation, usually intended for larger objects to scale; example:
model of a cruise ship
What is mathematical model? ANS Model that shows a quantitative representation of a real problem. This is
really the only model that we will be using; example: weather forecasts, spreadsheet, balance sheet etc.
What are the two types of mathematical models? ANS 1. Algebraic: Equations that represent relationships
between quantities in a system
2. Spreadsheet: Way of implementing mathematical models; usually more visually appealing
What are the ABCs of spreadsheet modeling? ANS A - All work must
B - Be:
C - Correct - Correct Numerical Answers
D - Documented - Descriptive Labels, Comments, Formatting
, E - Engineered - Design is important; draw on paper first
F - Flexible - Accurate results if input changes; formulas
contain cell references and NOT hard coded numerical values
What is an Influence Chart? ANS A simple diagram to show the relationships between inputs and outputs in a
spreadsheet model; typically a simple hand-drawn model
Why do we use influence charts? ANS To define the problem structure, ignore all numerical data, identify the
main elements of the model, and define the assumptions of the model
Chapter 1: Operations & Productivity ANS N/a
What is Operations Management (OM)? ANS Production activities that go on in an organization that create
value; turns inputs into outputs
What is production? ANS The creation of goods and services
What the 3 main functions of any business and what do they do? ANS 1. Marketing - Generates demand
2. Production/Operations - Creates the product
3. Finance/Accounting - Tracks how well the organization is doing, pays bills, collects money
What are the 10 OM decisions from the book?
(Note: The decisions are the same but just worded differently, but I am putting both just incase) ANS 1. Design
of Goods and Services
2. Managing Quality
3. Process Strategy
4. Location Strategy
5. Layout Strategy
6. Human Resources
7. Supply Chain Management
8. Inventory Management
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