COB 300- Operations Final UPDATED Exam Questions and CORRECT Answers
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Course
COB 300
Institution
COB 300
COB 300- Operations Final UPDATED
Exam Questions and CORRECT Answers
Goods - CORRECT ANSWER- physical items produced by business organizations
Services - CORRECT ANSWER- activities that provide some combination of time,
location, form and psychological value
Operations Management - CORRECT A...
COB 300- Operations Final UPDATED
Exam Questions and CORRECT Answers
Goods - CORRECT ANSWER- ✔✔physical items produced by business organizations
Services - CORRECT ANSWER- ✔✔activities that provide some combination of time,
location, form and psychological value
Operations Management - CORRECT ANSWER- ✔✔the management of systems or
processes that create goods and or provide services
Supply Chain - CORRECT ANSWER- ✔✔a sequence of activities and organizations
involved in producing and delivering a good or service
Value-Added - CORRECT ANSWER- ✔✔the difference between the cost of inputs and the
value or price of outputs
Process - CORRECT ANSWER- ✔✔one or more actions that transform inputs into outputs
Lead Time - CORRECT ANSWER- ✔✔the time between ordering a good or service and
receiving it
Model - CORRECT ANSWER- ✔✔an abstraction of reality; a simplified representation of
something
System - CORRECT ANSWER- ✔✔a set of interrelated parts that must work together
Pareto Phenomenon - CORRECT ANSWER- ✔✔a few factors account for a high percentage
of the occurrence of some events
Craft Production - CORRECT ANSWER- ✔✔system in which highly skilled workers use
simple, flexible tools to produce small quantities of customized goods
,Mass Production - CORRECT ANSWER- ✔✔system in which low-skilled workers use
specialized machinery to produce high volumes of standardized goods
Interchangeable Parts - CORRECT ANSWER- ✔✔parts of a product made to such precision
that they do not have to be custom fitted
Division of Labor - CORRECT ANSWER- ✔✔the breaking up of a production process into
small tasks, so that each worker performs a small portion of the overall job
Six Sigma - CORRECT ANSWER- ✔✔a process for reducing costs, improving quality and
increasing customer satisfaction
Agility - CORRECT ANSWER- ✔✔the ability of an organization to respond quickly to
demands or opportunities
Lean System - CORRECT ANSWER- ✔✔system that uses minimal amounts of resources to
produce a high volume of high quality goods with some variety
Sustainability - CORRECT ANSWER- ✔✔using resources in ways that do not harm
ecological systems that support human existence
Ethics - CORRECT ANSWER- ✔✔a standard of behavior that guides how one should act in
various situations
Ethical Framework - CORRECT ANSWER- ✔✔a sequence of steps intended to guide
thinking and subsequent decision or action
Outsourcing - CORRECT ANSWER- ✔✔buying goods or services instead of producing or
providing them in house
Competitiveness - CORRECT ANSWER- ✔✔how effectively an organization meets the
wants and needs of customers relative to others that offer similar goods or services
, Strategies - CORRECT ANSWER- ✔✔plans for achieving organizational goals
Tactics - CORRECT ANSWER- ✔✔the methods and actions take to accomplish strategies
Core Competencies - CORRECT ANSWER- ✔✔the special attributes or abilities that give an
organization a competitive edge
Order Qualifiers - CORRECT ANSWER- ✔✔characteristics that customers perceive as
minimum standards of acceptability to be considered as potential for purchase
Order Winners - CORRECT ANSWER- ✔✔characteristics of an organizations goods or
services that cause it to be perceived as better than the competition
Environmental Scanning - CORRECT ANSWER- ✔✔the monitoring of events and trends
that present threats or opportunities for a company- remember crest
Operation Strategy - CORRECT ANSWER- ✔✔the approach, consistent with the
organization strategy that is used to guide the operations function
Quality Based Strategy - CORRECT ANSWER- ✔✔strategy that focuses on quality in all
phases of an organization
Time-Based Strategy - CORRECT ANSWER- ✔✔focuses on reduction of time needed to
accomplish tasks
Productivity - CORRECT ANSWER- ✔✔a measure of the effective use of resources usually
expressed as the ratio of output to input
Contract Manufacturer - CORRECT ANSWER- ✔✔an organization that performs
manufacturing and/or purchasing needed to produce a product of device not for itself but as a
service to another firm
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