SCM 370 exam 1 questions & answers 2024/2025
operations management - ANSWERSthe planning, scheduling, and control of the activities that transforms inputs into finished goods and services
inventory control - ANSWERSknow exactly whats in stock, what is sold and what we buy
why forecast de...
operations management - ANSWERSthe planning, scheduling, and control of the activities that
transforms inputs into finished goods and services
inventory control - ANSWERSknow exactly whats in stock, what is sold and what we buy
why forecast demand? - ANSWERS- to have enough supply
- reduce wait times
merket share - ANSWERShappens only at a point in time; a measure of a position in the market at a given
point in time
loyalty - ANSWERSa long-term measurement; a critical aspect
what happens when you move a customer from satisfied to very satisfied? - ANSWERSif you can move
5% of your customers from satisfied to very satisfied, your profitability will go up 25-50%
goods vs. services - ANSWERS- production of goods: tangible output
- delivery of services: an act
inseparability (goods vs. services) - ANSWERS- goods: manufacturing happens elsewhere
- services: you have to be present
intangibility (goods vs. services) - ANSWERS- goods: can be stored
- services: cannot be placed on a shelf
, perishability (goods vs. services) - ANSWERS- goods: goods will be there tomorrow
- services: services are time perishable
heterogeneity (goods vs. services) - ANSWERSgoods: products are homogenous (coke always tastes the
same)
- services: services are heterogeneous (outcomes may vary)
site location (goods vs. services) - ANSWERS- goods: products (manufacturing) in the place that
minimizes cost
- services: easy to locate
difficulty of measuring quality of output (goods vs. services) - ANSWERS- goods: products can be
physically tested
- services: measured by experience, reviews and surveys
transformation - ANSWERSinput to output
job shop - ANSWERS- variety of outputs in small batches
- customized outputs
- general purpose machinery
- highly skilled workers
(ex: fine dining)
flow shop - ANSWERS- high volume
- standardized output
- special purpose equipment
- lower skilled workers
(fast food)
forecasting - ANSWERSmaking decisions today to try to look into the future to benefit the business
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