P370 Midterm Questions With 100% Correct Answers | Expert Verified
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Course
P370
Institution
P370
operations management - Correct Answer -Oversees all activities that are directly related to making a product or providing a service
-Responsible for the transformation of inputs of material, money, energy, people, and information into useful goods and services
-The design, operation, and impro...
P370 Midterm Questions With 100% Correct
Answers | Expert Verified
operations management - Correct Answer -Oversees all activities that are directly
related to making a product or providing a service
-Responsible for the transformation of inputs of material, money, energy, people, and
information into useful goods and services
-The design, operation, and improvement of the production system that creates the
firm's primary products and services
Strategic - Correct Answer -long-term horizon
-type of OM decision that often involve acquiring new resources
-example is buying a electric utility
Tactical - Correct Answer -medium-range decisions
-type of OM decision typically for the utilization of existing resources
-example is an assembly plant
Operational - Correct Answer -short term and narrowly focused decisions
-type of OM decision usually involving the execution of schedules or control activities
-example is shift scheduling at a hospital
transformation systems - Correct Answer using resources to transform inputs into
some desired output
Physical transformation - Correct Answer type of transformation that involves
manufacturing
ex: oil refinery
Locational transformation - Correct Answer type of transformation that involves
transportation
ex: trucking company
Exchange transformation - Correct Answer type of transformation that involves retail
Storage tranformation - Correct Answer type of transformation that involves
warehousing
Physiological transformation - Correct Answer type of transformation that involves
healthcare
ex: hospital
Information transformation - Correct Answer type of transformation that involves
telecommunications
ex: AOL or any web-based business
, The 5 P's to successfully transform inputs to outputs - Correct Answer People, plants,
parts, processes, and planning and control
Operations strategy - Correct Answer Concerned with setting broad policies and plans
for using the production resources of the firm to best support the firm's long term
competitive strategy
Operational Priorities - Correct Answer Cost or price
Quality
Delivery speed and reliability
Flexibility
Order qualifier - Correct Answer a feature that must be present in the product for its
purchase to even be considered
Order winner - Correct Answer a product feature used to select the product to be
purchased from the pool of "acceptable" products
Four step process to developing strategy - Correct Answer 1. Segment the market
according to the market group
2. Identify product requirements
3. Determine order winners and qualifiers for each group
4. Convert order winning criteria. into specific performance requirements
productivity - Correct Answer outputs/inputs
labor productivity - Correct Answer outputs/labor
total productivity - Correct Answer outputs/(labor+materials+...+energy)
Sources of productivity - Correct Answer External factors: safety, the environment,
crime
Improved labor inputs: education, changing demographics
Capital-labor substitutions: the exchange of manual labor for some level automation
Economies of scale: in general, the bigger the better, at least for certain industries
Technological change: new equipment and management
Project - Correct Answer a series of tasks usually directed toward some major output
and requiring a significant period of time to perform
Project Management - Correct Answer planning, directing, and controlling resources
(people, equipment, material) to meet the technological, cost, and time constraints. of a
project
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