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OMGT 6213 Midterm Exam Questions with Complete Solutions
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OMGT 6213 Midterm Exam Questions with Complete Solutions
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OMGT 6213 Midterm Exam Questionswith Complete Solutions
Operations and supply chain management (OSCM) - Answer-the design, operation, and
improvement of the systems that create and deliver the firm's primary products and
services
Operations - Answer-Manufacturing and service processes used to transform resources
into products
supply chain - Answer-processes that move information and material to and from the
manufacturing and service processes of the firm
Basic principles that guide design of transformation processes - Answer--How different
types of processes are organized
-How to determine the capacity of a process
-How long it should take to make a unit
-How the quality of a process is monitored
-How information is used to make decisions
Supply chain process activities - Answer-planning, sourcing, making, delivering,
returning
Planning - Answer-processes needed to operate an existing supply chain
sourcing - Answer-selection of suppliers that will deliver the goods and services needed
to create the firm's product
making - Answer-producing the major product or service
delivering - Answer-logistics processes such as selecting carriers, coordinating the
movement of goods and information, and collecting payments from customers
returning - Answer-receiving worn-out, excess, and/or defective products back from
customers
upstream - Answer-activities or firms positioned earlier in the supply chain
downstream - Answer-activities or firms positioned later in the supply chain
tier 1 supplier - Answer-an organization's immediate supplier
tier 2 supplier - Answer-The supplier of an organization's immediate supplier.
, Differences between services and goods - Answer--Intangible: Not a physical object.
Difficult to convey benefits
-Inseparable: Consumption and production inseparable
-consumer takes part in production
-Inconsistent: Services rely on employees for quality, difficult to achieve
-Perishable: Services cannot be saved. Hard to synchronize supply and demand
-heterogeneous
-affect the 5 senses
product-service building - Answer-Refers to when a company builds service activities
into its product offerings.
Current issues in operations and supply chain management - Answer--Uncertainty in
global tariffs and regulations
-Difficulty in hiring and keeping employees
-Adapting to change in big tech and infrastructure
Receivable Turnover Ratio Formula - Answer-annual credit sales/Average account
Receivables
inventory turnover formula - Answer-cost of goods sold/average inventory
asset turnover formula - Answer-revenue (or sales)/ total assets
The Goods-Service Continuum - Answer--Pure goods (food products, chemicals,
mining)
-core goods (appliances, cars, data storage systems)
-core services (hotels, airlines, internet service providers)
-pure services (university, medical, investment)
Operations and supply chain strategy - Answer-setting broad policies and plans for
using the resources of a firm - must be integrated with corporate strategy
sustainable business strategy - Answer-A company's plan to proactively improve firm
performance by managing the financial and non-financial factors that impact its ability to
create value over the long term.
Steps in Strategy Formulation for strategic analysis - Answer--Define, vision, mission
and objective
-Conduct strategic analysis
-Define, strategic competition priorities
Outputs
-Customer preferences
-New technology
-Pop demographics
-Competition analysis
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