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OMIS 338 Final Exam Questions and Answers 100% Pass 4 Stages of the Product Life Cycle - ANSWER-Introduction Stage -> Growth Stage -> Maturity Stage -> Decline Stage Why are new products development and introduction important in competitive markets? - ANSWER- Great new products are th...

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  • November 11, 2024
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OMIS 338 Final Exam Questions and

Answers 100% Pass


4 Stages of the Product Life Cycle - ANSWER✔✔-Introduction Stage -> Growth Stage -> Maturity Stage ->

Decline Stage


Why are new products development and introduction important in competitive markets? - ANSWER✔✔-

Great new products are the key to success and revenue, Customers buy satisfaction, not just a physical

good or particular service


What is an example of the Differentiation Strategy for competitive options? - ANSWER✔✔-Apple (better)


What is an example of the Low Cost strategy for competitive options? - ANSWER✔✔-Walmart (cheaper)


What is an example of the Rapid Response strategy for competitive options? - ANSWER✔✔-FedEx

(faster)


Why should Operations get involved in the product conception stage? - ANSWER✔✔-To determine the

operations capabilities (materials, labor, technology) and to know the time frame for market readiness.


Introduction - ANSWER✔✔-Process capability and quality of manufacturing and suppliers


Growth - ANSWER✔✔-Forecasted level for focus on production and supplier capacities and Product and

process reliability


Maturity - ANSWER✔✔-Optimize for Cost, Quality and Delivery


Decline - ANSWER✔✔-Focus on cost reduction, capacity reduction and minimize inventory obsolescence

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, Copyright © OLIVIAWEST 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED


When does the product development team hand responsibility of production over to the operations

team? - ANSWER✔✔-After successful new product introduction


What are the Project Characteristics discussed in this unit? - ANSWER✔✔-Single unit, many related

activities, High labor skills, General purpose equipment, and Difficult production planning and inventory

control


What are the responsibilities of the Project Manager? - ANSWER✔✔--All necessary activities are finished

in order and on time


-The project comes in within budget


-The project meets quality goals


-The people assigned to the project receive motivation, direction, and information


Project Managers should be: - ANSWER✔✔-Good coaches, good communicators, & able to organize

activities from a variety of disciplines


What are some ethical issues project managers face? - ANSWER✔✔-Offers or gifts from contractors,

pressure to alter status reports to mask delays, false reports for charges of time and expenses, and

pressure to compromise quality to meet schedules


What are the three phases of project management? - ANSWER✔✔-Planning, Scheduling, & Controlling,


What is the main difference between Project Organization & Matrix Organization? - ANSWER✔✔-Project

Organization is a temporary structure whereas Matrix Organization is a permanent structure


What does a Gantt chart show? - ANSWER✔✔-It provides a graphical illustration of a schedule that helps

to plan, coordinate, and track specific tasks in a project



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