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ISQS 3344 EXAM 1 QUESTIONS AND ANSWERS
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ISQS 3344 EXAM 1 QUESTIONS AND ANSWERS
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ISQS 3344 EXAM 1 QUESTIONS AND ANSWERSWhat are Core competencies? - Answers- Firm's areas or utmost proficiency that
delivers a justifiable competitive advantage in marketplace or service environment
Difference between long-range forecasts to short-range forecasts - Answers-
Forecasting is the process of identifying the future oriented needs or demands for the
purpose of planning and implementing the plans effectively. The forecasting can be
classified into two which includes the short term forecasting and the long term
forecasting.
Short term forecasting is the approach of forecasting for meeting the short term
objectives. The short term objectives will be the objectives set for less than one year. In
short term forecasting the current situations and the frequent or the sudden changes in
the business environment has to be considered in particular. The current political or the
economic issues can certainly impact the business within a year of time and hence the
current situation gets the priority.
In long term forecasting, the long term objectives of the organizations are met. This
forecasting will be performed considering the long term benefits and the objectives of
the organization like the organization reputation, customer loyalty etc.
A six-month moving average forecast is generally better than a three-month moving
average forecast if - Answers- if demand is rather stable
A fundamental distinction between trend projection and linear regression is - Answers-
in trend projection the independent variable is time; in linear regression the independent
variable need not be time but can be any variable with explanatory value
What is exponential smoothing forecast? - Answers-
What is matrix organization? - Answers- A matrix organization is an organizational
structure in which the relationship of the roles is set up in a grid or matrix. The traditional
hierarchy is disregarded in the matrix structure. Employees have dual relationship both
to the functional and product manager.
A project manager is interested in crashing a project with variable activity times, what
tool can he/she use - Answers- PERT
What is Experience differentiation? - Answers- Experience differentiation is an
extension of product differentiation, accomplished by usingpeople's five senses to
create an experience rather than simply providing a service.
, Cost minimization is an appropriate strategy in which stage of the product life cycle? -
Answers- Declines
Cost cutting in international operations can take place because of? - Answers- 1. Lower
taxes and tariffs
2. Lower wage scales
3. Lower indirect labor costs
4. Less stringent regulation
Before establishing and implementing strategy, a resources view would ensure which
resources are available? - Answers- 1. Financial
2. Physical
3. Human
4. Technological
Eli Whitney, in the nineteenth century, provided the foundations for what? - Answers-
interchangeable parts
What strategic concepts allow firms to achieve their missions? - Answers-
Differentiation
Cost leadership
Response
How can productivity be improved? - Answers- better training for employees
How is Productivity measurement complicated sometimes? - Answers- Measurement of
productivity can be more difficult for service jobs due largely to the high variations of
inputs. Thus, one doctor might have a higher level of routine cases to deal with, while
another might have more difficult cases. Unless a careful analysis is conducted, it may
appear that the doctor with the difficult cases has a much lower productivity than the
one with the routine cases.
What can complicate productivity measurements? - Answers- you have to have
standards in place and sometimes there aren't standards in place
What happens to productivity if you decrease inputs while holding outputs steady? -
Answers- Productivity increases
Why is productivity more difficult to improve in the service sector? - Answers- it is really
hard to measure
Is Operations management applicable to just manufacturing? - Answers- No
Reasons to study Operations Management include - Answers- 10 things
Does Illiteracy and poor diets cost countries productivity? - Answers- Yes
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