Question 1

The process of producing high-volume, standardized products for a large market is known as craft production.

Accepted Answer

A) True 
 B)False

Question 2

A small parts manufacturer has just engineered a new product for the automotive industry. In order to produce the part the company can expand existing facilities, acquire a competitor, or subcontract production. The company believes the product will either experience high market demand or low market demand, with probabilities of 0.6 and 0.4, respectively. The following payoff table describes the company's decision situation:   The expected value for the subcontract production decision is

Accepted Answer

A)  $250,000. 
B)  $160,000. 
C)  $700,000. 
D)  $1,200,000. 
A)  $250,000. 
B)  $160,000. 
C)  $700,000. 
D)  $1,200,000.

Question 3

A small parts manufacturer has just engineered a new product for the automotive industry. In order to produce the part the company can expand existing facilities, acquire a competitor, or subcontract production. The company believes the product will either experience high market demand or low market demand. The following payoff table describes the company's decision situation:   The best decision for the manufacturer using the maximin decision criterion is to

Accepted Answer

A)  expand facilities. 
B)  acquire competitor. 
C)  subcontract production. 
D)  select high demand. 
A)  expand facilities. 
B)  acquire competitor. 
C)  subcontract production. 
D)  select high demand.

Question 4

A major challenge and opportunity for many firms is the globalization of the supply chain.

Accepted Answer

A) True 
 B)False

Question 5

Discuss the key factors that have contributed to the evolution of operations and the initiation of supply chain management.

Accepted Answer

Operations management did not really beg

Question 6

Two-thirds of today's businesses operate globally.

Accepted Answer

A) True 
 B)False

Question 7

China is reshaping the way firms compete globally.

Accepted Answer

A) True 
 B)False

Question 8

If payoffs are costs rather than profits, then

Accepted Answer

A)  using any quantitative decision making tools is not possible at all. 
B)  it is necessary to find more financial data of the company to determine the profits. 
C)  the tools have to be adjusted so that a profit maximization method becomes a cost minimization method, for example. 
D)  none of the above. 
A)  using any quantitative decision making tools is not possible at all. 
B)  it is necessary to find more financial data of the company to determine the profits. 
C)  the tools have to be adjusted so that a profit maximization method becomes a cost minimization method, for example. 
D)  none of the above.

Question 9

Companies go global to

Accepted Answer

A)  take advantage of favourable costs. 
B)  to keep abreast of trends and access new technologies. 
C)  to build reliable sources of supply. 
D)  all the above. 
A)  take advantage of favourable costs. 
B)  to keep abreast of trends and access new technologies. 
C)  to build reliable sources of supply. 
D)  all the above.

Question 10

The ratio of a firm's monthly output to the number of labour hours used in the same month would be a measure of

Accepted Answer

A)  labour productivity. 
B)  capital productivity. 
C)  machine productivity. 
D)  multifactor productivity. 
A)  labour productivity. 
B)  capital productivity. 
C)  machine productivity. 
D)  multifactor productivity.

Question 11

A transformation process is a series of activities from supplier to customer that add value to a product or service.

Accepted Answer

A) True 
 B)False

Question 12

The maximum value of perfect information to the decision maker is known as

Accepted Answer

A)  the expected value of perfect information. 
B)  the expected value of imperfect information. 
C)  the minimum of the minimax regret. 
D)  none of the above. 
A)  the expected value of perfect information. 
B)  the expected value of imperfect information. 
C)  the minimum of the minimax regret. 
D)  none of the above.

Question 13

Globalization requires that firms compete on cost and not quality, speed, or flexibility.

Accepted Answer

A) True 
 B)False

Question 14

Emphasizing the strategic role of operations enhances the competitiveness of Canadian companies.

Accepted Answer

A) True 
 B)False

Question 15

A family business is considering making an investment in its manufacturing operation. Three decisions are under consideration: (1) a large investment; (2) a medium investment; and (3) a small investment. The business believes that there are three possible future outcomes for its product: (1) increasing demand; (2) stable demand; and (3) decreasing demand. The following payoff table describes the decision situation:   The best decision for the business using the Hurwicz criterion with a coefficient of optimism equal to 0.80 would be to

Accepted Answer

A)  make the large investment. 
B)  make the medium investment. 
C)  make the small investment. 
D)  choose stable demand. 
A)  make the large investment. 
B)  make the medium investment. 
C)  make the small investment. 
D)  choose stable demand.

Question 16

A small parts manufacturer has just engineered a new product for the automotive industry. In order to produce the part the company can expand existing facilities, acquire a competitor, or subcontract production. The company believes the product will either experience high market demand or low market demand. The following payoff table describes the company's decision situation:   The best decision for the manufacturer using the Hurwicz decision criterion with a coefficient of optimism equal to 0.3 is to

Accepted Answer

A)  expand facilities. 
B)  acquire competitor. 
C)  subcontract production. 
D)  make no decision. 
A)  expand facilities. 
B)  acquire competitor. 
C)  subcontract production. 
D)  make no decision.

Question 17

Which of the following is not an event or concept associated with the quality revolution?

Accepted Answer

A)  TQM (total quality management) 
B)  PERT/CPM 
C)  Business process reengineering 
D)  JIT 
A)  TQM (total quality management) 
B)  PERT/CPM 
C)  Business process reengineering 
D)  JIT

Question 18

To be competitive firms must create and sustain core competencies that are in tune with their customer's order winners.

Accepted Answer

A) True 
 B)False

Question 19

Linear programming, waiting line, simulation, and PERT/CPM are all parts of which era of operations management?

Accepted Answer

A)  Quality Research 
B)  Operations Research 
C)  Internet Revolution 
D)  Globalization 
A)  Quality Research 
B)  Operations Research 
C)  Internet Revolution 
D)  Globalization

Question 20

Discuss the process of developing, deploying, and monitoring the success of an operations strategy.

Accepted Answer

Firms choose to compete in different way

The process of producing high-volume, standardized products for a large market is known as craft production.

A major challenge and opportunity for many firms is the globalization of the supply chain.

Discuss the key factors that have contributed to the evolution of operations and the initiation of supply chain management.

Two-thirds of today's businesses operate globally.

China is reshaping the way firms compete globally.

If payoffs are costs rather than profits, then

Companies go global to

The ratio of a firm's monthly output to the number of labour hours used in the same month would be a measure of

A transformation process is a series of activities from supplier to customer that add value to a product or service.

The maximum value of perfect information to the decision maker is known as

Globalization requires that firms compete on cost and not quality, speed, or flexibility.

Emphasizing the strategic role of operations enhances the competitiveness of Canadian companies.

Which of the following is not an event or concept associated with the quality revolution?

To be competitive firms must create and sustain core competencies that are in tune with their customer's order winners.

Linear programming, waiting line, simulation, and PERT/CPM are all parts of which era of operations management?

Discuss the process of developing, deploying, and monitoring the success of an operations strategy.

Quality Management

Statistical Process Control

Product Design

Service Design

Processes and Technology

Capacity and Facilities Design

Human Resources

Project Management

Supply Chain Management Strategy and Design

Global Supply Chain Procurement and Distribution

Forecasting

Inventory Management

Sales and Operations Planning

Resource Planning

Lean Systems

Scheduling

Filters

Exam 1: Introduction to Operations and Supply Chain Management

The process of producing high-volume, standardized products for a large market is known as craft production.

A major challenge and opportunity for many firms is the globalization of the supply chain.

Discuss the key factors that have contributed to the evolution of operations and the initiation of supply chain management.

Two-thirds of today's businesses operate globally.

China is reshaping the way firms compete globally.

If payoffs are costs rather than profits, then

Companies go global to

The ratio of a firm's monthly output to the number of labour hours used in the same month would be a measure of

A transformation process is a series of activities from supplier to customer that add value to a product or service.

The maximum value of perfect information to the decision maker is known as

Globalization requires that firms compete on cost and not quality, speed, or flexibility.

Emphasizing the strategic role of operations enhances the competitiveness of Canadian companies.

Which of the following is not an event or concept associated with the quality revolution?

To be competitive firms must create and sustain core competencies that are in tune with their customer's order winners.

Linear programming, waiting line, simulation, and PERT/CPM are all parts of which era of operations management?

Discuss the process of developing, deploying, and monitoring the success of an operations strategy.

Quality Management

Statistical Process Control

Product Design

Service Design

Processes and Technology

Capacity and Facilities Design

Human Resources

Project Management

Supply Chain Management Strategy and Design

Global Supply Chain Procurement and Distribution

Forecasting

Inventory Management

Sales and Operations Planning

Resource Planning

Lean Systems

Scheduling

Filters