Question 1

Organizations applying for the Baldrige Award are judged on ________.

Accepted Answer

A)  customer and market focus 
B)  leadership and strategic planning 
C)  process management and human resources focus 
D)  All of the above. 
A)  customer and market focus 
B)  leadership and strategic planning 
C)  process management and human resources focus 
D)  All of the above.

Question 2

Factors to consider when selecting a ________ include charging a price you are willing to pay and timely delivery.

Accepted Answer

A)  customer 
B)  supplier 
C)  sales representative 
D)  manufacturer 
A)  customer 
B)  supplier 
C)  sales representative 
D)  manufacturer

Question 3

Engineers from what company developed Six Sigma in the 1980s?

Accepted Answer

A)  Intel 
B)  General Motors 
C)  Motorola 
D)  General Electric 
A)  Intel 
B)  General Motors 
C)  Motorola 
D)  General Electric

Question 4

Tell how to calculate Reorder Point (ROP) and Economic Order Quantity (EOQ).

Accepted Answer

ROP is found by multiplying the average

Question 5

Which of the following is not a key factor in deciding on a location for the business?

Accepted Answer

A)  access to suppliers 
B)  access for customers 
C)  proximity to your accountant 
D)  labor pool 
A)  access to suppliers 
B)  access for customers 
C)  proximity to your accountant 
D)  labor pool

Question 6

Lost sales and goodwill are potentially significant costs that may arise from ________.

Accepted Answer

A)  too little inventory 
B)  too much inventory 
C)  Both A and B 
D)  poor customer service with inventory 
A)  too little inventory 
B)  too much inventory 
C)  Both A and B 
D)  poor customer service with inventory

Question 7

________ are the amounts of inventory or raw materials and work-in-process kept to guarantee service levels.

Accepted Answer

A)  Safety stock levels 
B)  Sufficiency levels 
C)  Minimum lots 
D)  Minimum-Maximum balance 
A)  Safety stock levels 
B)  Sufficiency levels 
C)  Minimum lots 
D)  Minimum-Maximum balance

Question 8

If you are considering starting a business venture in your home, thoroughly investigate zoning ordinances, civic association rules, and ________.

Accepted Answer

A)  the neighborhood 
B)  deed restrictions 
C)  distance from the Interstate 
D)  proximity to city hall 
A)  the neighborhood 
B)  deed restrictions 
C)  distance from the Interstate 
D)  proximity to city hall

Question 9

If the lead time for garage doors is 2 weeks, and you sell 100 doors per week, and you always want at least 20 doors in stock, what is the Reorder Point?

Accepted Answer

A)  320 
B)  220 
C)  420 
D)  440 
A)  320 
B)  220 
C)  420 
D)  440

Question 10

Compare and contrast 2 organization-wide quality initiatives such as Lean Manufacturing, Benchmarking, ISO9000, Six Sigma, TQM, and Baldrige.

Accepted Answer

Students should address such issues as w

Question 11

________ is the management of sourcing, procuring, production, and logistics to go from raw materials to end consumers across multiple intermediate steps.

Accepted Answer

A)  Supply Chain Management 
B)  Total Quality Management 
C)  The Production-Distribution Chain 
D)  Supply Channel 
A)  Supply Chain Management 
B)  Total Quality Management 
C)  The Production-Distribution Chain 
D)  Supply Channel

Question 12

Explain why "profits follow quality."

Accepted Answer

In the early 1950s, W. Edwards Deming ar

Question 13

One sub-methodology employed in Six Sigma is DMAIC which stands for ________.

Accepted Answer

A)  describe, measure, assess, improve, and control 
B)  define, measure, analyze, improve, and control 
C)  define, minimize, assess, improve, and collect 
D)  describe, maximize, analyze, improve, and compact 
A)  describe, measure, assess, improve, and control 
B)  define, measure, analyze, improve, and control 
C)  define, minimize, assess, improve, and collect 
D)  describe, maximize, analyze, improve, and compact

Question 14

A critical component of Supply Chain Management is ________.

Accepted Answer

A)  identifying and securing suppliers 
B)  managing inventory 
C)  Both of the above. 
D)  Neither of the above. 
A)  identifying and securing suppliers 
B)  managing inventory 
C)  Both of the above. 
D)  Neither of the above.

Question 15

The amount of inventory to order that will total the minimum total ordering and holding costs is called the ________.

Accepted Answer

A)  Economic Order Quantity (EOQ) 
B)  Economic Reorder Point (ERP) 
C)  Reorder Point (ROP) 
D)  Cost Accounting Point 
A)  Economic Order Quantity (EOQ) 
B)  Economic Reorder Point (ERP) 
C)  Reorder Point (ROP) 
D)  Cost Accounting Point

Question 16

The three factors included in the calculation of the Reorder Point are ________.

Accepted Answer

A)  demand, lead time, and safety stock 
B)  supply, price, and safety stock 
C)  demand, inventory, and price 
D)  supply, demand, and holding costs 
A)  demand, lead time, and safety stock 
B)  supply, price, and safety stock 
C)  demand, inventory, and price 
D)  supply, demand, and holding costs

Question 17

The factor-rating for location decisions uses criteria that are prioritized but not weighted. The purpose is to eliminate subjective considerations.

Accepted Answer

A) True 
 B)False

Question 18

What steps can an organization take to incorporate technology and why might they be beneficial (name at least 3)?

Accepted Answer

Technology can work to a business's adva

Question 19

In general, a web site or electronic storefront is not necessary for retail businesses.

Accepted Answer

A) True 
 B)False

Question 20

What organization administers the Malcolm Baldrige National Quality Award?

Accepted Answer

A)  United Nations (UN) 
B)  National Aeronautical and Space Administration (NAS
A)  
C)  National Institute of Standards and Technology (NIST) 
D)  National Merit Award Administration (NMA
A)  
A)  United Nations (UN) 
B)  National Aeronautical and Space Administration (NAS
A)  
C)  National Institute of Standards and Technology (NIST) 
D)  National Merit Award Administration (NMA
A)

Organizations applying for the Baldrige Award are judged on ________.

Factors to consider when selecting a ________ include charging a price you are willing to pay and timely delivery.

Engineers from what company developed Six Sigma in the 1980s?

Tell how to calculate Reorder Point (ROP) and Economic Order Quantity (EOQ).

Which of the following is not a key factor in deciding on a location for the business?

Lost sales and goodwill are potentially significant costs that may arise from ________.

________ are the amounts of inventory or raw materials and work-in-process kept to guarantee service levels.

If you are considering starting a business venture in your home, thoroughly investigate zoning ordinances, civic association rules, and ________.

If the lead time for garage doors is 2 weeks, and you sell 100 doors per week, and you always want at least 20 doors in stock, what is the Reorder Point?

Compare and contrast 2 organization-wide quality initiatives such as Lean Manufacturing, Benchmarking, ISO9000, Six Sigma, TQM, and Baldrige.

________ is the management of sourcing, procuring, production, and logistics to go from raw materials to end consumers across multiple intermediate steps.

Explain why "profits follow quality."

One sub-methodology employed in Six Sigma is DMAIC which stands for ________.

A critical component of Supply Chain Management is ________.

The amount of inventory to order that will total the minimum total ordering and holding costs is called the ________.

The three factors included in the calculation of the Reorder Point are ________.

The factor-rating for location decisions uses criteria that are prioritized but not weighted. The purpose is to eliminate subjective considerations.

What steps can an organization take to incorporate technology and why might they be beneficial (name at least 3)?

In general, a web site or electronic storefront is not necessary for retail businesses.

What organization administers the Malcolm Baldrige National Quality Award?

Entrepreneurs Recognize Opportunities

The Business Plan: Road Map to Success

Creating Business From Opportunity

Exploring Your Market

Developing the Right Marketing Mix and Plan

Smart Selling and Effective Customer Service

Understanding and Managing Start-Up, Fixed, and Variable Costs

Using Financial Statements to Guide a Business

Cash Flow and Taxes

Financing Strategy and Tactics

Addressing Legal Issues and Managing Risk

Management, Leadership, and Ethical Practices

Franchising, Licensing, and Harvesting: Cashing in Your Brand

Filters

Exam 12: Operating for Success

Organizations applying for the Baldrige Award are judged on ________.

Factors to consider when selecting a ________ include charging a price you are willing to pay and timely delivery.

Engineers from what company developed Six Sigma in the 1980s?

Tell how to calculate Reorder Point (ROP) and Economic Order Quantity (EOQ).

Which of the following is not a key factor in deciding on a location for the business?

Lost sales and goodwill are potentially significant costs that may arise from ________.

________ are the amounts of inventory or raw materials and work-in-process kept to guarantee service levels.

If you are considering starting a business venture in your home, thoroughly investigate zoning ordinances, civic association rules, and ________.

If the lead time for garage doors is 2 weeks, and you sell 100 doors per week, and you always want at least 20 doors in stock, what is the Reorder Point?

Compare and contrast 2 organization-wide quality initiatives such as Lean Manufacturing, Benchmarking, ISO9000, Six Sigma, TQM, and Baldrige.

________ is the management of sourcing, procuring, production, and logistics to go from raw materials to end consumers across multiple intermediate steps.

Explain why "profits follow quality."

One sub-methodology employed in Six Sigma is DMAIC which stands for ________.

A critical component of Supply Chain Management is ________.

The amount of inventory to order that will total the minimum total ordering and holding costs is called the ________.

The three factors included in the calculation of the Reorder Point are ________.

The factor-rating for location decisions uses criteria that are prioritized but not weighted. The purpose is to eliminate subjective considerations.

What steps can an organization take to incorporate technology and why might they be beneficial (name at least 3)?

In general, a web site or electronic storefront is not necessary for retail businesses.

What organization administers the Malcolm Baldrige National Quality Award?

Entrepreneurs Recognize Opportunities

The Business Plan: Road Map to Success

Creating Business From Opportunity

Exploring Your Market

Developing the Right Marketing Mix and Plan

Smart Selling and Effective Customer Service

Understanding and Managing Start-Up, Fixed, and Variable Costs

Using Financial Statements to Guide a Business

Cash Flow and Taxes

Financing Strategy and Tactics

Addressing Legal Issues and Managing Risk

Management, Leadership, and Ethical Practices

Franchising, Licensing, and Harvesting: Cashing in Your Brand

Filters