Operations and Supply Chain Management (C720)
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Free Operations and Supply Chain Management (C720) Questions
Which of the following best describes a measure of efficiency in operations management that compares the output produced relative to the input used
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Total cost of ownership
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Productivity
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Customer satisfaction index
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Supply chain responsiveness
Explanation
Correct Answer B: Productivity
Explanation:
Productivity is a measure of efficiency that compares the amount of output produced to the amount of input used in the production process. It is commonly used to assess how efficiently resources (such as labor, materials, or capital) are utilized to generate products or services.
Why other options are wrong:
A) Total cost of ownership: This refers to the complete cost of a product, including acquisition, maintenance, and disposal, but does not directly measure the efficiency of operations.
C) Customer satisfaction index: This measures how satisfied customers are with a product or service, which is important for quality, but not a direct measure of operational efficiency.
D) Supply chain responsiveness: This refers to how quickly a supply chain can respond to changes in demand or market conditions, but it is not specifically a measure of efficiency in terms of output relative to input.
Which statement is true
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Supply chain and operations emphasize the linkages between firms that tie the operations of those firms together with the goal of customer satisfaction.
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Supply chain and operations are focused on managing the transformation process.
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Supply chain and operations are immune from global competition.
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Supply chain and operations are based on a free-market model.
Explanation
Correct Answer:
a) Supply chain and operations emphasize the linkages between firms that tie the operations of those firms together with the goal of customer satisfaction.
Explanation:
Supply chain and operations management focus on connecting the processes of different firms to create a cohesive system aimed at efficiently delivering products and services that meet customer demands and satisfaction.
Why other options are wrong:
b) Supply chain and operations are focused on managing the transformation process: While this is important, it describes more of the operations aspect. The broader supply chain perspective involves the linkages between firms, not just the transformation process.
c) Supply chain and operations are immune from global competition: Supply chain and operations are deeply impacted by global competition, with companies needing to optimize their operations to stay competitive.
d) Supply chain and operations are based on a free-market model: While many supply chain and operations systems operate in a free-market economy, they are not exclusively based on this model and are influenced by a variety of factors beyond market systems.
Manufacturing cycle time is an example of a balanced-scorecard measure of
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Financial performance
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Customer perspective
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Internal business process
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Learning and growth
Explanation
Correct Answer C: Internal business process
Explanation
Manufacturing cycle time refers to the time taken to produce a product from the beginning to the end of the manufacturing process. This measure is related to the efficiency and effectiveness of internal business processes, which are a key area of focus in the internal business process perspective of the balanced scorecard.
Why other options are wrong
A) Financial performance: Financial performance measures are focused on financial outcomes like profit, return on investment, and revenue growth, which are not directly related to the manufacturing cycle time.
B) Customer perspective: The customer perspective in the balanced scorecard focuses on measures like customer satisfaction and retention, which are not directly tied to manufacturing cycle time.
D) Learning and growth: The learning and growth perspective focuses on employee development, skills, and innovation, which are not directly related to manufacturing cycle time either.
Which of the following strategies involves relocating business processes to a different country to take advantage of lower labor costs
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Process improvement
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Automation
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Offshoring
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Outsourcing
Explanation
Correct Answer C: Offshoring
Explanation:
Offshoring refers to the practice of relocating business processes or production to another country, typically to take advantage of lower labor costs or other financial benefits. This strategy is common in industries where labor costs are a significant portion of overall expenses.
Why other options are wrong:
A) Process improvement: This strategy focuses on enhancing existing processes rather than relocating them to another country.
B) Automation: Automation involves using technology to perform tasks that would otherwise be done manually, not necessarily moving operations abroad.
D) Outsourcing: Outsourcing involves contracting third parties to perform tasks or services but does not necessarily involve relocating business processes to another country.
What is the primary purpose of using balanced scorecards in supply chain management
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To focus solely on financial metrics and profitability
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To provide a comprehensive view of organizational performance across multiple perspectives
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To eliminate the need for performance measurement altogether
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To prioritize customer feedback over operational efficiency
Explanation
Correct Answer B: To provide a comprehensive view of organizational performance across multiple perspectives
Explanation:
Balanced scorecards provide a holistic approach to performance measurement by evaluating an organization from multiple perspectives: financial, customer, internal processes, and learning and growth. This helps ensure that all aspects of supply chain management are aligned and optimized.
Why other options are wrong:
A) To focus solely on financial metrics and profitability: A balanced scorecard includes more than just financial metrics—it also incorporates customer, internal, and learning perspectives.
C) To eliminate the need for performance measurement altogether: The balanced scorecard is a performance measurement tool, not something that eliminates performance measurement.
D) To prioritize customer feedback over operational efficiency: While customer feedback is important, the balanced scorecard aims to balance multiple perspectives, not prioritize one over the others.
What is a supply chain
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The planning of all activities related to delivering supplies to a healthcare organization.
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Creating a continuous distribution of supplies based on par levels determined at the patient level.
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Multiple entities (organizations or individuals) that are directly involved in the upstream and downstream flows of products, services, capital, information, etc. from a source to a customer.
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None of the above.
Explanation
Correct Answer C: Multiple entities (organizations or individuals) that are directly involved in the upstream and downstream flows of products, services, capital, information, etc. from a source to a customer.
Explanation
The supply chain involves a network of organizations, individuals, and activities that contribute to the movement of goods, services, and information from the source to the customer. This option correctly reflects the broad scope of the supply chain.
Why other options are wrong
A) The planning of all activities related to delivering supplies to a healthcare organization: This focuses on a specific aspect of the supply chain (healthcare) and does not reflect the broader definition of a supply chain that encompasses various industries and functions.
B) Creating a continuous distribution of supplies based on par levels determined at the patient level: This option is more specific to inventory management in healthcare settings and does not describe the general flow of products and services in a supply chain.
D) None of the above: Option C correctly describes the supply chain, so this option is incorrect.
All of the following are key aspects of customer value that we discussed in class, EXCEPT
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Customer value is driven by customer's goals, including their desired attributes, outcomes, and goals.
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Customer value is a tradeoff of the benefits and sacrifices that a customer gets from a product or service.
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Customer value is mostly made up of product features and attributes that sellers think should be more attractive to customers.
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Customer value is relative to various competitor products, different individuals, and different situations.
Explanation
Correct Answer C: Customer value is mostly made up of product features and attributes that sellers think should be more attractive to customers.
Explanation:
Customer value is not solely about product features or attributes that sellers assume are important; rather, it is driven by what the customer perceives as valuable, which includes their goals, the tradeoff between benefits and sacrifices, and comparisons to competitor products.
Why other options are wrong:
A) Customer value is driven by customer's goals, including their desired attributes, outcomes, and goals: This is a correct aspect of customer value, as it centers on understanding the customer's needs and goals.
B) Customer value is a tradeoff of the benefits and sacrifices that a customer gets from a product or service: This is also a valid point, as customer value is the balance between what is gained and what is sacrificed.
D) Customer value is relative to various competitor products, different individuals, and different situations: This is correct, as customer value is subjective and depends on comparisons and situational factors
Which of the following best describes the concept of possession utility in the context of operations and supply chain management
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A method to reduce production costs by outsourcing services
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The ability to enhance customer satisfaction through effective communication of product benefits
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A strategy for managing supply chain flows to minimize delivery times
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The process of analyzing customer needs to improve product design
Explanation
Correct Answer B: The ability to enhance customer satisfaction through effective communication of product benefits
Explanation:
Possession utility refers to the value provided by making a product or service accessible and easy for customers to own or use. This can be achieved by offering various payment options, clear communication about product benefits, and ensuring the product aligns with customer needs, which in turn enhances customer satisfaction.
Why other options are wrong:
A) A method to reduce production costs by outsourcing services: This is more aligned with outsourcing or cost reduction strategies, not possession utility.
C) A strategy for managing supply chain flows to minimize delivery times: This is about time utility, not possession utility.
D) The process of analyzing customers needs to improve product design: This pertains to product design and customer insights, but not directly to possession utility.
Operations and supply chain management is about managing the fulfillment side of businesses. It is an important link in the world economy
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True
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False
Explanation
Correct Answer A: True
Explanation:
Operations and supply chain management (OSCM) is critical for ensuring that goods and services are delivered effectively and efficiently. It involves managing the production and movement of goods, handling inventory, and ensuring that products reach customers in a timely manner. This function is a key link in the global economy, facilitating trade, driving economic growth, and ensuring the smooth operation of industries worldwide.
Why other option is wrong:
B) False: This is incorrect because the fulfillment side (which includes processes like sourcing, production, logistics, and delivery) is indeed a significant part of operations and supply chain management. It's central to how companies meet customer demands and contribute to the global economy.
Which of the following best describes the concept of form utility in operations management
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The ability to provide products at the lowest possible cost
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The process of enhancing the value of raw materials by transforming them into finished goods
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The strategy of outsourcing non-core activities to third-party providers
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The method of comparing performance metrics within different departments of an organization
Explanation
Correct Answer B: The process of enhancing the value of raw materials by transforming them into finished goods
Explanation:
Form utility refers to the value added by converting raw materials into finished products that are useful to consumers. This transformation makes materials more valuable and suited to customer needs.
Why other options are wrong:
A) The ability to provide products at the lowest possible cost: Cost efficiency is important but is not the definition of form utility, which is about transforming raw materials into usable products.
C) The strategy of outsourcing non-core activities to third-party providers: This is related to supply chain strategy, not form utility, which focuses on product transformation.
D) The method of comparing performance metrics within different departments of an organization: This refers to benchmarking or performance evaluation, not form utility.
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