FINAL EXAM Business 101 Chapter 9
Which of the following is NOT an example of Industry 4.0?
Assembly lines
Which term defines a long-term collection of strategic choices that works toward establishing the total amount of materials required to meet customer demands?
Capacity Planning
What is the disadvantage of an outsourced value web approach?
Controlling the outsourced functions
_____ is the creation of specific, one-of-a-kind products or services for a particular consumer.
Customized production
__________ refers to a system that applies to the organization as a whole and includes software designed to focus on the needs of all the functional areas of a company.
Enterprise resource planning
Determining the correct amount of resources and goods needed at a certain time and then tracking those items is known as _______.
Inventory control
Which of the following represents the various manufacturing and functional methods that increase productiveness through the reduction of waste and time lag?
Lean System
_____ focuses on manufacturing identical products in large quantities.
Mass Production
Which term describes a system that assists manufacturers in obtaining the correct materials when and where they are needed without having to store unnecessary amounts, in order to lower storage costs?
Materials requirements planning
____________ is the transfer of a portion or an entire company sector to an establishment in a foreign country.
Offshoring
_____________ involves firms moving important business functions such as information technology or manufacturing, which were previously completed internally, to outside firms.
Outsourcing
__________ involves acquiring resources, parts, materials, and completed goods necessary to create products and services.
Procurement
Of the following, which is involved with directing each individual process related to creating goods and services?
Production and operations management
_____________ is the efficiency with which a company can transform inputs into outputs.
Productivity
A program that attempts to remove any fluctuations in company performance through a process of in-depth analysis and quality transformations is known as __________.
Six Sigma
Which of the following involves taking samples from the manufacturing method periodically and analyzing these data points to look for developments and differences?
Statistical process control
A _________ is a collection of associated systems that organize the movement of products and materials from vendors to consumers.
Supply chain
An interconnected and coordinated set of elements and processes that convert inputs into desired outputs is referred to as a(n) ________.
System
All of the components and procedures of an organization that add significance in the transformation of its resources into completed goods for consumer purchase are parts of its _____.
Value Chain
In place of the linear value chain, some businesses now consider ________, which are multidimensional networks of suppliers and outsourcing partners.
Value webs
A production method in which part of the product is mass-produced and the remaining features are customized for each customer is referred to as ________.
mass customization
As developing economies create more demand for products, some producers are starting production facilities in or near those markets; this is a strategy known as ________.
nearshoring
Focusing on the possible increase of manufacturing through amplifying or replicating initial manufacturing volume is known as ____________.
scalability
The program evaluation and review technique (PERT) is ________.
the best sequencing of activities, the anticipated time for project end, and the best usage of resources
With ____________, products and resources are moved through production procedures immediately prior to the time they are needed.
just-in-time inventory management
