OPM - Management Science Final Exam Review

A firm that is Pareto dominated by all of its competitors is ______.

inefficient

If shipping company A offers longer delivery times than shipping company B and has higher delivery costs then it ____ on the efficient frontier.

is not

Select all that apply What are the key questions the manager of a process should ask? (Check all that apply) - How can we make the process better? - Is the process performing well? - How long has the process been in operation? - How many steps does the process have?

is the process performing well, how can we make the process better

Customers with different preferences for the same type of goods are in different _____ segments.

market

There is _______ one market segment in the auto industry

more than

True or false: A process is self-contained and does not accept inputs or produce outputs.

False

True or false: A process manager participates in a process.

False

True or false: It is common for an organization to be able to improve on all three dimensions of customer utility.

False

True or false: McDonald's and Subway have the same capabilities.

False

Organizations can improve their business by reducing ____ so that they do not have to sacrifice one performance dimension versus another.

Inefficiencies

_____ can be visualized as the gap between a firm's current position and the efficient frontier.

Inefficiency

Trade-offs between responsiveness and costs is referred to as a trade-off.

Strategic

True or false: In the case of an interventional radiology unit, there is only one flow unit for the process.

True

Select all that apply Think about the head chef of a restaurant and his/her view of the restaurant as a process. Which scope would he/she NOT have? (Check all that apply.) - Bussing tables - Seating customers - Training new cooks - Preparing meals

bussing tables, seating customers

When organizations make a trade-off they focus on meeting one dimension of _________ utility in favor of another.

consumer

When choosing a shipping option when ordering online, customers trade off speed and ______

cost

Firm's capabilities are defined as the dimensions of the _______ utility function it is able to satisfy.

customer

When organizations make a trade-off they focus on meeting one dimension of _____ utility in favor of another.

customer

In the context of a business where products and services are offered to customers, demand is created by the

customers

A firm that is not on the efficient frontier can be Pareto ______.

dominated

Arrows in a process flow diagram can indicate _______. (Check all that apply.) - movement of resources - outputs - inputs - movement of people

outputs, inputs

If John's Pizza can deliver better-tasting, less-expensive pizza in less time than Maria's Pizza then John's Pizza _____ dominates Maria's Pizza.

pareto

Suppose a new restaurant, John's Burgers, offers better tasting food that is custom-made, take less time to prepare, and cost less than what McDonald's offers. John's Burgers ______ _______McDonald's.

pareto dominates

Organizations can improve their business by making trade-offs among the dimensions of ______.

performance

Matching supply with demand means providing customers what they want, while also making a

profit

Businesses (or non-profit organizations) offer products or ______ to customers.

services

The goal of operations management is to match _____ with ______

supply, demand