FINAL EXAM Business 101 Chapter 9

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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


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