MGMT 346 Chapter 1 SmartBook
Which of the following is an example of a goods producing business?
- A Car Manufacturer - An Automobile Manufacturer
Where does an automobile manufacturer fall on the goods-service continuum?
- Core Goods
Services generally vary from day to day and even hour to hour as a function of the attitudes of the customers and the servers. Which of the following are exceptions to this?
- Information Technologies - Hard Technologies
Total Quality Management (TQM) became popular during what time frame
1980s
A hospital wishes to improve its patient check in process by studying the check in process at the most renowned local hospital. What is this called?
Benchmarking
What involves the analysis of data to better solve business problems?
Business Analytics
An approach to improving business processes that seeks to make revolutionary changes as opposed to evolutionary (small) changes.
Business Process Reengineering
It takes a fresh look at what the organization is trying to do in all its business processes, and then eliminating non-value-added steps and computerizing the remaining ones to achieve the desired outcome.
Business Progress Reengineering
Which of the following is an example of a service business?
Call Center
Raw materials to finished product, to sells on credit, and then receives cash
Cash Conversion Cycle
Supply chain analytics involves leveraging the information for making decisions related to resources. Those resources include all of the following *except*
Cash Flow
Formula for Inventory Turnover
Cost of Goods Sold ----------------------- Average Inventory Value
The number of days that it takes for a company to collect cash from customers
Days Sales Outstanding
Doing the things that will create the most value for the company is known as
Effectiveness
Doing something at the lowest possible cost is known as
Efficiency
What refers to the use of the Internet as an essential element of business activity?
Electronic Commerce
Which of the following is not an efficiency measure used by Wall Street
Employee Turnover
Training of service personnel, consistency of service performance, availability and access to the service, and comprehensiveness of the service
Explicit Services
Which of the following is a characteristic of goods?
Homogeneous
A process that cannot be weighed or measured is known as
Intangible
It measures the average number of times inventory is sold and replaced during the fiscal year.
Inventory Turnover
Just-in-time (JIT) production was pioneered by which country?
Japan
To achieve high customer service with minimum levels of inventory investment.
Lean Manufacturering
A common set of financial indicators that Wall Street tracks to benchmark companies are called what?
Management Efficiency Ratios
The ability to produce a unique product exactly to a particular customer's requirements.
Mass Customization
A company known for delivering high-volume standardized goods and services is
McDonald's
When can a service innovation be patented?
Never
Works with people to figure out the best way to deliver the goods and services of the firm.
OSCM Manager
What is defined as the design, operation, and improvement of the systems that create and deliver the firm's primary products and services.
Operations and Supply Chain Management
Trends such as _______________ and mass customization are forcing companies to find flexible ways to meet customer demand.
Outsourcing
Measure indicates how quickly suppliers are paid by a company
Payables Period
One or more activities that transform inputs into outputs is/are called what?
Process
Product-service bundling refers to a company building service activities into it product offerings for its customers. Which of these service activities *would not* be included in the product-service bundle?
Product Design
Building service activities into a firm's product offering is known as
Product-Service Bundling
Plans and coordinates staff activities, such as new-product development, new-technology deployment, and new-facility location.
Project Manager
Manages the day-to-day aspects of purchasing, such as invoicing and follow-up
Purchasing Manager
__________ services may need little in the way of facilitating goods, but what they do use are critical to their performance.
Pure
Measures the number of times receivables are collected, on average, during the fiscal year
Receivables Turnover
Formula for asset turnover
Revenues (or sales) ------------------ Total Assets
Core __________ providers must integrate tangible goods.
Services
There are five essential differences between services and goods. Which of the following is *not one* of those differences?
Services are inherently homogeneous
Which of the following processes involves the selection of suppliers?
Sourcing
_____ involves the selection of suppliers that will deliver the goods and services needed to create the firm's product.
Sourcing
What feature of service is location, decoration, layout, architectural appropriateness, and supporting equipment?
Supporting Facility
The ability to meet current resource needs without compromising the ability of future generations to meet their needs is known as
Sustainability
True or false: A process is made up of one or more activities that transform inputs into outputs
TRUE
True or false: An operations and supply chain manager helps firms determine the best way to deliver its goods and services
TRUE
True or false: Many product offerings are a combination of goods and services.
TRUE
True or false: Operations and supply chain management is focused on the systems that create and deliver an organization's products and services.
TRUE
True or false: The receivables turnover ratio measures a company's efficiency in collecting its sales on credit.
TRUE
Aggressively seeks to eliminate causes of production defects
Total Quality Control