MGT 3900 McGraw-Hill Chapter 1
Match the entity to what it offer/creates: Business >= Customers =>
>= Supply <= Demand
If one customer spends 5 minutes taking out $20 form an ATM and another spends 2 minutes taking out $20 from the same ATM then there is variability in customer _______________.
Behavior
To match supply with demand, operations management tools help firms determine ______________ demand will be fulfilled
Both
When choosing a shipping option when ordering online, customer trade off speed and _________________.
Cost
When organizations make a trade-off they focus on meeting one dimension of _________________ utility in favor of another.
Customer
When organizations make a trade-off they focus on meeting one dimension of ___________________ utility in favor of another.
Customer
True or False: It is common for an organization to be able to improve all three dimensions of customer utility.
False
True or False: McDonald's and Subway have the same capabilities
False
True or False: The price of an item impacts the consumption utility you associate with it
False
True or False: The size of a cellular phone is a performance attribute
False
True or False: The speed of an internet connection is a fit attribute
False
The cost of power supplies that a computer manufacturer purchases to package with the computer would be ________________.
Inputs
For a given level of revenue, the higher the costs the ______________ the profit
Lower
For a given level of revenue, the higher the costs the________________ the profit
Lower
Customers buy products that ___________ their utility.
Maximize
The further the location the _____________ the inconvenience component
More
The more you have to wait the ________________ the inconvenience component
More
There is __________ one market segment in the auto industry.
More than
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
A firm on the efficient frontier cannot be _________________ dominated.
Pareto dominated
Organizations can improve their business by making trade-offs among the dimensions of ___________________.
Performance
Demand is driven by the consumption utility for a product, its _______________, and the inconvenience for customers.
Price (A driver of demand)
Inflexibility is the inability of an operation to _____________ and cheaply change in response to new information
Quickly
If the first customer to a restaurant wants salad and the second wants a sandwich then there is variability in customer __________________.
Requests
Goal of operations management is to match ___________ with ___________.
Supply = Demand
Price includes the ____________ cost of owning the product or receiving the service
Total
Price includes the ________________ cost of owning the product or receiving the service
Total (All costs are included in the price)
A strategic _______________ is when a firm must choose a set of inputs and resources that excels in one dimension of customer utility or another
Trade-off
True or False: A pizza delivery chain offering a 30-minutes or less guarantee on their pizza orders impacts the inconvenience component of utility
True
True or False: Matching supply with demand is complicated by inhibitors such as demand variability.
True
True or False: The higher the utility associated with an item the more likely you are to choose it
True
_______________ is the inhibitor that corresponds to changes in either demand or supply
Variability
The three sources of inefficiency are __________________, ________________, and, _______________.
Waste, Variability, and inflexibility
Waste ____________ add value to the customer.
does not
