GMS Final Exam Questions and Answers 100% Correct, Exams of Organization and Business Administration

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GMS Final Exam Questions and Answers 100% Correct Production - ANSWER-creation of goods and services management - ANSWER-a process by which objectives are achieved through the use of resources operations - ANSWER-activities within an organization that are directly related to providing goods or services to customers operations management - ANSWER-set of activities that relate to the creation of goods and services through the transformation of inputs to outputs supply chain - ANSWER-global network of organizations and activities that supplies a firm w/ goods and services services - ANSWER-economic activities that typically produce an intangible product management process - ANSWER-the application of planning, organizing, staffing, leading, and controlling to the achievement of objectives competitiveness - ANSWER-how effectively an organization meets the needs/wants of customers relative to others that offer similar goods/services competitive advantage - ANSWER-the creation of a unique advantage over competitors differentiation - ANSWER-distinguishing the offerings of an organization in a way that the customer perceives as adding value experience differentiation - ANSWER-engaging a customer w a product through imaginative use of the five senses, so the customer experiences the product low-cost leadership - ANSWER-achieving max value, as perceived by the customer response - ANSWER-a set of values related to rapid, flexible, and reliable performance flexible response - ANSWER-the ability to match changes in a marketplace where design innovations and volumes fluctuate substantially mission - ANSWER-the purpose or rationale for an organization's existence strategy - ANSWER-how an organization expects to achieve its missions and goals productivity - ANSWER-the ratio of outputs (goods/services) divided by one or more inputs efficiency - ANSWER-doing the job well w a min of resources and waste effective - ANSWER-doing the right thing single-factor productivity - ANSWER-indicates the ratio of one resource (input) to the goods/services produced (outputs) multifactor productivity - ANSWER-indicates the ratio of many or all resources (inputs) to the goods/services produced (outputs) productivity variables - ANSWER-the three factors critical to productivity improvement (labour, capital, mgmt) knowledge society - ANSWER-a society in which much of the labour force has migrated from manual work to work based on knowledge maintenance - ANSWER-activities involved in keeping a system's equipment in working order reliability - ANSWER-the probability that a machine part or product will function properly for a specified time under stated conditions failure - ANSWER-situation in which a product, part, or system doesn't perform as intended normal operating conditions - ANSWER-the set of conditions under which an item's reliability is specified redundancy - ANSWER-the use of components in parallel to improve reliability product decision - ANSWER-the selection, definition, and design of products product development - ANSWER-a process to generate concepts, designs, and plans for services and goods that an organization can provide to its customer robust design - ANSWER-a design that can be produced to reqs even w unfavourable conditions in the production process modular design - ANSWER-designs in which parts or components of a product are subdivided into modules that are easily interchanged or replaced Automated guided vehicle (AGV) - ANSWER-electronically guided and controlled cart used to move materials Flexible manufacturing system (FMS) - ANSWER-a system that uses an automated work cell controlled by electronic signals from a common centralized computer facility Computer-integrated manufacturing (CIM) - ANSWER-integrates CAD, FMS, inventory control, warehousing, and shipping Crossover chart - ANSWER-a chart of costs at the possible volumes for more than one process flexibility - ANSWER-the ability to respond w little penalty in time, cost, or customer value Flowchart - ANSWER-drawing used to analyze movement of ppl or material Time-function (process) mapping - ANSWER-a flowchart w time added on the horizontal axis Value-stream mapping (VSM) - ANSWER-process that helps managers understand how to add value in the flow of material and info through the entire production process process charts - ANSWER-charts that use symbols to analyze the movement of ppl or material Service blueprinting - ANSWER-a process analysis technique that lends itself to a focus on the customer and the provider's interaction w the customer office layout - ANSWER-the grouping of workers, their equipment, and spaces/offices to provide for comfort, safety, and movement of info Retail layout - ANSWER-an approach that addresses flow, allocates space, and responds to customer behaviour slotting fees - ANSWER-fees manufacturers pay to get shelf space for their products servicescape - ANSWER-the physical surroundings in which a service takes place, and how they affect customers and employees Warehouse layout - ANSWER-design that attempts to minimize total cost by addressing trade-offs between space and material handling Cross-docking - ANSWER-avoiding the placement of materials or supplies in storage by processing them as they are received for shipment Random stocking - ANSWER-used in warehousing to locate stock wherever there's an open location Customizing - ANSWER-using warehousing to add value to a product through component mod, repair, labelling, and packaging Fixed-position layout - ANSWER-a system that addresses the layout reqs of stationary projects Process-oriented layout - ANSWER-a layout that deals w low-volume, high-variety production in which like machines and equipment are grouped together Job lots - ANSWER-groups or batches of parts processed together Work cell - ANSWER-arrangement of machines and personnel that focuses on making a single product or fam of related products Focused work centre - ANSWER-a permanent or semi-permanent product-oriented arrangement of machines and personnel Focused factory - ANSWER-a facility designed to produce similar products or components Fabrication line - ANSWER-a machine-paced, product-oriented facility for building components Product-oriented layouts - ANSWER-organized around products or fams of similar high- volume, low-variety products (seeks the best personnel and machine utilization in repetitive or continuous production) Assembly line - ANSWER-an approach that puts fabricated parts together at a series of workstations; used in repetitive processes Assembly-line balancing - ANSWER-obtaining output at each workstation on a production line so delay is minimized - want to minimize idle time at each workstation Learning/experience curves - ANSWER-premise that ppl and organizations get better at their tasks as the tasks are repeated Quality - ANSWER-the ability of a product/service to meet customer needs Cost of quality (COQ) - ANSWER-the cost of doing things wrong (price of non- conformance) ISO 9000 - ANSWER-a set of quality standards developed by the Intl Organization for Standardization (ISO) ISO 14000 - ANSWER-a series of environmental mgmt standards established by ISO Total quality mgmt (TQM) - ANSWER-mgmt of an entire organization (supplier to customer) so that it excels in all aspects of products/services that are important to the customer Plan-do-check-act (PDCA) - ANSWER-a continuous improvement model that involves 4 stages Six Sigma - ANSWER-a program to save time, improve quality, and lower costs Employee empowerment - ANSWER-enlarging employee jobs so that the added responsibility and authority is moved to the lowest lvl possible in the organization Quality circle - ANSWER-a group of employees meeting regularly w a facilitator to solve work-related probs in their work area - helps increase productivity and quality Benchmarking - ANSWER-selecting a demonstrated standard of performance that reps the v best performance for a process or an activity Quality robust - ANSWER-products that are consistently built to meet customer needs in spite of adverse conditions in the production process Quality loss function (QLF) - ANSWER-a mathematical function that IDs all costs connected w poor quality and shows how these costs increase as product quality moves from what the customer wants Target-oriented quality - ANSWER-a philosophy of continuous improvement to bring a product exactly on target Cause-and-effect diagram / Ishikawa diagram / fish-bone chart - ANSWER-a schematic technique used to discover possible locations of quality probs and inspection points Pareto charts - ANSWER-graphics that ID the few critical items as opposed to many less important ones Flowcharts - ANSWER-block diagrams that graphically describe a process or system using annotated boxes and interconnected lines Statistical process control - ANSWER-process used to monitor standards, make measurements, and take corrective action as a product/service is being produced Control charts - ANSWER-graphical presentations of process data over time, w predetermined control limits Single-stage control of replenishment - ANSWER-fixing responsibility for monitoring and managing inventory for the retailer Vendor-managed inventory (VMI) - ANSWER-a system in which a local supplier maintains material for the buyer, often delivering directly to the buyer's using department Collab planning, forecasting, and replenishment (CPFR) - ANSWER-a joint effort of members of a supply chain to share info in order to reduce supply-chain costs Blanket order - ANSWER-a long-term purchase commitment to a supplier for items that are to be delivered against short-term releases to ship Postponement - ANSWER-delaying any mods or customization to a product as long as possible in the production process (minimize internal variety while maxing external variety) Drop shipping - ANSWER-shipping directly from the supplier to the end consumer rather than from the seller, saving both time and reshipping costs and special packaging Pass-through facility - ANSWER-a facility that expedites shipment by holding merch and delivering from shipping hubs Channel assembly - ANSWER-a system that postpones final assembly of a product so the distribution channel can assemble it Eprocurement - ANSWER-purchasing facilitated through the internet Electronic data interchange (EDI) - ANSWER-a standardized data-transmittal format for computerized comms between organizations advanced shipping notice (ASN) - ANSWER-a shipping notice delivered directly from vendor to purchaser Negotiation strats - ANSWER-approaches taken by supply chain personnel to develop contractual relationships w suppliers Logistics mgmt - ANSWER-an approach that seeks efficiency of ops through the integration of all material acquisition, movement, and storage activities Supply-Chain Operations Reference (SCOR) model - ANSWER-a set of processes, metrics, ad best practices developed by the Supply-Chain Council Inventory - ANSWER-a stock of items kept to meet future demand Raw material inventory - ANSWER-materials that are usually purchased but have yet to enter the manufacturing process Work-in-process (WIP) inventory - ANSWER-products or components that are no longer raw materials but have yet to become finished products Maintenance/repair/operating (MRO) supply inventory - ANSWER-maintenance, repair, and operating materials necessary to keep machinery and processes productive Finished goods inventory - ANSWER-an end item ready to be sold, but still an asset on the company's books ABC analysis - ANSWER-a method for dividing on-hand inventory into 3 classifications based on annual dollar volume or some measure of importance and allocates control efforts accordingly Cycle counting - ANSWER-a continuing reconciliation of inventory w inventory records Shrinkage - ANSWER-retail inventory that is unaccounted for between receipt and sale Pilferage - ANSWER-a small amount of inventory theft warehouse mgmt system (WMS) - ANSWER-computer software that controls the movement and storage of materials within a warehouse, and processes the associated transactions Fixed order quantity/reorder point model - ANSWER-an order of a fixed size is placed when the amount on hand drops below a min quantity (the reorder point) Two-bin system - ANSWER-2 containers of inventory; reorder when the first is empty RFID - ANSWER-tech that uses a RFID tag attached to the item - emits radio waves to ID items Bar code - ANSWER-a # assigned to an item/location that are readable by a scanner shortage costs - ANSWER-costs when demand exceed supply Holding cost - ANSWER-the cost to keep or carry inventory in stock (e.g. obsolescence, storage costs) Ordering cost - ANSWER-the cost of the ordering and receiving process (e.g. costs of supplies, forms, order processing, purchasing, etc.) Setup cost - ANSWER-the cost to prep a machine or process for production (e.g. time and labour to clean and change tools) Setup time - ANSWER-the time req'd to prep a machine or process for production Economic order quantity (EOQ) model - ANSWER-an inventory-control technique that minimizes the total of ordering and holding costs robust - ANSWER-giving satisfactory answers even w substantial variation in the parameters Lead time - ANSWER-in purchasing systems, the time b/w placing an order and receiving it, in production systems, the wait, move, queue, setup, and run times for each component produced Reorder point (ROP) - ANSWER-the inventory lvl at which action is taken to replenish the stocked item Safety stock - ANSWER-extra stock to allow for uneven demand (when the above is not the case) Production order quantity model - ANSWER-an economic order quantity technique applied to production orders Quantity discount model - ANSWER-a reduced price for items purchased in large quantities POS system (point of sale) - ANSWER-software for electronically recording actual sales at the time and location of sale Probabilistic model - ANSWER-a statistical model applicable when product demand or any other variable isn't known but can be specified by means of a probability distribution Service lvl - ANSWER-the complement of the probability of a stockout - the probability that demand won't exceed supply during lead time Single-period inventory model - ANSWER-a system for ordering items that have little or no value at the end of a sales period (e.g. Christmas trees, seasonal goods, newspapers, etc.) Fixed-quantity (Q) system - ANSWER-an ordering system w the same order amount each time Perpetual inventory system - ANSWER-a system that keeps track of each withdrawal or addition to inventory continuously, so records are always current Fixed-period (P) system / period review system - ANSWER-a system in which inventory orders are made at regular time intervals