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MGMT 120 > Exam 2 - Preview Quiz Qs > Flashcards

Exam 2 - Preview Quiz Qs Flashcards

1
Q

The ultimate goal of any project is to produce a ___________?

A

unique outcome

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2
Q

What document is used in project management to specify the tasks required to finish a project?

A

the work breakdown structure

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3
Q

In spite of their consistent goals, PERT and CPM project management methodologies differ on one important dimension. What is that dimension?

A

the degree of certainty associated with task times

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4
Q

_______ is a style of project network diagram in which nodes represent tasks and the connecting pathways represent precedence relationships.

A

AON

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5
Q

Drawing an AON network requires representing each activity as a standard shape and joining these shapes with arcs indicating _______.

A

precedence relationships

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6
Q

What is the first stage of determining task timing in the Critical Path Method?

A

identifying early start and early finish times of each task

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7
Q

What does the critical path of a project determine about that project?

A

the length of the entire project

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8
Q

______ is the degree to which a task may be delayed from its early start without delaying the project.

A

Slack

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9
Q

Any delay in a critical path activity delays the project. True or false?

A

True

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10
Q

Multiple suppliers, manufacturers, and/or service providers may be involved in any product, with each business relying on other suppliers and providers. This is an example of _______.

A

Supply Chain

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11
Q

Organizations and activities that are close to the end customer in a supply chain are said to be _______, while organizations and activities that are close to the supplier in the supply chain are said to be _______.

A

Downstream; upstream

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12
Q

One way of evaluating supply chain performance is a Kraljic matrix, which helps with:

A

Supplier positioning

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13
Q

Offshoring is most frequently done for ___________ reasons.

A

Financial

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14
Q

Choosing between producing an item in-house or outsourcing it to another company is called:

A

Make or buy decision

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15
Q

Which of the following is an advantage of centralized supply management?

A

Standardization of purchasing policies and procedures

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16
Q

What technology is often critical to the success of collaborative planning, forecasting, and replenishment (CPFR)?

A

EDI or electronic data interchange

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17
Q

Julie designs her own greeting card line and has worked out an arrangement with a local boutique owner who is responsible for stocking and maintaining her greeting card display at the boutique. Based upon their agreement, Julie’s greeting cards are not “sold” to the boutique until they are purchased by a customer. This is an example of ______.

A

Vendor-managed inventory

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18
Q

Risks are exacerbated in global supply chains because…

A
  1. substitute suppliers are difficult to find quickly
  2. of cultural differences and more difficult communication issues
  3. of exposure to politional and environmental threats and different intellectual property laws
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19
Q

The term ______ refers to all acquisitions of outside goods and services, and thus includes both purchasing and other forms of acquisition, such as trading, recycling, or extracting

A

Procurement

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20
Q

One of the principle costs associated with inventory is its ______ cost, or the cost of having inventory.

A

Holding

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21
Q

The majority of a company’s holding costs usually come from _______ costs, which represent the real and yet indirect financial burden that inventory places on an organization.

A

Opportunity

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22
Q

Tim works as an administrative assistant at a law firm. When the firm runs out of paper, it is Timothy’s job to reorder it and he follows the same ordering procedure every time, ordering 5 boxes. This ordering practice is an example of a _______ policy.

A

Fixed order quantity

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23
Q

An ordering policy that specifies the frequency of ordering, such as “place a new order on the first and third Tuesday of every month” is an example of _______ policy.

A

Fixed order interval

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24
Q

Holding costs in the economic order quantity model are based on the assumption that these costs can be estimated from _______.

A

Average inventory levels

25
Q

What is a price break quantity?

A

the minimum order size that qualifies for a quantity discount

26
Q

What tool is used to determine when an order should be placed in in a fixed order quantity system?

A

Reorder point

27
Q

_______ is any delay between requesting a product and receiving it.

A

Lead time

28
Q

The ______ of a reorder point is the probability that demand will not exceed supply during lead time, each time the reorder point triggers placement of a new order.

A

Service level

29
Q

The higher the reorder point, the higher the safety stock and its costs, but the lower the stock out risk. True or false?

A

True

30
Q

_______ is the degree to which the output of an operation meets the producer’s expectations.

A

Quality of conformance

31
Q

Which type of variation cannot be avoided and is therefore always present in production?

A

Natural variation

32
Q

What does the presence of assignable variation indicate about a system?

A

That a problem is emerging somewhere within the system.

33
Q

If the sampling conducted through statistical process control suggests only natural variation is present in the output, the process is said to be _______; but if this sampling indicates the presence of assignable variation, the process is then declared _______.

A

In control; Out of control

34
Q

According to the text, the ideal amount of inspection is a trade-off between two opposing forces. What are those two forces?

A

the cost of the inspection versus the cost of undetected defects

35
Q

A control chart used in monitoring the central tendency of some characteristic within a sample is called a _______.

A

Mean chart

36
Q

Mean charts created under conditions of unknown variation are often used in conjunction with _______, where future sample ranges can be recorded.

A

R-charts

37
Q

An organization that estimates the quality of conformance of large batches through inspection of smaller samples is utilizing the process of _______.

A

Acceptance sampling

38
Q

Sampling plans are based on four different criteria. Which of the following is NOT one of those criteria?

A

the rules for assignable variation versus natural variation

39
Q

What is the difference between the acceptable quality level and the lot tolerance percent defective?

A

The acceptable quality level represents the amount of defects a consumer considers acceptable, while the lot tolerance percent defective indicates the amount of defects the consumer can actually tolerate.

40
Q

According to the text, the nature of scheduling varies greatly based upon which factor?

A

the length of planning horizon allowed to the scheduler

41
Q

Prioritizing activities to create a desirable order for their completion is referred to as _____.

A

Sequencing

42
Q

The _______ is the total amount of time required to finish all the jobs at a work center.

A

Makespan

43
Q

The flow-time of any job consists of two parts. What are those two parts?

A

The waiting time and the processing time

44
Q

What is the tardiness of a job that’s flow-time is less than its due date?

A

0

45
Q

What priority rule is often used in disaster response situations?

A

Triage

46
Q

Most Gantt charts are loosely classified into what two types?

A

Project scheduling and loading

47
Q

What priority rule blends the issues of processing time and due date together into a single value used to sort through waiting jobs?

A

Critical ratio

48
Q

Which of the following is a principle of bottleneck scheduling?

A

The bottleneck is setting the pace of the system

49
Q

The chef and staff of a restaurant kitchen cannot know exactly what meals must be prepared and by when on any given evening. However, this operation is highly aware of its own menu and is likely to have some past knowledge of the relative popularity of those menu items. As a result, the restaurant kitchen’s real-time performance deals primarily with _______.

A

Known unknowns

50
Q

In _______ theory, a planning decision is a choice of options, although the desirability of each option is obscured by an issue of uncertainty, or chance event.

A

Traditional decision

51
Q

One concept critical to the traditional model of uncertainty is _______, whereby uncertainty is categorized by a known set of possible outcomes, although it is unknown which will actually come to pass.

A

Future states of nature

52
Q

Oil-drilling rig Deepwater Horizon was notoriously plagued with problems as it worked at a particular site in the Gulf of Mexico. In hindsight, these problems were warnings of circumstances that led to the largest oil spill in history. At the time, however, these problems were viewed as normal because other drilling rigs had also experienced similar issues and completed their drilling successfully. Which cognitive bias is this scenario an example of?

A

Normalization

53
Q

_______ risks are posed by incidents beyond the influence or control of an organization, such as natural disasters or shifts in economic or political environments.

A

External

54
Q

How does a crisis differ from an emergency?

A

Unlike an emergency, a crisis is not necessarily unexpected, and the organization is not necessarily disrupted while this change grows closer in time.

55
Q

When urban flooding negatively impacts a city’s infrastructure so severely that the government feels it must intervene, it is an example of _______.

A

Disaster

56
Q

The ability of a system to adjust to or recover from a shock or sudden change is known as _______.

A

Resilience

57
Q

According to the text, every organization should have a _______ plan, outlining how it intends to continue in the face of disruption.

A

Business continuity

58
Q

A system is said to be _______ if its reliability is reliable, that is, unchanging despite fluctuating conditions.

A

Robust

59
Q

________, which involves retrieving or positioning resources before they are required, is common in emergency response but rare in commercial operations.

A

Staging

MGMT 120 (2 decks)

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