Midterm Exam

Question 1

Operation Management

Answer 1

the set of activities that create
value in the form of goods and
services by transforming inputs
into outputs

Question 2

What do Operation Managers do?

Answer 2

Planning, Organizing, Staffing, Leading, Controlling

Question 3

Mission Statements

Answer 3

A mission statement is a brief declaration of a company’s purpose, goals, and values, explaining what it does, why it exists, and who it serves.

Question 4

Why do Companies Need Mission Statements?

Answer 4

Provides guidance and direction, unifies employees, and communicates companies purpose to stakeholders

Question 5

SWOT Analysis

Answer 5

Used to Analyze the Environment

Question 6

S in SWOT

Answer 6

Strenght

Question 7

W in SWOT

Answer 7

Weakness

Question 8

O in SWOT

Answer 8

Opportunities

Question 9

T in SWOT

Answer 9

Threats

Question 10

What does a SWOT Analysis give you?

Answer 10

Strategy

Question 11

Supply Chain Management

Answer 11

The objective of supply chain management is to structure the supply chain to maximize its competitive advantage and benefits to the ultimate consumer

Question 12

Factor Rating Method

Answer 12

Evaluates suppliers by rating them on various factors, applying weights to each factor, and calculating a total score for decision-making.

Question 13

Weighted Factor Method

Answer 13

Focuses on assigning specific weights to criteria from the beginning, emphasizing certain factors more heavily in the evaluation process.

Question 14

Key Difference between Weighted Factor and Factor Rating

Answer 14

Factor Rating applies weights after scoring, while Weighted Factor predefines weights before scoring based on the criteria’s importance.

Question 15

Human Resource Strategy

Answer 15

The objective of a human resource strategy is to manage labor and design jobs so people are effectively and efficiently utilized

Question 16

Labor Standards

Answer 16

the amount of time required to perform a job or part of a job

Question 17

Performance Rating

Answer 17

Adjustment to the Average observed time to what a TRAINED worker could expect to accomplish working at a NORMAL pace.

Question 18

Normal Time

Answer 18

Five eight-hour days

Question 19

Allowance Factors

Answer 19

Extra time added to normal time to account for breaks, fatigue, or unavoidable delays.

Question 20

Standard Time

Answer 20

The total time allowed to perform a task, including normal time plus allowances.

Question 21

Ethics

Answer 21

Principles that govern conduct in decision-making, ensuring fairness, responsibility, and respect in business.

Question 22

Ergonomics

Answer 22

study of the human interface with the environment and machines

Question 23

Job Enrichment

Answer 23

Enhancing a job by adding more meaningful tasks, increasing autonomy, and providing more responsibility to improve job satisfaction.

Question 24

Job Enhancement

Answer 24

Increasing the number of tasks a worker performs to make a job more diverse without changing the job’s complexity.

Question 25

Job Design

Answer 25

The process of defining how a job’s tasks, responsibilities, and interactions are structured to optimize performance and satisfaction.

Question 26

Phases of Project Management

Answer 26

Initiation
Planning
Execution
Monitoring
Controlling

Question 27

Critical Path Method (CPM)

Answer 27

A project management tool used to determine the longest sequence of activities, which defines the minimum project duration.

Question 28

How to Identify Critical Path

Answer 28

List activities, calculate durations, and find the longest path from start to finish without any slack time.

Question 29

Tasks

Answer 29

Tasks are individual units of work;

Question 30

Activities

Answer 30

Activities are tasks grouped under a project

Question 31

Activity Time

Answer 31

Activity time is the time required to complete an activity.

Question 32

Project Completion

Answer 32

Achieved when all tasks and activities are completed according to plan, within the critical path.

Question 33

Predecessor Relationships

Answer 33

Defines the sequence of activities, where certain tasks must be completed before others can begin

Question 34

Forward Pass

Answer 34

A calculation technique to find the earliest possible start (ES) and finish (EF) times for each project activity.

Question 35

Backward Pass

Answer 35

A technique to calculate the latest possible start (LS) and finish (LF) times without delaying the project.

Question 36

Slack (Float)

Answer 36

The amount of time an activity can be delayed without affecting the project’s completion date.

Question 37

Early Start (ES)

Answer 37

Earliest an activity can begin.

Question 38

Early Finish (EF)

Answer 38

Earliest an activity can finish, calculated as ES + duration.

Question 39

Late Start (LS),

Answer 39

Latest an activity can start without delaying the project.

Question 40

Late Finish (LF)

Answer 40

Latest an activity can finish without delaying the project.

Question 41

Crashing

Answer 41

The process of reducing project duration by allocating additional resources to critical path activities.

Question 42

New Critical Paths

Answer 42

After crashing, new critical paths may emerge if previously non-critical activities now have zero slack due to reduced durations.

Question 43

Crash Costs

Answer 43

Additional costs to shorten project duration.

Question 44

Normal Costs

Answer 44

The standard cost when activities are performed at normal time.