Test wdz

Question 1

Share Matrix categorizes products/business units into four quadrants based on their market share and market growth rate

Answer 1

The BCG Growth

Question 2

Stars

Answer 2

High market share, high market growth. Require significant investment to maintain growth

Question 3

Cash Cows

Answer 3

High market share, low market growth. Generate strong cash flow, requiring minimal investment.

Question 4

Question Marks

Answer 4

Low market share, high market growth. Require significant investment to gain market share. High risk, high potential reward.

Question 5

Dogs

Answer 5

Low market share, low market growth. Generate little cash and have limited growth potential. Often considered for divestment.

Question 6

, also known as the fishbone diagram or cause-and-effect diagram, is a visual tool used to identify the root causes of a problem.

Answer 6

The Ishikawa diagram

Question 7

Structure (The Ishikawa diagram)

Answer 7

It resembles a fish skeleton, with the “head” representing the problem and “bones” branching out to represent potential categories of causes (e.g., people, processes, machines, materials, methods, environment).

Question 8

Purpose (The Ishikawa diagram)

Answer 8

To systematically explore and identify the various factors contributing to a specific problem.

Question 9

A payoff matrix

Answer 9

is a visual representation of the possible outcomes of a strategic decision

Question 10

SWOT

Answer 10

Strengths - internal factors that are favorable for achieving organization’s objective

Weaknesses - internal factors that are unfavorable for achieving organization’s objective

Opportunities - external factors that are favorable for achieving organization’s objective

Threats - external factors that are unfavorable for achieving organization’s objective

Question 11

Strengths

Answer 11

internal factors that are favorable for achieving organization’s objective

Question 12

Weaknesses

Answer 12

internal factors that are unfavorable for achieving organization’s objective

Question 13

Opportunities

Answer 13

external factors that are favorable for achieving organization’s objective

Question 14

Threats

Answer 14

external factors that are unfavorable for achieving organization’s objective

Question 15

TQM (Total Quality Management)

Answer 15

is a management philosophy that focuses on continuous improvement in all aspects of an organization. The term “total quality” was first used by Armand Feigenbaum in 1969.

Question 16

TQM (Total Quality Management)

Answer 16

Customer focus: Meeting customer needs and expectations.

Employee involvement: Engaging all employees in quality improvement efforts.

Continuous improvement: Striving for constant enhancement in products, processes, and systems.

Question 17

Quality

Answer 17

the customer and delivering customer satisfaction in the creation of products and services.

Question 18

Material requirements planning (MRP)

Answer 18

is a computer-based inventory management system designed to improve productivity for businesses. Companies use material requirements-planning systems to estimate quantities of raw materials and schedule their deliveries.

Question 19

Muda

Answer 19

any activity that adds no real value to the product or service being created or delivered.

Question 20

7 wastes

Answer 20

Muda, overproduction, time on hand, transportation, processing, movement, defective products

Question 21

Overproduction

Answer 21

producing more than your customer is requesting or before they request it.

Question 22

Time on hand

Answer 22

waiting done by customers or by employees.

Question 23

Transportation

Answer 23

unnecessary conveyance of products, from one location to another, or handoff from one employee to another.

Question 24

Processing

Answer 24

unnecessary manual work that does not contribute value to the product.

Question 25

Movement

Answer 25

unnecessary physical or mental motion often associated with searching.

Question 26

Defective products

Answer 26

a mistake which reaches the customer.

Question 27

Stock on hand (Inventory)

Answer 27

more materials or information than is required.

Question 28

A process

Answer 28

is a stream of activities that transforms input elements into output elements.

Question 29

Decision problem

Answer 29

a situation in which it is necessary to choose between two or more courses of action that differ from each other.

Question 30

Decision

Answer 30

a conscious choice among identified and considered possible options for future action.

Question 31

Due to the conditions for decision-making:

Answer 31

Decisions made under conditions of certainty Decisions made under risk Decisions made under conditions of uncertainty

Question 32

Types of decisions:

Answer 32

Due to the conditions for decision-making: Due to the weight of decision-making:

Question 33

Due to the weight of decision-making:

Answer 33

Strategic decisions Operational decisions

Question 34

Marketing Plan

Answer 34

product specific, market specific, or company-wide plan that describes activities involved in achieving specific marketing objectives within a set timeframe.

Question 35

Payoff

Answer 35

is a positive or negative outcome corresponding to a particular pair of a given decision and a given state of nature; in business it is usually monetary.