Unit 1 part 2: Operations and Supply Strategy

Question 1

Operations and supply chain strategy

Answer 1

The setting of broad
policies and plans that will guide the use of the resources
needed by the firm to implement its corporate strategy.

Question 2

Operations effectiveness

Answer 2

Performing activities in a manner that best implements strategic priorities at minimum cost

Question 3

Straddling

Answer 3

When a firm seeks to match what a competitor is doing by adding new features, services, or
technologies to existing activities. This often creates
problems if trade-offs need to be made.

Question 4

Order winners

Answer 4

One or more specific marketing-oriented
dimensions that clearly differentiate a product from
competing products.

Question 5

Order qualifiers

Answer 5

Dimensions used to screen a product or

service as a candidate for purchase.

Question 6

Supply chain risk

Answer 6

The likelihood of a disruption that would impact the ability of a company to continuously supply
products or services

Question 7

three-step risk management framework

Answer 7

A three-step risk management framework involves
identifying the potential disruptions, assessing the
potential impact of the risk, and developing plans to
mitigate the risk.

Question 8

Risks can be categorized along two dimensions:

Answer 8

supply chain coordination risks and disruption risks.

Question 9

Supply chain disruptions

Answer 9

unplanned and unanticipated events that disrupt the normal flow of goods and materials.

Question 10

Productivity

Answer 10

A measure of how well resources are used.
According to Goldratt’s definition (see Chapter 23), all
the actions that bring a company closer to its goals.
Productivity = Outputs/Inputs