Business Management Quiz
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Questions and Answers

What is the goal of reducing defects set by the company?

  • 1 part per million
  • 5 parts per million
  • 3.4 parts per million (correct)
  • 10 parts per million
  • What is the purpose of the new machinery and software to be installed?

  • To reduce the company's competitive advantage
  • To increase production costs
  • To lay off workers
  • To produce custom-designed products (correct)
  • What type of planning system is being referred to in the passage?

  • Sales-based requirements forecasting (SBRF)
  • Minimum daily requirements scheduling (MDRS)
  • Materials requirement planning (MRP) (correct)
  • Program evaluation and review technique (PERT)
  • What is an interfirm process in contemporary operations management planning?

    <p>A process where several firms work closely together to design, produce, and ship products</p> Signup and view all the answers

    What is Jeremy's role in Graphite Works?

    <p>Production and inventory management</p> Signup and view all the answers

    What award is given to firms that achieve an outstanding level of overall quality?

    <p>Malcolm Baldrige National Quality Award</p> Signup and view all the answers

    What type of factors of production are land and labor?

    <p>Factors of production</p> Signup and view all the answers

    What is Eveline's job function?

    <p>Purchasing</p> Signup and view all the answers

    What is Sparky Weyer's title at Minimotors Inc.?

    <p>CEO</p> Signup and view all the answers

    What is the purpose of Sparky Weyer's meeting with potential investors?

    <p>To obtain funding for new machinery</p> Signup and view all the answers

    What is one way Minimotors Inc. has reduced its inventory costs?

    <p>By implementing a just-in-time inventory system</p> Signup and view all the answers

    What is another way Minimotors Inc. has improved its operations?

    <p>By reducing the number of defective motors produced</p> Signup and view all the answers

    Study Notes

    Factors of Production

    • Land and labor are examples of factors of production.

    Eveline's Job

    • Eveline's job is to locate the highest quality materials from the best suppliers and negotiate for the best price, which is purchasing.

    Minimotors Inc.

    • Minimotors Inc. is a growing manufacturer of small electric motors used in power tools and appliances.
    • The company has made changes to improve operations and lower costs, and is now ready to expand into new markets.
    • Minimotors aims to reduce inventory costs by developing a new arrangement with suppliers, who will make more frequent deliveries tied to its production schedules.
    • The company has set a goal of reducing defects to 3.4 parts per million by carefully keeping tabs on manufacturing processes.
    • Minimotors wants to install new machinery and software to quickly design and produce motors to the exact specifications of customers.

    Planning System

    • Minimotors will use a computer application that links its operation to sales forecasts to ensure needed parts and supplies are available at the right time to meet customer demands.
    • This planning system is known as materials requirement planning (MRP).

    Operations Management

    • Contemporary operations management planning is an interfirm process, which means several firms work closely together to design, produce, and ship products to customers.

    Jeremy's Responsibilities

    • Jeremy is a manager at Graphite Works, responsible for production scheduling and keeping tabs on the company's inventory.
    • Jeremy's duties are not related to promotions management.

    National Quality Award

    • The National Quality Award is given to firms that achieve an outstanding level of overall quality based on performance in seven key areas.

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    Description

    Test your understanding of business concepts, including factors of production, procurement, and management roles. Identify the correct answers to these business-related questions.

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