Operations Management and Industry 4.0 Quiz

<p>Optimizing the flow of resources from suppliers to customers (D)</p> Signup and view all the answers

<p>Marketing and sales (D)</p> Signup and view all the answers

<p>Applying digitization to services for increased productivity and innovation (D)</p> Signup and view all the answers

<p>A bottle of shampoo (C)</p> Signup and view all the answers

<p>Integration of big data and advanced analytics (C)</p> Signup and view all the answers

<p>Volume, Velocity, Variety, Veracity (C)</p> Signup and view all the answers

<p>Asset Utilization (D)</p> Signup and view all the answers

<p>The ability to perform the promised service consistently and accurately. (B)</p> Signup and view all the answers

<p>Process Flexibility (C)</p> Signup and view all the answers

<p>Sustainability (B)</p> Signup and view all the answers

<p>The variation around the average time. (D)</p> Signup and view all the answers

<p>Determining the best sources for raw materials and finished goods. (D)</p> Signup and view all the answers

<p>Profitability (A)</p> Signup and view all the answers

<p>Identifying and addressing performance gaps in customer service. (D)</p> Signup and view all the answers

<p>Predictive maintenance to minimize downtime and avoid costly repairs. (B)</p> Signup and view all the answers

<p>The durability and longevity of a laptop battery. (C)</p> Signup and view all the answers

<p>It suggests that individuals and organizations will strive to excel in areas where they are measured. (D)</p> Signup and view all the answers

<p>The time spent waiting for a service or product. (D)</p> Signup and view all the answers

<p>A manufacturing plant able to produce different models of cars on the same assembly line. (D)</p> Signup and view all the answers

<p>Sustainability (A)</p> Signup and view all the answers

<p>To identify and address performance gaps. (B)</p> Signup and view all the answers

<p>Make decisions based on their instincts (C)</p> Signup and view all the answers

<p>Job security (A)</p> Signup and view all the answers

<p>Promises documented in writing (A)</p> Signup and view all the answers

<p>Immediately address the customer's complaint (A)</p> Signup and view all the answers

<p>Implicit service guarantee (C)</p> Signup and view all the answers

<p>Episodes where customers interact with any aspect of service delivery. (B)</p> Signup and view all the answers

<p>By increasing perceived benefits while holding the price constant. (C)</p> Signup and view all the answers

<p>It consists of both tangible and intangible features recognized by the customer. (A)</p> Signup and view all the answers

<p>The physical movement of goods and materials through various processes. (C)</p> Signup and view all the answers

<p>Environmental sustainability measures. (B)</p> Signup and view all the answers

<p>Value-creation processes. (A)</p> Signup and view all the answers

<p>They enhance the primary offering but are not critical. (C)</p> Signup and view all the answers

<p>Developing long-term strategies that manage risks and preserve resources. (D)</p> Signup and view all the answers

<p>Transforming data into actionable insights for decision-making. (D)</p> Signup and view all the answers

<p>Preproduction services attract customers, while postproduction services maintain satisfaction. (C)</p> Signup and view all the answers

<p>Services that add extra comfort but are not needed. (A)</p> Signup and view all the answers

<p>To describe and optimize the flow of materials and services. (B)</p> Signup and view all the answers

<p>Balancing current business success with long-term health. (D)</p> Signup and view all the answers

<p>They facilitate value-creation and ensure operations run smoothly. (A)</p> Signup and view all the answers

<p>Minimizing waste and maximizing resource utilization (B)</p> Signup and view all the answers

<p>Quality score (B)</p> Signup and view all the answers

<p>Value for shareholders (C)</p> Signup and view all the answers

<p>Environmental sustainability (A)</p> Signup and view all the answers

<p>Effectively analyzing data to make informed decisions (D)</p> Signup and view all the answers

<p>A cohesive plan that integrates main goals and actions (B)</p> Signup and view all the answers

<p>Basic customer expectations necessary to remain in business (D)</p> Signup and view all the answers

<p>Competitive Perspective (A)</p> Signup and view all the answers

<p>To describe and summarize data (D)</p> Signup and view all the answers

<p>VLC = P x CM x RF x BLC (A)</p> Signup and view all the answers

<p>Understanding customer wants and needs (D)</p> Signup and view all the answers

<p>The ratio of output to input (A)</p> Signup and view all the answers

<p>Integrates various perspectives to communicate an organization's vision (A)</p> Signup and view all the answers

<p>Creation of new goods and services to delight customers (A)</p> Signup and view all the answers

<p>Equipment and devices performing tasks in goods and services creation (D)</p> Signup and view all the answers

<p>Hard technology (B)</p> Signup and view all the answers

<p>Improved quality by a factor of 3 to 4 (D)</p> Signup and view all the answers

<p>Control overall operations between machines and robots (C)</p> Signup and view all the answers

<p>Radio-frequency identification (RFID) chips (A)</p> Signup and view all the answers

<p>Integrating and analyzing data within value chains (D)</p> Signup and view all the answers

<p>Use of connected devices to collect and share data (D)</p> Signup and view all the answers

<p>Ignoring quality control measures (A)</p> Signup and view all the answers

<p>By learning about customers’ wants, needs, and behaviors (B)</p> Signup and view all the answers

<p>Inventory and service capacity management (C)</p> Signup and view all the answers

<p>Decreased lead times by 30 to 60 percent (A)</p> Signup and view all the answers

<p>Database management systems (C)</p> Signup and view all the answers

<p>They have built-in sensors to perform tasks independently. (D)</p> Signup and view all the answers

<p>Builds objects layer by layer based on digital design. (C)</p> Signup and view all the answers

<p>Expertise (D)</p> Signup and view all the answers

<p>To minimize operational costs (C)</p> Signup and view all the answers

<p>Flexibility (B)</p> Signup and view all the answers

<p>Streamlining processes (C)</p> Signup and view all the answers

<p>Creating goods as per individual customer specifications (D)</p> Signup and view all the answers

<p>Technological sustainability (D)</p> Signup and view all the answers

<p>Business strategy (B)</p> Signup and view all the answers

<p>Establishing unique strengths (C)</p> Signup and view all the answers

<p>Improving supply chain efficiency (C)</p> Signup and view all the answers

<p>Shareholder interests (C)</p> Signup and view all the answers

<p>By enabling new methods and ideas (B)</p> Signup and view all the answers

<p>Balancing growth in different economies (A)</p> Signup and view all the answers

<p>Time (D)</p> Signup and view all the answers

<p>Through high-capacity utilization (B)</p> Signup and view all the answers

<p>To define the target dimension (D)</p> Signup and view all the answers

<p>Increases manufacturing costs (B)</p> Signup and view all the answers

<p>Designing for recycling (A)</p> Signup and view all the answers

<p>To ensure high-quality production efficiency (C)</p> Signup and view all the answers

<p>Customer experience and perception (B)</p> Signup and view all the answers

<p>Supplier negotiation processes (B)</p> Signup and view all the answers

<p>A constant translating deviation into dollars (C)</p> Signup and view all the answers

<p>More frequent customer interactions (C)</p> Signup and view all the answers

<p>Environmental concerns from various stakeholders (D)</p> Signup and view all the answers

<p>It reduces complexity and costs (D)</p> Signup and view all the answers

<p>Employee roles and responsibilities (D)</p> Signup and view all the answers

<p>Monetary loss as a product deviates from specification (C)</p> Signup and view all the answers

<p>Reducing service recovery time (B)</p> Signup and view all the answers

<p>To enhance customer relationship building (B)</p> Signup and view all the answers

<p>Increases job opportunities and marketplace competitiveness (B)</p> Signup and view all the answers

<p>Higher required skill levels for technology and service management (C)</p> Signup and view all the answers

<p>The cost of serving additional customers (D)</p> Signup and view all the answers

<p>When profits will equal losses at varying volumes (C)</p> Signup and view all the answers

<p>Detailed Goods, Services, and Process Design (C)</p> Signup and view all the answers

<p>To translate customer requirements into technical specifications (D)</p> Signup and view all the answers

<p>Customers’ requirements expressed in their own words (B)</p> Signup and view all the answers

<p>Impact on domestic job opportunities (D)</p> Signup and view all the answers

<p>By using product design to meet customer demand (A)</p> Signup and view all the answers

<p>Ability to serve additional customers at low incremental costs (D)</p> Signup and view all the answers

<p>Company's mission and vision (D)</p> Signup and view all the answers

<p>It enhances relationships by offering complementary products. (B)</p> Signup and view all the answers

<p>Managing inventory logistics (A)</p> Signup and view all the answers

The ability to maximize outputs while minimizing inputs and costs in processes.

The process of ensuring that products and services meet established standards and customer expectations.

The management of the flow of materials and information from suppliers to customers.

Predicting future demand for products, services, and raw materials to meet market needs.

The process of converting physical documents into digital formats accessible by computers.

Using digital data to improve decision-making and organizational processes.

Products that last a long time, typically over 3 years, such as vehicles and furniture.

Optimizing customer interactions and managing service recovery during disruptions.

An interaction between the customer and the service provider.

Episodes where a customer interacts with any aspect of the service delivery system.

Value = perceived benefits / price (cost) to the customer.

A set of tangible and intangible features recognized by the customer.

The core offering that meets basic customer needs.

Additional features that enhance the primary offering but are not essential.

A network describing the flow of materials, services, and information.

The physical movement of goods and materials from suppliers to customers.

Processes focused on producing an organization's primary goods or services.

An organization's ability to meet current needs while preserving resources for the future.

Commitment to maintaining the quality of the environment long-term.

Maintaining healthy communities and improving quality of life.

Addressing current business needs and ensuring economic vitality.

Process of transforming data into actions through analysis for decision-making.

Location or firm-specific attributes that differ from the standard CBP.

Massive amounts of business data from diverse sources, often in real time.

Volume, Velocity, Variety, Veracity define characteristics of Big Data.

The quantity of data generated or stored.

The speed at which data is generated and processed.

Different formats and types of data.

The accuracy and reliability of data.

Act of quantifying performance of units, services, and processes.

Important financial metrics for evaluation in businesses.

Degree to which output meets customer requirements.

Five key aspects: Tangibles, Reliability, Responsiveness, Assurance, Empathy.

Ability to adapt processes to changing demands and customization.

Time taken to complete a task.

Time spent waiting for service.

Ability to respond quickly in real time.

Errors in service creation and delivery.

Ability to anticipate, prepare for, and recover from disruptions.

Creating new and unique goods and services for competitive advantage.

Creation, acquisition, and transfer of knowledge and behavior modification.

The ratio of output to input in a process.

Providing goods/services with minimal waste and maximum resource use.

Measurement of sustainability focusing on environmental, social, and economic factors.

Analyzing data to make informed management decisions.

Methods for summarizing and describing data effectively.

Total revenue/profit generated by each customer over their lifecycle.

Framework to translate strategies into measurable performance metrics.

A firm's ability to outperform competitors in the market.

Qualifiers are minimum expectations, winners are features that differentiate.

Characteristics customers evaluate before purchase (e.g., price, color).

Giving employees authority to make decisions and control their work.

Promises to compensate customers if a service upset occurs, can be explicit or implicit.

The process of correcting a service upset to regain customer trust.

Key elements that retain service providers: recognition, advancement, achievement, nature of work, compensation.

Physical products with embedded sensors connected to the Internet.

Equipment and devices that perform tasks in goods and services creation.

Applications of the Internet and software for data and analysis.

Union of hardware, software, and databases to automate production.

NC machines operated by computers to control tool movements.

Software for designing and testing products virtually.

Computer-controlled machines linked by automated handling devices.

Additive manufacturing to create objects layer by layer.

Digitized manufacturing facility that uses connected devices.

Using the Internet to provide services and deliver value.

Strategy to learn about customer needs and build loyalty.

Utilization of tech to enhance manufacturing and services.

Processes to ensure products meet established standards.

Framework defining how activities are directed and coordinated.

The group of individuals engaged in work for an organization.

Elements like market segmentation, customer service, and complaint resolution are included in a CRM system.

CRM helps firms gain an edge by tracking sales, analyzing markets, and forecasting customer behavior.

The process of dividing a market into distinct groups with similar needs.

Developing strong, lasting connections with customers to enhance loyalty.

Addressing and resolving customer complaints effectively to improve satisfaction.

Offering additional products or services to existing customers to increase sales.

The ability to serve more customers without high incremental costs as volume increases.

The study of how people make decisions, especially under uncertainty.

Evaluating when a business will be able to cover costs and start making a profit.

Designing products and services based on customer needs and preferences.

The expressed needs and expectations of customers in their own words.

A design process translating customer needs into specific product features.

Creating a model to test product performance and customer reactions.

Assessing the success of products in terms of sales and customer feedback.

Attributes customers evaluate after purchase, like taste and friendliness.

Aspects of goods/services that can't be evaluated after purchase, like professional expertise.

The spectrum showing the difference in evaluation between goods and services.

Strategic focuses for success: cost, quality, time, flexibility, innovation.

A firm that maintains low prices to gain competitive advantage.

High-quality products often lead to higher market shares and returns.

The ability to respond quickly and maintain reliability increases market edge.

Creating products or services tailored to individual customer's needs at scale.

Unique strengths that distinguish an organization in the marketplace.

The process of defining long-term goals and ways to achieve them.

Decisions that shape how a business meets its competitive priorities.

Strategies that address environmental, social, and economic impacts.

A company operating across multiple countries to maximize efficiency and profits.

Technical details outlining dimensions, tolerances, and materials for a product.

The target dimension set for a product design.

The permissible range of variation from the nominal specification.

A formula to measure economic loss from deviating from the target specification.

Design process focused on efficient and high-quality production.

The process of reducing complexity and costs in product designs.

Incorporating environmental considerations into product design.

Creating systems and processes for effective service delivery.

The physical environment where service encounters occur.

Systems structured around the presence of customers during service.

Creating an efficient sequence of activities for service delivery.

Systems where customers spend significant time interacting with the service.

Systems where customer interaction is minimal during service delivery.