Strategic Risk and Innovation Management
50 Questions
2 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What strategic risk arises when the market expectations exceed operational capabilities?

  • Increasing operational efficiency
  • Aligning production with demand
  • Deviations from the line of fit (correct)
  • Over-optimizing features

    • What should a company do if it cannot meet market expectations?

  • Increase marketing efforts
  • Enhance operational capability or change target segment (correct)
  • Invest in research and development
  • Reduce pricing strategy

    • What does the importance-performance matrix help a company to identify?

  • Financial constraints on operations
  • Employee performance metrics
  • Unexploited market opportunities
  • Relative priorities for improvement (correct)

    • How is the performance of competitive factors evaluated in the matrix?

    <p>Using a 1-9 scale</p> Signup and view all the answers

    In product and service innovation, what is essential during the concept generation stage?

    <p>Capturing the product's nature and specifications</p> Signup and view all the answers

    What factor should guide product design according to customer preferences?

    <p>Customers' needs and desires</p> Signup and view all the answers

    Which of the following is NOT a constraint that can delay market innovations?

    <p>Audience engagement levels</p> Signup and view all the answers

    What does it mean to downgrade features of a product in response to market requirements?

    <p>To align features with actual market needs</p> Signup and view all the answers

    What is one of the main goals of inventory management?

    <p>Minimizing the costs involved in stocks while satisfying customers</p> Signup and view all the answers

    Which type of demand relates to the final end-product and is not dependent on other items?

    <p>Independent Demand</p> Signup and view all the answers

    What are ordering costs associated with?

    <p>The costs incurred when placing an order to a supplier</p> Signup and view all the answers

    Which of the following is NOT a type of inventory cost discussed?

    <p>Transport costs</p> Signup and view all the answers

    What results from a higher rate of receiving work-in-process compared to total output delivery?

    <p>Increased inventory levels</p> Signup and view all the answers

    Which strategy focuses on balancing inventory costs with customer satisfaction?

    <p>Just-in-time inventory</p> Signup and view all the answers

    Which management aspect is critical for tracking inventory flow along with production?

    <p>Production control</p> Signup and view all the answers

    Which inventory management method aims to avoid excess inventory by ordering materials only as needed?

    <p>Lean inventory</p> Signup and view all the answers

    What does increasing capacity do to inventory costs?

    <p>Increases inventory costs</p> Signup and view all the answers

    Which of the following is NOT a component to judge the appropriateness of capacity planning?

    <p>Employee salaries</p> Signup and view all the answers

    What is the utilization rate formula?

    <p>$U = \frac{Actual Output}{Design Capacity}$</p> Signup and view all the answers

    A bottleneck in a process is defined as what?

    <p>A resource whose capacity is less than the demand placed on it</p> Signup and view all the answers

    Which types of constraints can affect system performance?

    <p>Physical, market, and managerial</p> Signup and view all the answers

    What does a capacity-constrained resource (CCR) indicate?

    <p>Its utilization is close to capacity</p> Signup and view all the answers

    What is the primary goal of synchronous manufacturing?

    <p>Ensure all phases work together to achieve objectives</p> Signup and view all the answers

    Why is managing constraints crucial in operations?

    <p>To increase throughput and efficiency while ensuring flow continuity</p> Signup and view all the answers

    What do specification limits represent in a process?

    <p>The target performance set by customer requirements</p> Signup and view all the answers

    What does a process capability index (CP) of less than 1 indicate?

    <p>The process is not capable of meeting specifications</p> Signup and view all the answers

    Which statement accurately describes CP and CPK?

    <p>CP is a measure of potential capability but does not consider centering</p> Signup and view all the answers

    What is a characteristic of lean supply networks?

    <p>They prioritize efficiency</p> Signup and view all the answers

    Which type of products requires agile supply chain management?

    <p>Innovative products</p> Signup and view all the answers

    What is the primary focus of supply chain management?

    <p>Optimizing interconnections between organizations producing value</p> Signup and view all the answers

    How can you assess if a process is centered between its specification limits?

    <p>Calculating CPK using mean and standard deviation</p> Signup and view all the answers

    Which of the following describes the implications of using different supply chain policies?

    <p>Different policies align with market requirements of functional and innovative products</p> Signup and view all the answers

    What does Safety Stock (SS) depend on?

    <p>Lead Time and Demand Variance</p> Signup and view all the answers

    Which equation correctly represents the Total Cost (TC)?

    <p>TC = d × P + D × C + n × S + (SS) × i ∙ C</p> Signup and view all the answers

    What does the Order Quantity (Q) represent?

    <p>The target units minus inventory on hand</p> Signup and view all the answers

    What does the Lead Time (L) influence in inventory management?

    <p>The time required to replenish inventory</p> Signup and view all the answers

    The Master Production Schedule (MPS) outlines what kind of information?

    <p>Planned quantities and timing of product builds</p> Signup and view all the answers

    Which component is NOT a part of the Total Cost formula?

    <p>Buying Price</p> Signup and view all the answers

    What is the primary goal of Master Requirements Planning (MRP)?

    <p>Minimize stock levels while preventing shortages</p> Signup and view all the answers

    What does the Bill of Materials (BOM) describe?

    <p>The relationship between different materials and quantities</p> Signup and view all the answers

    How is Holding Cost per Unit (H) calculated?

    <p>H = i × C</p> Signup and view all the answers

    What does the term Time Between Orders (TBO) calculate?

    <p>The time required to replenish inventory</p> Signup and view all the answers

    What is the purpose of dummy activities in an Activity on Arrow (AOA) diagram?

    <p>To maintain the logic of a network</p> Signup and view all the answers

    In the Critical Path Method (CPM), how is Early Finish (EF) calculated?

    <p>EF = ES + t</p> Signup and view all the answers

    What does Late Start (LS) represent in project management?

    <p>The latest time an activity can begin without delaying the project</p> Signup and view all the answers

    Which method is commonly used to determine the order of activities in a project?

    <p>Critical path method (CPM)</p> Signup and view all the answers

    What is assumed about the duration of tasks in the Critical Path Method?

    <p>The amount of time needed to finish a task is known with certainty</p> Signup and view all the answers

    In computing Late Finish (LF), which value is associated with the last activity on the critical path?

    <p>EF = LF</p> Signup and view all the answers

    How do you determine the Early Start (ES) of an activity with multiple preceding activities?

    <p>Consider the longest duration or earliest finish of preceding activities</p> Signup and view all the answers

    What does backward induction/movement refer to in project management?

    <p>Working backwards from the last activity to determine scheduling</p> Signup and view all the answers

    Study Notes

    Operations Management Notebook 2021/2022

    • Notebook authored by Vasco Ribeiro Tamen
    • Based on Prof. Ana Sofia Costa's slides, Isabel Alvim's notebook, and books by Nigel S., Alistair B., Robert J., and F. Robert Jacobs, Richard B. Chase.

    Table of Contents

    • Directing the Operation: Strategic Level (pages 3-17)

      • Introduction to Operations Management
      • Operations Performance
      • Operations Strategy
      • Product and Service Innovation (page16)

    • Designing the Operation: Analysis and Design Levels (pages 18-26)

      • Process Design
      • Layout and Flow
      • Process Types: Project, Jobbing, Batch, Mass, and Continuous

    • Layout Types: Fixed-position, Functional, Cell, Line, Mixed

    • Deliver: Planning and Control (pages 31-43)

      • Planning and Control
      • Sales & Operations Planning
      • Capacity Planning and Control
      • Inventory Planning and Control (Q-Model, P-Model, Comparison)
      • Materials Planning and Control (MRP, BOM)

    • Development: Operations Improvement (pages 52-68)

      • Quality Management (Quality Costs - Prevention, Appraisal, Internal Failure, External Failure; Total Quality Management (TQM) )
      • Statistical Process Control (Variables and Attributes Control Charts)
      • Statistical Process Capability
      • Supply Chain Management
        • Lean vs Agile Supply Networks
        • Supply Chain Vulnerability
      • Project Management
        • Critical Path Method (CPM)
        • Program Evaluation and Review Technique (PERT)
        • Time-Cost Models and Project Crashing

    Studying That Suits You

    Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

    Quiz Team

    Related Documents

    Operations Management 2021/2022 PDF

    Description

    This quiz explores key concepts related to strategic risk and innovation management within companies. It covers topics such as exceeding market expectations, the importance-performance matrix, and inventory management. Test your understanding of these critical aspects of business strategy.

    More Like This

    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser