Value Chain Analysis Quiz and Flashcards

Study Notes

Value chain refers to the business activities involved in creating a product or service.
Michael Porter introduced the concept of value chain in his book, The Competitive Advantage.
Primary activities in a value chain include inbound logistics, operations, outbound logistics, marketing and sales, and service.
Support activities in a value chain include procurement, technology development, human resource management, and firm infrastructure.
Value chain analysis can help a company gain insight into its transactions and competitive advantage.
There are two primary ways to conduct value chain analysis: cost advantage and differentiation advantage.
Cost advantage analysis aims to lower the cost of production and products, while differentiation advantage analysis seeks to set a company apart for its product quality and brand value.
There are seven quality control tools in quality management for process improvement, introduced by Kaoru Ishikawa.
The seven QC tools include cause-and-effect diagrams, scatter diagrams, histograms, control charts, Pareto charts, check sheets, and stratification.
These tools help workers effectively improve the quality of the business process and identify cause and effect relationships.
Scatter diagrams are useful for analyzing relationships between quality defects and possible causes.
They can help implement focused solutions for better outcomes.
Histograms are quality control tools used to analyze and interpret data behavior.
They represent frequency distribution of data among different groups of a sample.
Each bar in a histogram represents a group, while the height of the bar represents the frequency of data within that group.
Histograms are helpful when breaking down the frequency of data into categories.
Control charts help determine if a process is stable and predictable.
They use a central line to depict an average or mean, as well as upper and lower control limits.
Historical data is compared to current data to determine if a process is controlled or affected by specific variations.
Quality professionals use these tools to manage and improve quality.

Description

Test your knowledge of value chain analysis and quality control tools with this informative quiz! From understanding the primary and support activities in a value chain to identifying the seven quality control tools for process improvement, this quiz will challenge your understanding of these important business concepts. Whether you're a business owner, manager, or quality professional, this quiz is a great way to assess your knowledge and learn more about these essential tools for success. So, put your thinking cap on and take the quiz now!