Operations & Supply Chain Management
Master the Essentials of Operations & Supply Chain Management
Test your knowledge and skills in operations and supply chain management with our comprehensive quiz! This quiz includes 50 carefully crafted questions covering key concepts, strategies, and techniques essential for professionals in the field.
Take on the challenge to evaluate your expertise and enhance your understanding:
- 50 Multiple Choice Questions
- Instant Results and Feedback
- Perfect for Students and Professionals
Which of the following is most likely to be the order winner in the early stages of a product’s life cycle?
Quality
Design
Support
Price
Measurements that focus on plant and/or machine utilisation promote which of the following? I. Buying excessive amounts of raw material II. Building finished goods inventories III. Delaying preventative maintenance
III only
I & II only
II & IIII only
I, II, and III
Which of the following will have the greatest influence on. An employee’s evaluations and promotions
Product Output
Setup Time
Problem Solving Skills
Performance to Standard
All of the following are process analysis tools EXCEPT
Flow charts
Process control charts
Critical path method
Scatter diagrams and correlations
A master production schedule should be loaded to a level that is
Equal to the sales forecast
Equal to the sales orders
No greater than what has been produced in the past
No greater than what can realistically be produced
A make-to-order manufacturing company would like to cut its backlog from four months to two months. If annual demand is 120 units, the production plan this year should be how many units?
100
120
140
160
If a forecast is understated, which of the following will underestimated? Capacity Shop Load Component needs
II only
III only
I and II only
II and III only
Business Policy is concerned with all these aspects EXCEPT.
Functions and responsibilities of management
Determination of the future course of action
Moulding the character and identity organisation
Mobilisations of resources to achieve goals
In simplified terms, strategy is
The methods to mobilise resources
The process of setting objectives
The best course of action
The means to achieve objectives
One disadvantage of the concept of strategy is that it tends to oversimplify things. Another disadvantage could be
Strategy cannot be formulated in times of high uncertainty
Strategy is too sophisticated to apply to small firms
Strategy commits firms to a predetermined course of action
Strategy is an abstract concept not easy to apply in practice
Strategic management is a dynamic process. By being dynamic is meant all of these EXCEPT
It is an active e and organic process
It is continually evolving, iterative process
It is an ordered and systematic process
It is a continually evolving mosaic of activities
Which of these phases ends with the preparation of a strategic plan?
Strategic intent
Strategic formulation
Strategy implantation
Strategy evaluation
A forecast is typically more accurate for
Groups of items rather than for invidiual items
Daily rather than monthly periods of times
Physical units rather than monetary units
Far out in the future rather than nearer time periods
Owners equity is
Revenue less liabilities
Revenue less expenses
Assets less liabilities
Assets less expenses
Which of the following is most consistent with ABC analysis. And control?
All items should have the same level of control
A small number of items account for a large proportion of annual sales value
Items need tight control
Perpetual inventory records are required for all items
Which of the following statements is a characteristic of a Competitive advantage?
A competitive advantage is derived from deliberate national policies
A competitive advantage is difficult for competitors to imitate
) A competitive advantage is also known as a country-specific advantage
A competitive advantage includes acquired resources, such as labour
Which of the following statements would be supported by Michael Porter?
economic prosperity depends on inherited national advantages
Company structure inhibits creativity and competition
Excessive competition drives local firms to rival nations
Rivalry among industry competitors spurs innovation
Which of the following is NOT an element of the Diamond Model of Michael Porter?
Firm strategy, structure and rivalry
Demand contains
Quality of production
Factor conditions
Which of the following best explains why the Japanese firm Canon relocated much of its production to China?
Low cost financial capital
Low cost labour
Access to raw materials
Lack of skilled managerial talent in home country
Technological leapfrogging can best be defined as which of the following?
Combining analog and digital technologies in the same product
Adopting new technology as soon as it is released
Bypassing certain stages of technology when upgrading to new products
) Waiting to sell new technology until it has proven market success
Which of the following terms is used to refer to the relocation of manufacturing to more cost effective locations abroad?
Protectionism
Cultural imperialism
Labour migration
Off-shoring
How do nations that lack natural or other resources compete in international business and trade?
Governments continue to encourage the export of goods and services that have been historically profitable
Competitive advantages are initiated by MNCs that manufacture products in impoverished nations
Nations create their own competitive advantages by investing in education, industry and infrastructure
National industries are created and large public works projects are initiated to create employment
The greatest amount of involvement in a foreign market comes through which of the following?
Exporting
Joint Venturing
Licensing
Direct investment
A person within a reference group who, because of special skills, knowledge, personality exerts influence on others is a
Facilitator
Reference actor
Opinion leader
Social role player
Which of the following best describes changes in an individual’s behaviour arising from experience?
Modelling
Motivation
Perception
Learning
When an international seller sells a plant, equipment or technology to another country and agrees to take payment in the resulting products, it is called.
Barter
Buy0back
Counter purchase
Like value exchange
The stage in the product life cycle that focuses on expanding market and creating product awareness and trial is the
Decline stage
Maturity stage
Introduction stage
Growth stage
The practice of adopting policies and developing strategies that both sustain the environment and produce profit for the company is known as
Environmentalism
Consumer accountability
Consumerism
Environmental sustainability
Which type of promotion strategy calls for using the sales force and trade promotion to move the product through channels
A push strategy
A pull strategy
A blocking strategy
An integrated strategy
A retail store that carries a narrow product line with a deep assortment within that line is called
A shopping goods store
A convenience store
A speciality store
A department store
The purpose of strategic planning is to find ways in which the company can best
Overcome losses
Use its strengths to take advantage of attractive opportunities in the environment
Avoid paying taxes
Avoid c mostly R&D while still getting benefits
Mission statements should be all of the following EXCEPT
Market orientated
A statement of recent achievements
Motivating
Based on distinctive competencies
A price reduction to buyers who buy in large volumes is called
Trade discount
Cash discount
Quantity discount
Seasonal discount
R&D and engineering first produce the product concept into a physical product during which of the following stages of new product development process
Concept development and testing
Marketing strategy
Business analysis
Product development
The primary reason that many companies work to become the “low-cost producers” in an industry is because they can
Generate more advertising
Set lower prices that result in greater sales and profits
Gain tax advantages
Please top management
All of the following are commonly recognised promotion budget formats EXCEPT
The affordable method
The percentage of sale method
The LIFO method
The objective and task method
When a company reviews sales, costs and profit projections for a new product to find out whether these factors satisfy the company’s objectives, they are in which of the following new process development stages?
Concept development and testing
Commercialisation
Business analysis
Marketing strategy development
A product’s sales and profits over its lifetime is called?
The sales chart
The dynamic growth curve
The adoption cycle
The product life cycle
When producers, wholesalers and retailers act as a unified system, they comprise a
Conventional marketing system
[ower based marketing system
Horizontal marketing system
Vertical marketing system
All of the following factors can affect the attractiveness of a market segment EXCEPT
The presence of many and aggressive competitors
The likeliehood of government monitoring
Actual or potential substitute products
The power of buyers in segment
The practice of going after a large share of a smaller market or subsets of a few markets is called
Undifferentiated marketing
Differentiated marketing
Concentrated marketing
Turbo marketing
Costs that do not vary with production or sales levels are called
Fixed costs
Variable costs
Standard costs
Independent costs
He basic means by which a company competes – its choice of business in which to operate and the ways it differentiates itself from its competitors is called its
Policy
Procedure
Strategy
Process
Strategic planning is usually done by
CEO and senior management team
By employees who submit plans to supervisors
Middle managers who both know the workers and the lower level staff
The stock holders
The first phase of the strategic management process starts with the company
Doing a SWOT anailysis
Determining what its mission and objectives are
Conducting an environment assessment
Completing environmental scanning
The internal analysis focuses on the company's
Mission
Past strategy
Future strategy
Resources and operations
The cost of operating a subsidiary in EU is high due to
High labour cost
High taxation
Harmonisation codes that have to be adhered to
All of the above
Public companies that undertake investment projects with a positive NPV will serve the best interests of all their shareholders, even if using cash for current investment projects prevents the payment of a dividend.
The statement is false
The statement is true
Is it is not possible to say if it is true or false
If a product has fixed costs of $24,000 and variable costs of $6 per unit, a selling price of $8 per unit will result in a breakeven point of
6,000 units
4,000 units
3,000 units
2,000 units
Which of the following statements about forecasts is FALSE
Only independent demand needs to be forecast
Forecasting may involve the historic use of historic data
Forecasts are always accurate
Forecasts require an element of judgement
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