Question 1

Which of the following is a measure of operations and supply management efficiency used by Wall Street?

Accepted Answer

Receivable turnover is a measure of how quickly a company collects payments from customers. A high receivable turnover ratio is generally seen as a positive sign of efficient operations and supply management, as it indicates that the company is able to quickly convert its sales into cash. This measure is closely watched by Wall Street analysts and investors as it provides insight into the company's ability to manage its cash flow effectively. The other options listed are not directly related to operations and supply management efficiency.

Question 2

_____ involves processes for receiving worn-out, defective, and excess products back from customers and support for customers who have problems with delivered products.

Accepted Answer

Returning involves processes for receiving worn-out, defective, and excess products back from customers and support for customers who have problems with delivered products.

Question 3

One of the "package of features" that make up a service is:

Accepted Answer

Facilitating goods are one of the package of features that make up a service. These are the physical goods that are required to provide the service, such as equipment, tools, and supplies. For example, a hairstylist needs scissors, combs, hairdryers, and other tools to provide the service of haircuts.

Question 4

The correct order in the good-services continuum is

Accepted Answer

The correct order in the good-services continuum is based on the level of tangibility, with pure goods being the most tangible and pure services being the least tangible. Therefore, the correct order is pure goods, core goods, core services, and pure services. Choice D is the only option that follows this correct order.

Question 5

Which of the following is not a "Core Service"?

Accepted Answer

The three core services are transportation, accommodation, and food and beverage. Universities do not fall under any of these categories.

Question 6

_____ consists of the processes needed to operate an existing supply chain strategically.

Accepted Answer

Strategic operation of an existing supply chain involves planning to optimize the processes within it. Sourcing, making, delivering, and returning are parts of the supply chain operations that need to be planned effectively.

Question 7

This concept aggressively seeks to eliminate causes of production defects.

Accepted Answer

Total quality control focuses on identifying and eliminating causes of defects in production processes to ensure high quality in the final product.

Question 8

_____ is where carriers are picked to move products to warehouses and customers, coordinate and schedule the movement of goods and information through the supply network, develop and operate a network of warehouses, and run the information systems.

Accepted Answer

The delivering function involves coordinating the movement of goods and information through the supply network, choosing carriers to move products, operating warehouses, and managing information systems to monitor and track the delivery process.

Question 9

What is known as managing the entire organization so it excels in all dimensions of products and services important to the customer?

Accepted Answer

Total quality management (TQM) is a comprehensive approach to managing an organization that aims to improve the quality of products and services through continuous improvement and customer satisfaction. TQM involves managing all aspects of an organization to ensure it excels in all dimensions that are important to the customer. Manufacturing strategy, just-in-time, and lean manufacturing are all manufacturing-focused approaches, while total quality control is only focused on controlling the quality of the output.

Question 10

Which of the following is not a measure of operations and supply chain management efficiency used by Wall Street?

Accepted Answer

Earnings per share is a financial measure used to evaluate a company's profitability, but it is not directly related to operations and supply chain management efficiency. The other measures listed (inventory turnover, revenue per employee, receivable turnover, and asset turnover) are commonly used by Wall Street to evaluate a company's operational efficiency and effectiveness.

Question 11

The goods-services continuum consists of which set of the following categories?

Accepted Answer

The goods-services continuum consists of four categories: pure goods (tangible products), core goods (products that have additional services attached to them), core services (intangible services with few product elements), and pure services (completely intangible services with no product elements).

Question 12

Inventory turnover measures:

Accepted Answer

Inventory turnover measures both liquidity and the efficiency of turning inventory into sales. It shows how quickly a company is able to sell its inventory and generate revenue, while also indicating how easily the company can convert that inventory to cash if needed.

Question 13

This philosophy is an integrated set of activities designed to achieve high-volume production using minimal inventories of parts that arrive exactly when they are needed.

Accepted Answer

Just-in-time (also known as JIT) is a manufacturing philosophy that emphasizes producing only what is needed, when it is needed, and in the amount needed, in order to minimize waste and maximize efficiency. This approach relies on a highly synchronized system of production, scheduling, inventory management, and supplier partnerships to deliver materials and components exactly when they are needed to support the production process. JIT is often associated with the Toyota Production System and is a key component of lean manufacturing.

Question 14

All other things remaining the same, if the sales revenue increases, asset turnover ratio will

Accepted Answer

Asset turnover ratio is calculated by dividing sales revenue by total assets. Therefore, if sales revenue increases while total assets remain the same, the asset turnover ratio will increase. This is because the numerator (sales revenue) has increased while the denominator (total assets) has remained constant.

Question 15

What is the term that emphasizes how a factory's capabilities could be used strategically to gain advantage over a competing company?

Accepted Answer

The term that emphasizes how a factory's capabilities could be used strategically to gain advantage over a competing company is manufacturing strategy. It is the overall plan for using production resources to create a product or service, taking into account decisions about quality, cost, flexibility, and speed. By developing a strong manufacturing strategy, a company can effectively utilize its factory's capabilities to gain a competitive advantage. Just-in-time, total quality control, lean manufacturing, and total quality management are all related concepts but do not specifically address strategic advantage in manufacturing.

Question 16

This philosophy seeks to achieve high customer service with minimum levels of inventory investment.

Accepted Answer

The answer of This philosophy seeks to achieve high customer...

Question 17

_____ is where the major product is produced or the service provided.

Accepted Answer

The "Making" stage of the supply chain is where the major product is produced or the service provided. This stage includes activities such as manufacturing, assembling, and testing the product or performing the service.

Question 18

_____ involves the selection of suppliers that will deliver the goods and services needed to create the firm's product.

Accepted Answer

Sourcing involves selecting suppliers to provide the necessary goods and services for a company's product. Planning involves creating a strategy and setting objectives, making involves the production process, delivering involves getting the product to the customer, and returning involves dealing with any returns or defects in the product.

Quiz 1: Introduction