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Exam 1: Introduction to Operations and Supply Chain Management

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Question 1

Multiple Choice

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When probabilities can be assigned to the occurrence of states of nature in the future, the situation is referred to as

A) decision making under risk.
B) decision making under certainty.
C) decision making under uncertainty.
D) none of the above.

E) C) and D)
F) None of the above

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A

Question 2

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A sequential decision tree is a graphical method for analyzing decision situations that require a sequence of decisions over time.

A) True
B) False

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Question 3

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All of the following are responsibilities of operations managers except

Discuss how and why businesses operate globally and the rolesand the roles China and India play in the current global market.

The production system that prizes flexibility over efficiency and quality over quantity is known as

An order qualifier is a customer criterion that wins the order.

The major factors impacting globalization of the supply chain include all the following except

Operations management designs, operates, and improves productive systems.

Operations research is concerned with the systematic analysis of work methods.

The transformation process associated with health care is best described as

A small parts manufacturer has just engineered a new product for the automotive industry. In order to produce the part the company can expand existing facilities, acquire a competitor, or subcontract production. The company believes the product will either experience high market demand or low market demand, with probabilities of 0.6 and 0.4, respectively. The following payoff table describes the company's decision situation: The expected value for the expand facilities decision is

A nation's productivity is unrelated to its standard of living.

Positioning is a step in strategy formulation that compares core competencies and order winners.

A warehouse operation is an example of a physical transformation process.

The most widely used decision-making criterion for situations with risk is expected value.

The outcome of a decision in referred to as a payoff.

The set of activities that create and deliver products to the customer is known as the supply chain.

The systematic analysis of work methods is known as scientific management.

A family business is considering making an investment in its manufacturing operation. Three decisions are under consideration: (1) a large investment; (2) a medium investment; and (3) a small investment. The business believes that there are three possible future outcomes for its product: (1) increasing demand; (2) stable demand; and (3) decreasing demand. The business believes that the probability for increasing, stable and decreasing product demand are 0.4, 0.5, and 0.1, respectively. The following payoff table describes the decision situation: If the expected value criterion is used then the best decision would be to

Productivity increases enable a nation to raise its standard of living.