Inconvenience-transaction cost consists of price-performance

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Reference no: EM131470958

1. Inconvenience or transaction cost consists of price and performance. True or False?

2. A firm’s ability to satisfy the dimensions of the customer’s utility is called capacity. True or False?

3. A firm can increase its profitability by:

A. increasing costs and reducing price.

B. moving away from the efficient frontier.

C. reducing inefficiencies.

D. increasing inefficiencies.

4. Operations comes from the Latin word "opus," which means:

A. activity.

B. helping people.

C. improvement.

D. work.

5. Which of the following is NOT a goal of operations management?

A. Understanding the drivers of customer utility

B. Match supply with demand

C. Make a profit while providing customers what they want

D. Provide great products at low prices to customers

6. A process with a lower scope must have different inputs and outputs than the process viewed at a high-level scope. True or False?

7. The entry rate of inputs and the exit rate of outputs in a process match at every moment. True or False?

8. Which of the following is a definition of the term "process"?

A. A set of activities that combines a collection of units.

B. A set of activities that combines a collection of supplies.

C. A set of activities that transforms a collection of outputs into inputs.

D. A set of activities that transforms a collection of inputs into outputs.

9. Which of the following is a key process metric?

A. Flow unit

B. Flow rate

C. Base unit

D. Base rate

10. Which of the following factors is relevant to Little’s Law?

A. Customer arrival times

B. Resource input time

C. Average customer flow time

D. Customer sequencing

11. Inventory is shown as ____________ in a process flow diagram.

A. boxes

B. arrows

C. spheres

D. triangles

12. The capacity of a resource determines the ___________ number of flow units that can flow through that resource per unit of time.

A. medium

B. minimum

C. average

D. maximum

13. The process is ___________ constrained when ___________ exceeds ___________ and the flow rate is equal to the demand rate. A. Demand, demand, supply

B. Capacity, supply, demand

C. Demand, supply, demand

D. Capacity, demand, supply

Reference no: EM131470958

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