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SMR Test Yourself

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Strategic Management of Resources

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  1. Question 1 of 30
    1. Question

    A company strategy generally begins with a mission statement which is a

    Correct

    A mission statement provides a broad statement regarding what business the firm is in. The broad statement provides great latitude regarding the company’s business

    Incorrect

    A mission statement provides a broad statement regarding what business the firm is in. The broad statement provides great latitude regarding the company’s business

  2. Question 2 of 30
    2. Question

    All of the following are functional strategies which are needed to support the corporate strategy except

    Correct

    The four major types of strategies are: financial strategy, product development strategy, operations strategy, marketing strategy. The quality strategy would be in support of several major strategies

    Incorrect

    The four major types of strategies are: financial strategy, product development strategy, operations strategy, marketing strategy. The quality strategy would be in support of several major strategies

  3. Question 3 of 30
    3. Question

    Environmental scanning is used to:

    Correct

    Environmental scanning is used to identify external forces which can be threatening to the company or provide opportunities for the company. Strengths and weaknesses are an internal assessment and would not be part of environmental scanning.

    Incorrect

    Environmental scanning is used to identify external forces which can be threatening to the company or provide opportunities for the company. Strengths and weaknesses are an internal assessment and would not be part of environmental scanning.

  4. Question 4 of 30
    4. Question

    A lead capacity strategy is best used by a company which pursues which of the following competitive advantages?

    Correct

    A firm which pursues the lead capacity strategy adds capacity before it is needed. This ensures that extra capacity will be available. While this will add additional cost to the operation, it also adds flexibility and delivery speed. This is especially important during growth periods when the firm can take market share.

    Incorrect

    A firm which pursues the lead capacity strategy adds capacity before it is needed. This ensures that extra capacity will be available. While this will add additional cost to the operation, it also adds flexibility and delivery speed. This is especially important during growth periods when the firm can take market share.

  5. Question 5 of 30
    5. Question

    All of the following are major categories of infrastructure EXCEPT

    Correct

    Infrastructure decisions are centered around three major categories: workforce involvement: number and types of people, skill set, level of empowerment, organizational design: number of levels, centralized or decentralized, matrix or not, major organizational systems: quality, information and manufacturing planning and control systems

    Incorrect

    Infrastructure decisions are centered around three major categories: workforce involvement: number and types of people, skill set, level of empowerment, organizational design: number of levels, centralized or decentralized, matrix or not, major organizational systems: quality, information and manufacturing planning and control systems

  6. Question 6 of 30
    6. Question

    In a horizontal organization, the focus of senior managers should be

    Correct

    In a horizontal organization, decision making is spread out to the local operating units. As such, operating decisions are made at the local level. In this type of organization, fast decisions and flexibility are necessary in order to remain competitive. In this type of organization, senior managers must focus on removing the obstacles which impede decision making and ensure that decisions are made with the speed and flexibility required.

    Incorrect

    In a horizontal organization, decision making is spread out to the local operating units. As such, operating decisions are made at the local level. In this type of organization, fast decisions and flexibility are necessary in order to remain competitive. In this type of organization, senior managers must focus on removing the obstacles which impede decision making and ensure that decisions are made with the speed and flexibility required.

  7. Question 7 of 30
    7. Question

    Corporate strategy links the corporation with its environment at the highest level. Because corporate strategy is defined at the highest level it is inherently vague but must embody the essential elements for the corporation to thrive. This corporate strategy can be described as a

    Correct

    A corporate mission or philosophy is able to define what the corporation’s mission or operating philosophy is. It is intentionally vague (e.g. “safe” products, respect for employees, community involvement) to allow senior managers the ability to adjust plans within the definition of the corporate strategy. The corporate mission also defines for employees the framework by which the company will operate. Unfortunately, in many companies these strategies are not explicitly defined.

    Incorrect

    A corporate mission or philosophy is able to define what the corporation’s mission or operating philosophy is. It is intentionally vague (e.g. “safe” products, respect for employees, community involvement) to allow senior managers the ability to adjust plans within the definition of the corporate strategy. The corporate mission also defines for employees the framework by which the company will operate. Unfortunately, in many companies these strategies are not explicitly defined.

  8. Question 8 of 30
    8. Question

    Vertical integration can be defined as

    Correct

    Businesses that are vertically integrated generally own a portion or all of the supply chain. They may also own the value chain up to the customer. They tend to believe that the vertical integration provides them with a competitive edge over competitors who must source their raw materials from suppliers. A good example of vertical integration would be an automotive manufacturer that owns an electronic assembly plan, a battery maker and several dealerships.

    Incorrect

    Businesses that are vertically integrated generally own a portion or all of the supply chain. They may also own the value chain up to the customer. They tend to believe that the vertical integration provides them with a competitive edge over competitors who must source their raw materials from suppliers. A good example of vertical integration would be an automotive manufacturer that owns an electronic assembly plan, a battery maker and several dealerships.

  9. Question 9 of 30
    9. Question

    Horizontal diversification can be best defined as

    Correct

    Horizontal diversification is the affiliation of the business with unrelated products/services. This would be commonly known as the corporate conglomerate. An example of this would be General Electric which has seemingly disparate businesses such as power transformers, medical equipment, jet engines, television network and finance.

    Incorrect

    Horizontal diversification is the affiliation of the business with unrelated products/services. This would be commonly known as the corporate conglomerate. An example of this would be General Electric which has seemingly disparate businesses such as power transformers, medical equipment, jet engines, television network and finance.

  10. Question 10 of 30
    10. Question

    For an organization to be properly aligned, all operational strategies must be derived from the

    Correct

    The business strategy of a firm is the sum of the individual strategies of its component functions. For an organization to be aligned, all operational strategies, including the manufacturing strategy, must be derived from the business plan

    Incorrect

    The business strategy of a firm is the sum of the individual strategies of its component functions. For an organization to be aligned, all operational strategies, including the manufacturing strategy, must be derived from the business plan

  11. Question 11 of 30
    11. Question

    Typically, strategic drivers for a manufacturing strategy will include all of the following EXCEPT

    Correct

    The drivers for a manufacturing strategy are cost, quality, performance, delivery, flexibility, innovativeness, and channels. Different drivers will be necessary for the different products or channels

    Incorrect

    The drivers for a manufacturing strategy are cost, quality, performance, delivery, flexibility, innovativeness, and channels. Different drivers will be necessary for the different products or channels

  12. Question 12 of 30
    12. Question

    Firms of the future must be organized differently than those traditionally organized hierarchically. All of the following traits must be exhibited in future companies EXCEPT

    Correct

    Manufacturing companies of the future must be highly focused, have a shared vision of the future, be flatter, build around the adage “plan for change and manage for stability” and be highly integrated

    Incorrect

    Manufacturing companies of the future must be highly focused, have a shared vision of the future, be flatter, build around the adage “plan for change and manage for stability” and be highly integrated

  13. Question 13 of 30
    13. Question

    A company has the objective of getting the right product, in the right quantity, at the right time, at the lowest total cost to the customer. In order to accomplish this, which of the following needs to be established?

    Correct

    Global Logistics Systems address the strategic and tactical issues of availability and lowest total cost while meeting customers operational expectations for timely and accurate delivery of defect free goods

    Incorrect

    Global Logistics Systems address the strategic and tactical issues of availability and lowest total cost while meeting customers operational expectations for timely and accurate delivery of defect free goods

  14. Question 14 of 30
    14. Question

    As a strategy, there are many good arguments for outsourcing certain operations. Which of the following is a good reason for outsourcing?

    Correct

    In setting a strategic decision, companies should focus on these operations and functions which are core to their product or service. Core competencies are those functions which the customer is willing to pay the company for. While an operation may not be competitive, it does not mean that it should be outsourced. It may mean that the company must find ways to be more competitive. If it finds that it can’t, it may require that the function be outsourced.

    Incorrect

    In setting a strategic decision, companies should focus on these operations and functions which are core to their product or service. Core competencies are those functions which the customer is willing to pay the company for. While an operation may not be competitive, it does not mean that it should be outsourced. It may mean that the company must find ways to be more competitive. If it finds that it can’t, it may require that the function be outsourced.

  15. Question 15 of 30
    15. Question

    The most fundamental question to ask in order to determine the strategic importance of a customer or product is which of the following?

    Correct

    Strategic importance is a measure of a customers’ product’s or services’s long-term contribution to the business, which includes but also supersedes the financial meaning of the term. Asking the question “What does the organization do best?” and getting a clear answer to that question is the beginning of the renewal process.

    Incorrect

    Strategic importance is a measure of a customers’ product’s or services’s long-term contribution to the business, which includes but also supersedes the financial meaning of the term. Asking the question “What does the organization do best?” and getting a clear answer to that question is the beginning of the renewal process.

  16. Question 16 of 30
    16. Question

    When implementing any improvement strategy, there are two major problems which need to be addressed. Which of the following is one of those obstacles?

    Correct

    The two biggest problems facing the implementation of any improvement strategy are:

    1. Conflicting interpretations of the business goals as they relate to various functional groups. We might even disagree on whether we need to change anything
    2. Uncoordinated choosing and implementation of specific changes
    Incorrect

    The two biggest problems facing the implementation of any improvement strategy are:

    1. Conflicting interpretations of the business goals as they relate to various functional groups. We might even disagree on whether we need to change anything
    2. Uncoordinated choosing and implementation of specific changes
  17. Question 17 of 30
    17. Question

    Which of the following management structures will be needed in the future in order to globally compete?

    Correct

    The “flat” organization will have a reduced number of management layers and will place responsibility at the lower levels of the organization. Decision making will be quicker, as will customer response.

    Incorrect

    The “flat” organization will have a reduced number of management layers and will place responsibility at the lower levels of the organization. Decision making will be quicker, as will customer response.

  18. Question 18 of 30
    18. Question

    With the advance of technology in the factory, cost accounting systems traditional approaches are outdated because:

    I. Overhead is absorbed based on labor

    II. Important costs, such as quality defects are not adequately tracked

    III. Overproduction is rewarded

    Correct

    In a plant of “high-tech” equipment, labor could have little direct contribution to production. Determining overhead on this basis would be irrelevant. Overproduction can provide transient profits by inflating ending inventory and “absorbing” cost incorrectly

    Incorrect

    In a plant of “high-tech” equipment, labor could have little direct contribution to production. Determining overhead on this basis would be irrelevant. Overproduction can provide transient profits by inflating ending inventory and “absorbing” cost incorrectly

  19. Question 19 of 30
    19. Question

    A new work team established in your factory starts working on a project with you, as management, believe is of little consequence to your business. You should

    Correct

    New work teams will work on seemingly frivolous projects to learn the process. These projects are important to the team and management may not be in touch with the business. As the process develops, the team will be more comfortable with bigger projects.

    Incorrect

    New work teams will work on seemingly frivolous projects to learn the process. These projects are important to the team and management may not be in touch with the business. As the process develops, the team will be more comfortable with bigger projects.

  20. Question 20 of 30
    20. Question

    Which of the following will provide competitive advantage for manufacturers?

    I. Shorter lead times than the competition

    II. Greater capacity to produce than others

    III. Products with the best quality

    IV. Highest delivery reliability

     

    Correct

    Generally, having excess production capacity would produce extra costs not necessary to compete. Having greater capacity does not mean greater flexibility to compete, which would be an advantage

    Incorrect

    Generally, having excess production capacity would produce extra costs not necessary to compete. Having greater capacity does not mean greater flexibility to compete, which would be an advantage

  21. Question 21 of 30
    21. Question

    Some companies use technology to lead their industries. Their approach to technology differs from technology followers. Which of the following would describe technology leaders?

    I. They try to gain technology advances to provide maximum advantage

    II. They attempt to maximize use of existing technologies

    III. They look beyond short-term results

    Correct

    Technological leaders tend to try to advance technology, thus causing current technology to be obsolete, providing them with an advantage

    Incorrect

    Technological leaders tend to try to advance technology, thus causing current technology to be obsolete, providing them with an advantage

  22. Question 22 of 30
    22. Question

    When measuring an organization’s flexibility, which of the following would be used?

    Correct

    The measure of flexibility is directly related to the number of different jobs employees can perform. This allows the company to do more with the existing workforce

    Incorrect

    The measure of flexibility is directly related to the number of different jobs employees can perform. This allows the company to do more with the existing workforce

  23. Question 23 of 30
    23. Question

    Activity based costing (ABC) is different from other costing methods because it

    Correct

    Under ABC costing, costs are accumulated based on the activities performed and then it uses cost drivers to allocate the overhead to products, customers, markets, etc. Activity-Based Costing really tries to allocate overhead based on something more realistic than labor or machine hours

    Incorrect

    Under ABC costing, costs are accumulated based on the activities performed and then it uses cost drivers to allocate the overhead to products, customers, markets, etc. Activity-Based Costing really tries to allocate overhead based on something more realistic than labor or machine hours

  24. Question 24 of 30
    24. Question

    If a purchasing department is going to attempt to improve the delivery reliability of the supplier base, which of the following techniques could be used?

    Correct

    Providing long-term contracts to suppliers, especially if they are single sourced, will provide the suppliers with confidence in the company’s commitment to them. This will make them more responsive to the needs of the company. While EDI, MRP reports, and improved relations will help, nothing compares to the commitment of a long term contract

    Incorrect

    Providing long-term contracts to suppliers, especially if they are single sourced, will provide the suppliers with confidence in the company’s commitment to them. This will make them more responsive to the needs of the company. While EDI, MRP reports, and improved relations will help, nothing compares to the commitment of a long term contract

  25. Question 25 of 30
    25. Question

    When implementing a statistical process control system, which of the following is critical for success?

    Correct

    In order for SPC to be successful, the operators need to understand what to do when variations from the norm begin to appear. They do not need to know the mathematics behind the chart, as software can be used

    Incorrect

    In order for SPC to be successful, the operators need to understand what to do when variations from the norm begin to appear. They do not need to know the mathematics behind the chart, as software can be used

  26. Question 26 of 30
    26. Question

    According to the volume-variety matrix, companies which have low variety and high volume are best suited to which of the following manufacturing environments?

    Correct

    The volume-variety matrix shows the relationship between the variety of products and the volume of products. Companies which have a low variety and a high volume would have a continuous manufacturing process. Companies which have this type of manufacturing would be oil refiners or chemical processors. These companies operate a continuous process around the clock.

    Incorrect

    The volume-variety matrix shows the relationship between the variety of products and the volume of products. Companies which have a low variety and a high volume would have a continuous manufacturing process. Companies which have this type of manufacturing would be oil refiners or chemical processors. These companies operate a continuous process around the clock.

  27. Question 27 of 30
    27. Question

    Reducing which of the following is an element of the JIT approach?

    Correct

    Reducing queue times is an element in the Just-in-Time approach. This improves cycle times and reduces inventory levels as product is not sitting in a queue. Reduction in inventory levels is a result, not an element of the JIT approach. A Total Quality Management approach would include reducing defects and quality costs.

    Incorrect

    Reducing queue times is an element in the Just-in-Time approach. This improves cycle times and reduces inventory levels as product is not sitting in a queue. Reduction in inventory levels is a result, not an element of the JIT approach. A Total Quality Management approach would include reducing defects and quality costs.

  28. Question 28 of 30
    28. Question

    Which of the following best describes the concept, total cost of ownership, of the supply system?

    Correct

    The total cost of ownership of the supply system is the total of all the costs associated with every activity of the supply stream. The acquisition costs tend to be a small portion of the total cost. Some of the indirect costs include inspection, handling, warehousing, insurance, etc.

    Incorrect

    The total cost of ownership of the supply system is the total of all the costs associated with every activity of the supply stream. The acquisition costs tend to be a small portion of the total cost. Some of the indirect costs include inspection, handling, warehousing, insurance, etc.

  29. Question 29 of 30
    29. Question

    Which of the following is the best reason to establish an alliance with another company in the supply chain?

    Correct

    If the alliance is to be successful, it has to be beneficial for both companies. Both companies should except their performance to improve be helping each other

    Incorrect

    If the alliance is to be successful, it has to be beneficial for both companies. Both companies should except their performance to improve be helping each other

  30. Question 30 of 30
    30. Question

    Which of the following will most likely reduce the cost of new product development?

    Correct

    During a development project, many activities can be done by overlapping the activities. This eliminates the need to wait until one sequence of steps are done before moving to the next sequence of steps. This cuts the waiting time. Cross functional teams can sometimes move faster than traditional projects; however, the consensus process of teams usually will take longer to make decisions.

    Incorrect

    During a development project, many activities can be done by overlapping the activities. This eliminates the need to wait until one sequence of steps are done before moving to the next sequence of steps. This cuts the waiting time. Cross functional teams can sometimes move faster than traditional projects; however, the consensus process of teams usually will take longer to make decisions.

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