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Strategic Management of Resources
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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
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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
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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.
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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.
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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
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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.
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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.
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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.
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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.
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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
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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
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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
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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
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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.
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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.
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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:
- Conflicting interpretations of the business goals as they relate to various functional groups. We might even disagree on whether we need to change anything
- Uncoordinated choosing and implementation of specific changes
Incorrect
The two biggest problems facing the implementation of any improvement strategy are:
- Conflicting interpretations of the business goals as they relate to various functional groups. We might even disagree on whether we need to change anything
- Uncoordinated choosing and implementation of specific changes
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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.
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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
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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.
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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
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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
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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
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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
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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
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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
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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.
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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.
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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.
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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
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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.