ACC5044-Week 9

What are the main activities concerned with in Operations?

• Marketing and sales

• Acquisition of raw materials, their conversion into finished products, and supply to the customer

• Human resource management

• Financial investment decisions

What does Porter's Value Chain model focus on?

• Traditional functions such as operations or finance

• Activities that add value and drive costs

• Only the supply chain management

• Only the customer service aspect

When is margin (profit) achieved according to Porter's Value Chain?

• When the customer pays less than the sum of all activities in the value chain

• When the customer pays exactly the sum of all activities in the value chain

• When the customer is willing to pay more for the product/service than the sum of all activities in the value chain

• When the product/service is produced at the lowest possible cost

What are Critical Success Factors (CSFs) in the context of business strategy?

• Measures that indicate whether strategic objectives are being met.

• The vital areas where things must go right for the business to achieve strategic objectives.

• Financial indicators used by the CFO.

• Objectives set by the operations team.

What are Key Performance Indicators (KPIs)?

• The measures that indicate whether or not the CSFs are being achieved.

• The financial goals for organizational growth.

• The strategic plans made by the supply chain leader.

What is the role of the finance function in the performance management of the operations function?

• To establish appropriate KPIs and take corrective actions if necessary.

• To manage the supply chain without the use of KPIs.

• To solely focus on financial reporting without influencing operations.

• To implement a performance management approach without a complete view of all supply chain activities.

What is the primary role of technology and automation according to the text?

• To replace finance professionals

• To assemble 'clean' data and analyze it

• To manage the supply chain

• To conduct PESTEL analysis

How is marketing defined by the Chartered Institute of Marketing (CIM)?

• The process of promoting and selling products or services

• The management process that identifies, anticipates, and supplies customer needs efficiently and profitably

• The creative planning of business advertisements

• The analysis of consumer behavior and market trends

What does the macro-environment include according to the text?

• All the factors that an organisation can control

• The internal factors within an organisation

• All the factors that influence an organisation but are outside of their control

• The marketing strategies developed by an organisation

What is a popular technique for analyzing the macro environment?

• SWOT analysis

• PESTEL analysis

• Porter's Five Forces

• Balanced Scorecard