Operations Management Quiz # 2

This means offering a product at a low price relative to the prices of competing products.

• Cost

• Quality

• Time

• Flexibility

Refers to performing operations tasks well, even better than competitors.

• Competitive Priorities

• Operational Efficiency

• Business Strategy

• Goods and Services Consistency

Companies in all industries are competing to deliver high-quality products in as short a time as possible. Making this a competitive priority means competing based on all time-related issues.

• Cost

• Quality

• Time

• Flexibility

The need to focus more on one competitive priority than on others.

• Competitive Priorities

• Core Competencies

• Trade Offs

• Operational Efficiency

The long-range plan of a business, designed to provide and sustain shareholder value.

• Business Strategy

• Operations Strategy

• Operational Efficiency

• Core Competencies

Refers to how often deliveries are made on time.

• Guaranteed Delivery

• On-Time Delivery

• Rapid Delivery

• Expedited Delivery

Refers to the competitive priorities that help a company win orders in the market.

• Goods and Services Consistency

• Order Qualifiers

• Operations Strategy

• Order Winners

The process of monitoring the external environment, threats and opportunities of the business.

• Mission

• Environmental Scanning

• Core Competencies

• Operations Strategy

A changing pattern that includes changes in customer wants and expectations and ways in which competitors are meeting those expectations.

• Marketplace trends

• Economic trends

• Political trends

• Social trends

It defines the company by knowing exactly the business you are in, the customers you are serving, and what your company’s values are.

• Core Values

• Vision

• Mission

• Core Competencies