Operations Management Home work practice: $1.$ What is the primary objective of Operations Management? a$)$ Maximizing shareholder wealth b$)$ Efficiently producing goods and services c$)$ Increasing marketing reach d$)$ Reducing financial liabilities $2.$ Which of the following is NOT a key function of Operations Management? a$)$ Quality management b$)$ Supply chain management c$)$ Financial auditing d$)$ Inventory control $3.$ What does "JIT" stand for in inventory management? a$)$ Just$-$In$-$Time b$)$ Job$-$In$-$Transit c$)$ Joint Inventory Tracking d$)$ Justified Inventory Transfer $4.$ Which quality management approach focuses on continuous improvement? a$)$ Six Sigma b$)$ Kaizen c$)$ TQM $($Total Quality Management$)$ d$)$ All of the above $5.$ What is the primary goal of Lean manufacturing? a$)$ Minimizing waste b$)$ Reducing lead time c$)$ Maximizing throughput d$)$ All of the above $6.$ What is the "economic order quantity $($EOQ$)"$ model used for? a$)$ To determine the optimal production quantity b$)$ To minimize the total cost of inventory c$)$ To calculate the optimal reordering point d$)$ To estimate the demand for a product $7.$ Which of the following is NOT a type of inventory? a$)$ Raw materials b$)$ Work$-$in$-$process c$)$ Finished goods d$)$ Transportation $8.$ What does MRP stand for in production planning? a$)$ Material Review Plan b$)$ Maximum Resource Planning c$)$ Material Requirements Planning d$)$ Maximum Resource Projection $9.$ In a production process, which of the following is a major source of variability? a$)$ Demand forecasts b$)$ Employee performance c$)$ Machine breakdowns d$)$ All of the above $10.$ What is "capacity planning" in operations management? a$)$ Determining the number of workers needed for production b$)$ Estimating the amount of resources required for production c$)$ Forecasting demand for products d$)$ Managing production costs $11.$ Which of the following is an example of a pull system in operations management? a$)$ Kanban b$)$ Economic Order Quantity c$)$ Just$-$In$-$Time d$)$ Batch production $12.$ What is the primary benefit of implementing Total Quality Management $($TQM$)?$ a$)$ Reduced manufacturing costs b$)$ Improved product quality c$)$ Reduced employee turnover d$)$ Increased customer satisfaction $13.$ Which is a characteristic of a "process layout" in production? a$)$ Products are produced in large batches b$)$ Machines are grouped by their functions c$)$ Each product follows a predetermined path d$)$ Production is in a straight line $14.$ Which of the following strategies is used in the $$make$-$to$-$order$$ production process? a$)$ High production speed b$)$ Customized production based on specific orders c$)$ Large$-$scale batch production d$)$ Stocking products in advance $15.$ What is the "Pareto Principle" commonly used for in operations management? a$)$ Quality control b$)$ Inventory management c$)$ Identifying critical factors that contribute to problems $(80/20$ rule$)$ d$)$ Scheduling production tasks