COM Operations Strategy & Planning 1

Question 1

What is the first step in developing an operations strategy?

Accepted Answer

Assess market conditions

Answer

Determine financial goals

Answer

Hire new managers

Answer

Revise the product line

Question 2

Why is SWOT analysis important in operations strategy?

Accepted Answer

To evaluate operational performance

Answer

To create a competitive advantage

Answer

To assess financial stability

Answer

To decide product pricing

Question 3

What is a key factor in effective supply chain management?

Accepted Answer

Ensuring timely deliveries and quality control

Answer

Using the cheapest suppliers

Answer

Focusing only on cost reduction

Answer

Increasing product variety

Question 4

How does benchmarking help in operations planning?

Accepted Answer

It identifies gaps in performance and opportunities for improvement

Answer

It focuses on reducing employee costs

Answer

It only helps in marketing

Answer

It identifies financial weaknesses

Question 5

What role does risk management play in operations planning?

Accepted Answer

To identify and mitigate risks

Answer

To lower production costs

Answer

To avoid employee training

Answer

To improve customer satisfaction

Question 6

What is the purpose of a balanced scorecard in operations management?

Accepted Answer

To measure performance across multiple dimensions

Answer

To evaluate employee satisfaction

Answer

To track financial results only

Answer

To set product prices

Question 7

What is continuous improvement in operations management?

Accepted Answer

To improve processes and maintain competitiveness

Answer

To cut labor costs

Answer

To ensure minimal product quality

Answer

To maintain the current workflow

Question 8

Why is resource allocation crucial in operations planning?

Accepted Answer

To optimize resource use and meet production targets

Answer

To reduce operational flexibility

Answer

To minimize the quality of the output

Answer

To prioritize customer feedback

Question 9

How does capacity planning affect operations management?

Accepted Answer

By ensuring sufficient resources to meet demand

Answer

By focusing on low demand periods

Answer

By increasing overhead costs

Answer

By reducing staff during busy periods