Production management
Agile manufacturing is
a)Reducing a number of staff in a company
b) Giving workers responsibility for the quality of their own production
c) Setting up processes, tools and training to enable a company to react quickly to a client’s needs
c) Setting up processes, tools and training to enable a company to react quickly to a client’s needs
What does PESTEL stand for?
a) proof, environment, society, tool, education, line
b) policy, education, science, technique, economy, life
c) political, economic, social, technological, environmental and legal
c) political, economic, social, technological, environmental and legal
Strategic move is
a) when someone has clear ideas about actions to take for future success
b) an action with a particular purpose in relation to objectives
c)when one company buys another for strategic purposes
b)an action with a particular purpose in relation to objectives
An asset is
a) formal financial document
b)the money needed to start and continue operating a business
c)something that has value, or the power to earn money
c)something that has value, or the power to earn money
When assets such as machinery and equipment lose value over time because they wear out, or are no longer up-to-date, we speak about depreciation or amortization.
TRUE
Best – practice benchmarking is
a)Comparing the way your business operates with a standard, set by good examples in business
b)Having results that can be measured in some way
c)The aim of modern production
a)Comparing the way your business operates with a standard, set by good examples in business
What does SWAT analysis stand for?
a) Strenghts, Weaknesses, Opportunities, Threats
b)Strategy, Weaknesses, Operations, Tactics
c) Strenghts, Weaknesses, Organisations, Threats
a) Strenghts, Weaknesses, Opportunities, Threats
Strategic partnership is
a)when two companies work together towards a specific goal
b)an objective the company wants to reach
c)when a company decides something important for its long-term future
a)when two companies work together towards a specific goal
A goodwill is
a)company's good reputation with existing customers
b)the liquid as opposed to physical assets of a company
c) capital involved in a project
a)company's good reputation with existing customers
Valuation and appraisal are not very important issues in management
FALSE
Downsizing is
a) Organizing production so the work is done by groups of workers who all have a range of skills and can do any part of a job a cell needs to work on
b)Removing one level of management from a company
c) Reducing a number of staff in a company
c) Reducing a number of staff in a company
What does MBO stand for?
a)management buy out
b)management by orders
c) management by objectives
c) management by objectives
Strategic acquisition is
a) when a company decides something important for its long-term future
b)when one company buys another for strategic purposes
c)when two companies work together towards a specific goal
b)when one company buys another for strategic purposes
What is the most likely source of finance for buying premises?
a) mortgage
b) debt factoring
c) a bank loan
a) mortgage
ROC stands for
a)Return On Capital
b)Remote Operation Control
c)Receiver Operating Curve
a)Return On Capital
What is TQM?
a) Checking the standards of a product at each stage of the production process
b)Getting it right the first time and having zero defects
c)A group of workers of different levels coming together to solve problems
b)Getting it right the first time and having zero defects
What does BPR stand for?
a) business process review
b) business process re-engineering
c) business purpose ratio
b) business process re-engineering
Strategy implementation is
a) the process of identifying the mission and strategic goals, conducting competitive analysis, and developing specific strategies
b)large-scale action plans for interacting with the environment advantage in order to achieve long-term goals
c)the process of carrying out strategic plans and maintaining control over how those plans are carried out
c)the process of carrying out strategic plans and maintaining control over how those plans are carried out
Which of the following options is a source of internal finance?
a) Selling assets
b) Trade credit
c) Bank loan
a) Selling assets
What is a book value?
a) the amount the asset cost to buy
b) the price of an asset written in a balance sheet
c) the cost of a book
a) the amount the asset cost to buy
What is an advantage of benchmarking?
a) Easy to gather required information from companies
b) Techniques used by other companies can be analysed quickly
c)Providing a goal for employees which will increase motivation
c)Providing a goal for employees which will increase motivation
What does SMART stand for?
a) Specific, Measurable, Attainable, Relevant, and Timely
b) Save Money And Reduce Trash
c) Self-Monitoring, Analysis, and Reporting Technology
a)Specific, Measurable, Attainable, Relevant, and Timely
Strategic management is
a) a process through which managers formulate and implement strategies geared to optimizing strategic goal achievement, given available environmental and internal conditions
b)a comprehensive statement of an organization's strategies, along with its mission and goals
c) a significant edge over the competition in dealing with management competitive forces
a) a process through which managers formulate and implement strategies geared to optimizing strategic goal achievement, given available environmental and internal conditions
What is working equity?
a) Money owed to a business by debtors
b) Money that is tied up in investments or property
c) Money that a business can access immediately
c) Money that a business can access immediately
Net Present value is
a) how easily can cash and other assts meet liabilities
b) the difference between the present value of cash inflows and the present value of cash outflows over a period of time
c) the value of a present
b) the difference between the present value of cash inflows and the present value of cash outflows over a period of time