Production and Operations Management

101. We identified several internal benefits of objectives, goals and a sense of mission. Which is not included?

  1. Basis of plans and decisions
  2. Unity of direction
  3. Basis to resolve disputes
  4. None of the above.
Correct answer: (C)
Basis to resolve disputes

102. Identify the best definition of planning.

  1. The core activity of planners and planning departments.
  2. Setting an organisation's objectives and the means of reaching them.
  3. Devising ways of achieving the objectives of an organisation.
  4. An integrated process in which plans are formulated, carried out and controlled.
Correct answer: (B)
Setting an organisation's objectives and the means of reaching them.

103. Business cycle, price trends, National Economy are ___________

  1. Micro Factors
  2. Macro Factors
  3. Controllable Factors
  4. All of these
Correct answer: (B)
Macro Factors

104. Which is not a part of 5R's of buying?

  1. Right Quality
  2. Right Quantity
  3. Right Source
  4. None of the above
Correct answer: (D)
None of the above

105. Buying of the annual requirements of an item during its season.

  1. Seasonal Buying
  2. Hand to mouth buying
  3. Scheduled Buying
  4. Tender Buying
Correct answer: (A)
Seasonal Buying

106. __________________ is concerned with the branch of economics relating the behavior of principals and their agents.

  1. Financial management
  2. Profit maximization
  3. Agency theory
  4. Social responsibility
Correct answer: (C)
Agency theory

107. Corporate governance success includes three key groups. Which of the following represents these three groups?

  1. Suppliers, managers, and customers.
  2. Board of Directors, executive officers, and common shareholders.
  3. Suppliers, employees, and customers.
  4. Common shareholders, managers, and employees.
Correct answer: (B)
Board of Directors, executive officers, and common shareholders.

108. _________________ also called part lists or building lists is the document generated at the design stage.

  1. MRP (Material Requirement Planning)
  2. BOM (Bill of Materials)
  3. MPS (Master Production Schedule)
  4. None of these
Correct answer: (B)
BOM (Bill of Materials)

109. Purchasing responsibilities can be divided into Buying, Clerical and __________________ division.

  1. Packing
  2. Traffic
  3. Record
  4. Follow up
Correct answer: (B)
Traffic

110. ________________________ are the basic materials which have not undergone any conversion since their receipt from suppliers.

  1. WIP
  2. Raw Material
  3. Finished Parts
  4. Work Made Parts
Correct answer: (B)
Raw Material
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