Production and Operations Management
101. We identified several internal benefits of objectives, goals and a sense of mission. Which is not included?
- Basis of plans and decisions
- Unity of direction
- Basis to resolve disputes
- None of the above.
Correct answer: (C)
Basis to resolve disputes
102. Identify the best definition of planning.
- The core activity of planners and planning departments.
- Setting an organisation's objectives and the means of reaching them.
- Devising ways of achieving the objectives of an organisation.
- 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 ___________
- Micro Factors
- Macro Factors
- Controllable Factors
- All of these
Correct answer: (B)
Macro Factors
104. Which is not a part of 5R's of buying?
- Right Quality
- Right Quantity
- Right Source
- None of the above
Correct answer: (D)
None of the above
105. Buying of the annual requirements of an item during its season.
- Seasonal Buying
- Hand to mouth buying
- Scheduled Buying
- Tender Buying
Correct answer: (A)
Seasonal Buying
106. __________________ is concerned with the branch of economics relating the behavior of principals and their agents.
- Financial management
- Profit maximization
- Agency theory
- Social responsibility
Correct answer: (C)
Agency theory
107. Corporate governance success includes three key groups. Which of the following represents these three groups?
- Suppliers, managers, and customers.
- Board of Directors, executive officers, and common shareholders.
- Suppliers, employees, and customers.
- 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.
- MRP (Material Requirement Planning)
- BOM (Bill of Materials)
- MPS (Master Production Schedule)
- None of these
Correct answer: (B)
BOM (Bill of Materials)
109. Purchasing responsibilities can be divided into Buying, Clerical and __________________ division.
- Packing
- Traffic
- Record
- Follow up
Correct answer: (B)
Traffic
110. ________________________ are the basic materials which have not undergone any conversion since their receipt from suppliers.
- WIP
- Raw Material
- Finished Parts
- Work Made Parts
Correct answer: (B)
Raw Material