Strategic Management of Resources

Session 1 Quiz
1. Name at least 4 components of an organizations
strategy development:
a. Development of time horizons
b. Identification and evaluation of key events
c. Development of a plan to create, hasten or
compound a distinctive competence
d. Creation of a competitive advantage
e. Flexibility of decision patterns
f. Transformation of inputs into value-added
outputs
g. Commitment of necessary resources
2. What are the four major types of strategy?
a. Financial strategy
b. Product development strategy
c. Operations strategy
d. Marketing strategy
3. What are the three types of business strategy?
a. Price leadership
b. Product differentiation
c. Customer focus
4. Name at least 4 characteristics that create a
competitive advantage.
a. Price
b. Quality
c. Delivery speed
d. Delivery reliability
e. Flexibility
f. Product design
g. Service

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5. An order winner is a competitive characteristic that

causes a firms customers to choose that firms goods
over those of its competitors.
6. An order qualifier is a competitive characteristic that
the firm must have to be a viable competitor in the
marketplace.
7. List at least 4 goals of TQM.
a. Improve the corporate health and character
of the company
b. Combine the efforts of all employees to
establish a cooperative system
c. Establish a quality assurance system and
obtain the confidence of both customers and
consumers
d. Continually achieve the highest quality in
the world
e. Establish a management system that can
secure profit in times of slow growth and
can meet related challenges
f. Show respect for humanity, nurture human
resources, consider employee happiness,
and provide a cheerful workplace
g. Utilize statistical methods for quality
control.
8. What is a methodology designed to ensure that all the
major requirements of the customer are identified and
subsequently met or exceeded through the resulting
product design process and the design and operation of
the supporting production management system?
a. Quality function deployment QFD
9. List the four costs of quality in the order that a
company should spend its budget on, from highest to
lowest.
a. Prevention
b. Appraisal
c. Internal failure
d. External failure

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10.
List at least 3 of the principles of Lean
Manufacturing.
a. Specify value
b. Identify the value stream
c. Make the value creating steps flow
d. Let the customer pull value from the system
e. Relentlessly pursue perfection.
11.
List 4 objectives of JIT.
a. Gain a competitive advantage
b. Improve responsiveness to customers
c. Achieve perfect quality
d. Improve quality of work life
e. Improve flexibility
f. Improve resource productivity
g. Use time based management
h. Reduce product cost

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