Question 1

The opposite of outsourcing is _____ , by which certain business functions are acquired and consolidated within a firm.

Accepted Answer

The term for acquiring and consolidating business functions within a firm is vertical integration, making (A) the correct choice. Process variance refers to the variability in the output of a process, suboptimization refers to optimizing only a part of a system to the detriment of the system as a whole, and offshoring is a type of outsourcing where business functions are relocated to a different country. None of these terms describe the opposite of outsourcing.

Question 2

What is the significance of cycle time to quality?

Accepted Answer

The answer of What is the significance of cycle time...

Question 3

Describe outsourcing and vertical integration.

Accepted Answer

The answer of Describe outsourcing and vertical integration....

Question 4

Briefly describe the various elements that form the foundation for an organization's strategic plan.

Accepted Answer

The answer of Briefly describe the various elements that form...

Question 5

A firm purchasing a key supplier to strengthen its value chain is an example of _____.

Accepted Answer

Vertical integration is the acquisition of a company that operates within the same industry and value chain to strengthen a firm's position and control over the supply chain. This can lead to cost savings, increased efficiency, and better coordination of activities in the value chain. The other options - process variance, offshoring, and suboptimization - do not relate to this scenario.

Question 6

In a balanced scorecard, leading measures refer to:

Accepted Answer

Leading measures in a balanced scorecard are indicators that predict future performance and help guide decision-making to achieve desired outcomes.

Question 7

In a balanced scorecard, lagging measures refer to:

Accepted Answer

Lagging measures are backward-looking performance indicators that reflect the results of completed activities or processes. They are typically used to assess the success of a specific goal or objective, rather than the methods used to achieve it. Examples of lagging measures include financial metrics (e.g., revenue, profit), customer satisfaction scores, and employee retention rates.

Question 8

List the performance measures under the Malcolm Baldrige Criteria.

Accepted Answer

The answer of List the performance measures under the Malcolm...

Question 9

Describe core competencies.

Accepted Answer

The answer of Describe core competencies....

Question 10

List a few quality-related dimensions a business may concentrate on, in order to differentiate itself from its competition.

Accepted Answer

The answer of List a few quality-related dimensions a business...

Question 11

What is the significance of the balanced scorecard?

Accepted Answer

The answer of What is the significance of the balanced...

Question 12

_____ are "spreadsheets" that graphically display relationships between ideas, activities, or other dimensions in such a way as to provide logical connecting points between each item.

Accepted Answer

Matrix diagrams are commonly used to display relationships between ideas or activities in a clear and logical way. The items are organized into a matrix, with connecting lines or arrows indicating the relationship between each item. This makes it easy to see how each item relates to the others, and to identify patterns or trends in the data. Scatter diagrams are used to identify the relationship between two variables, Pareto diagrams are used to identify the most important issues or problems, and process decision program charts are used to plan and organize complex processes.

Question 13

_____ takes data and arranges them to display quantitative relationships among variables to make them more easily understood and analyzed.

Accepted Answer

Matrix data analysis is a method used to arrange data to display quantitative relationships among variables, making them easier to understand and analyze.

Question 14

What is the role of quality in strategic planning?

Accepted Answer

The answer of What is the role of quality in...

Question 15

_____ refers to an organization's areas of greatest expertise that provide a sustainable competitive advantage in the marketplace or service environment.

Accepted Answer

Core competencies refer to the unique capabilities and expertise that an organization possesses and can leverage to gain a competitive advantage in the market. These competencies are what set the organization apart from its competitors and are often the result of years of experience and investment in research and development. By focusing on their core competencies, organizations are better able to differentiate themselves from their competition and achieve long-term success.

Question 16

Describe the use of an interrelationship digraph.

Accepted Answer

The answer of Describe the use of an interrelationship digraph....

Question 17

Why do organizations need performance measures?

Accepted Answer

The answer of Why do organizations need performance measures?...

Question 18

A _____ is a method for mapping out every conceivable event and contingency that can occur when moving from a problem statement to possible solutions.

Accepted Answer

A process decision program chart (PDPC) is a tool used in project management to help identify and plan for potential risks and contingencies. It involves mapping out all possible events and their potential outcomes, and then developing a plan to address each one. This tool is particularly useful when dealing with complex projects that have many variables and uncertainties. Matrix data analysis, critical path diagrams, and Pareto diagrams are all useful tools in project management, but they do not specifically address the mapping of contingencies in the same way that a PDPC does.

Quiz 5: Competitive Advantage and Strategic Management for Performance Excellence