INTRODUCTİON TO BUSİNESS

Just-In-Time Production System first developed and perfected within the Toyota manufacturing plants by Taiichi Ohno as a means of meeting consumer demands with minimum delays. The correct answer is C.

Mass customization means tailoring products to meet the needs of a large number of individual customers. The correct answer is D.

Supply chain management is the oversight of materials, information, and finances as they move in a process from supplier to manufacturer, wholesaler, retailer, and consumer. The correct answer is E.

During the transformation process, the production function in the company involves four specific sub-functions which are design, scheduling, operation, and transformation control. Feedback mechanisms are required to monitor the performance of the transformation process. It is not one of the sub-functions of the transformation process.

The correct answer is E.

The job-shop process is used when a company manufactures several different products that require different types of processing and the processing for different products is performed in different sequences. Maximum flexibility can be achieved by this process. General purpose machines are suitable in job - shops because they are capable of performing many different types of operations and thus capable of producing a wide variety of products with small lot sizes. Machines which perform similar function grouped together such as lathe machines in one department, milling machines in another department, and so forth. There is a high customisation, high flexibility of equipment, and skilled labor in a job-shop process. A tool and die shop is an example of job-shop, where job process is carried out to produce one-of-a kind tools or customised printed products. Furniture, and custom-made chemicals are other examples of this type of process.

Project process is also related with customization in production. However, this process is generally characterised by a large scope for each project, and need for substantial resources to complete the project. 

Thus EqruConcept manufactures goos based on the job-shop process. The correct answer is B.

Adam Smith’s Wealth of Nations (1776) proposed the division of labor, in which the production process was broken down into a series of small tasks, each performed by a different worker. The specialization of the workers on limited, repetitive tasks allowed them to become very proficient at those tasks and further encouraged the development of specialized machinery.

The correct answer is B.

The concept of flexible manufacturing system (FMS) was conceived in Britain in the early 1960s, and the first physical FMS was established around 1967 in the United States. The flexible manufacturing system was introduced in response to a new demand for more variety and for greater responsiveness to changes in products, production technology, and markets. The objective of an FMS is to
carry out on a single system fabrication of several types of parts that can change over time with small conversion in time, at the required volume and quality, and with the aim of achieving productivity and flexibility at the same time.

The correct answer is C.

Mass customization means tailoring products to meet the needs of a large number of individual customers. Companies prefer to produce standard products in high volumes by low costs. On the other hand, customers want to buy products among a wide variety of products but with lowest possible cost. This situation creates a big problem for the companies and need to be solved. This can be achieved by mass customization, a strategy of producing standardized goods or services, but incorporating some degree of customization in the final product or service.

The correct answer is A.

Aggregate planning is concerned with the determination of production, inventory, and work force levels to meet fluctuating demand requirements over a planning horizon that ranges from six months to one year. 

Aggregate planning begins with a forecast of aggregate demand for the intermediate range. This is followed by a general plan to meet the demand requirements by setting output, employment, and finished goods inventory levels. Aggregate plans are updated periodically, often monthly, to take into account the updated forecasts and other changes.

The correct answer is E.

As knowledge technology became more sophisticated in the mid-2000s it became better known as business intelligence (BI). BI refers to a variety of software applications that analyze an organization’s raw data and take out useful insights from it. Business intelligence (BI) activities include data mining, online analytical process, querying and reporting. Marketing is one of the fields where BI is used, but not one of the activities of BI.

The correct answer is D.

An extranet is a private network that uses Internet technology and the public telecommunication system to securely share part of a business’s information or
operations with suppliers, vendors, partners, customers, or other businesses.

The correct answer is A.

As part of management information, businesses need decision support systems to support decision making. They focus on problems that are unique and rapidly changing, for which the procedure for arriving at a solution may not be fully predefined in advance. DSS use internal and external information together to answer the questions for decision making.

The correct answer is C.

An executive information system (EIS) is a decision support system used to help senior executives in decision-making processes in the company. The decision-making process is done by providing easy access to important data needed to achieve strategic goals in an organization.

The correct answer is B.