Final Quiz - Engineering Management

(Chapter 10 – 12)
Test I. Fill in the blanks. Test II. Enumeration
Operations1. Any process that accepts inputs and 1. Give at least three examples of sources of funds
uses resources to change those inputs into useful under the financial functions.
ways. 1. Loans and Credits
Competent Persons 2. Operations is an activity 2. Sale of Assets
that needs to be managed by? 3. Collection of Accounts Receivable
Operations Management 3. The process of 2. According to Schall and Haley, enumerate the
planning, organizing and controlling operations to six (6) recommended factors that must be
reach objectives efficiently and effectively considered in order to
Efficiency 4. Related to the cost of doing Determine the best source of financing?
something, or the resource utilization involved 1. Timing
Effectiveness 5. Refers to the goal 2. Control
3. Flexibility
accomplishment
4. Other factors such as speed exposure
Engineer in Charge 6. Responsible for the actual
and etc…
construction of whatever bridge or road his 5. Income
company has agreed to put up 6. Risk
Continuous flow7. Characterized by the rapid rate 3. What are the 4P’s of Marketing?
at which items move through the system 1. Prouct
Service Factory 8. Offers a limited mix of services 2. Price
which results to some economies of scale in 3. Promotion
operations 4. Place
Product Design9. Refers to the process of 4. What are the 4 tools of Promotion?
creating a set of product specifications appropriate 1. Sales Promotion
to the demands of situation 2. Personal Selling
Production Planning10. Forecasting the future 3. Advertising
4. Publicity
sales of a given product, translating this forecast
5. What are the two steps in Strategic Marketing?
into demand it generates for various production 1. Selecting a target matrix
facilities, and arranging for the procurement of 2. Developing a marketing matrix
these facilities 6. What are the three steps in Selecting a Target
Workflow Layout 11. Process of determining the Market?
physical arrangement of the production system 1. Divide the total market into groups of people
Inventory Control12. Process of establishing and who have relatively similar product or service
maintaining appropriate levels of reserve stocks of needs.
goods 2. Determine the profit potentials of each
Quality Control13. Measurement of products or segment
services against standards set by the company 3. Make a decision on which segments will be
Scheduling14. Phase of production control served by the company.
involved in developing timetables that specify how
7. What are the two factors used in Selecting a
long each operation in the production process takes
Target Market?
Materials Management15. The approach that 1. Size of the target marker
seeks efficiency of operation through integration of 2. Number of Competitors in the target market
all material acquisition, movement, and storage
activities in the firm
Financial Function16. It is an important
management responsibility that deals with the
"procurement and administration of funds with the
view of achieving the objectives of business
Cash Sales17. It is derived when the firm sells its
products or services.
Short-term fund sources18. It Offers more
flexibility than long term sources
Risk19. When applied to the determination of fund
sources, ____________ refers to the chance that
the company will be affected adversely when a
particular source of financing is chosen.
Income20. The various sources of funds, when
availed of, will have their own individual effects in
the net income of the engineering firm
Timing21. This means that there are times when
certain means of financing provide better benefits
than at other' times