According to the Panel Study of Entrepreneurial Dynamics, the business idea and the
decision to start a business were simultaneous for a majority of entrepreneurs.
Productivity is more difficult to improve in the service sector.
At times of great change, people become more willing to try extreme new ideas.
In crafting a feasibility study, the goal is to assess if the idea can be profitably brought
to market.
The overuse of short sentences results in a choppy, elementary-sounding effect.
The following sentence has a dangling/misplaced modifier. At the age of five, our
family bought a cat.
“S” in the creativity tool SCAMPER stands for summarize.
Business audiences tend to prefer long, complex sentences over simple ones.
Search and capture of new ideas that lead to business opportunities is called opportunity
recognition.
The SCAMPER tool is effective for solving problems only in traditional ways.
In entrepreneurship, every good idea is a viable business opportunity.
One powerful but rarely used source of business ideas are:
A. family and friends.
B. work experiences.
C. existing customers.
D. government agencies.
The field of operations management is shaped by advances in which of the following
fields?
A) chemistry and physics
B) industrial engineering and management science
C) biology and anatomy
D) information technology
E) all of the above
Eli Whitney, in the __________, provided the foundations for __________ in
operations management.
A) 1920s; statistical sampling
B) United Kingdom; mass production
C) U.S. Army; logistics
D) nineteenth century; interchangeable parts
E) none of the above
In the SCAMPER tool, “M” stands for:
A. manage.
B. match.
C. market.
D. modify.
Reasons to study Operations Management include
A) studying how people organize themselves for productive enterprise
B) knowing how goods and services are consumed
C) understanding what human resource managers do
D) learning about a costly part of the enterprise
E) A and D
Gabriel has a product idea of a device which he believes will help people manage their
daily chores, hence making their lives easier. The description of the product is most
likely to address which aspect of the I2P analysis?
A. The extent of IP protection for the idea
B. The novelty of the product
C. The royalty that the product is likely to generate
D. The value add for customers
According the study of what matters most to entrepreneurs and their businesses, start-up
entrepreneurs feel most confident about which of the following aspects?
A. Complying with local/state/federal regulations
B. Obtaining start-up capital
C. Obtaining a banks help
D. Attracting employees
Shewharts contributions to operations management came during the Scientific
Management Era.
An overall strategic approach in which the entrepreneur does more or less what others
are already doing refers to a(n):
A. imitative strategy.
B. innovative strategy.
C. incremental strategy.
D. radical innovation strategy.
Three commonly used productivity variables are
A) quality, external elements, and precise units of measure
B) labor, capital, and management
C) technology, raw materials, and labor
D) education, diet, and social overhead
E) quality, efficiency, and low cost
Mark has developed a novel product and is worried that it might get copied. To address
this concern, Mark must address which of the following aspects of the I2P analysis?
A. The royalty the product is most likely to generate
B. The extent of IP protection for the product
C. The initial set of customers
D. The market and its size
The service sector makes up approximately what percentage of all jobs in the United
States?
A) 12%
B) 40%
C) 66%
D) 79%
E) 90%
Current trends in operations management include all of the following except
A) just-in-time performance
B) rapid product development
C) mass customization
D) empowered employees
E) All of the above are current trends.
Which of the following is true of entrepreneurial alertness?
A. It allows entrepreneurs to launch a formal search for opportunities.
B. It allows entrepreneurs to notice things that have been overlooked.
C. It gives entrepreneurs the experience required to start a small business.
D. It is an approach that allows entrepreneurs to do more or less what others do.
In the SCAMPER tool, “S” stands for:
A. strategize.
B. substitute.
C. submit.
D. solicit.
In the SCAMPER tool, “S” stands for substitute.
New trends in operations management include
A) global focus
B) mass customization
C) empowered employees
D) rapid product development
E) All of the above are new trends in operations management.
According to the I2P approach to organizing an opportunity screen, which of the
following aspect provides information about the specific individuals, groups, or
organizations that entrepreneurs approach first to buy their product or service?
A. The initial set of customers
B. The value-creation for customers
C. The market and its size
D. The extent of IP protection for the product or service
In an I2P analysis, the question “How would you define the best initial set of
customers?” looks at the specific individuals, groups, or organizations you would
approach first to buy your product or service.
Which of the following is not an element of the management process?
A) controlling
B) leading
C) planning
D) pricing
E) staffing
All of the following decisions fall within the scope of operations management except
for
A) creating the company income statement
B) design of goods and processes
C) location of facilities
D) managing quality
E) All of the above fall within the scope of operations management.
Walter Shewhart, in the __________, provided the foundations for __________ in
operations management.
A) 1920s; statistical sampling
B) United Kingdom; mass production
C) U.S. Army; logistics
D) nineteenth century; interchangeable parts
E) none of the above
Services are often knowledge-based. Provide two examples, and explain why they are
knowledge-based.
What is a knowledge society?
Marketing, Production, and __________ are the three functions that all organizations
must perform to create goods and services.
Compare and contrast an imitative strategy with an incremental strategy.
Identify the three productivity variables used in the text.