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Western Governor's University Global Business (FVC1) Introduction to Global Business, 1e Terms in this set (105)multi-currency a property of ERP systems to handle multiple currencies multi-national a property of ERP systems to handle the accounting standards of multiple countries multi-language a property of ERP systems to simultaneously operate in multiple languages enterprise resource planning (ERP) systems software packages designed to integrate the majority of a firm's business processes, execute all transactions related to the firm's business processes being integrated, store each piece of data only once in an enterprise-wide database, allow access to data and information in real time, and operate in a client-server environment, traditional or web-based. internetworking the linking of separate networks into an interconnected network, where each network retains its own identity telecommunications networks collections of computer hardware and software arranged to transmit information from one place to another supply-chain management the management of all activities in the supply chain, in order to minimize the total cost of the supply chain, and to maximize the value of the product to the end user
supply chain all activities associated with the flow and transformation of goods and services from the raw materials stage to the end user, together with the corresponding flows of monetary funds and information location decision determining if products made in-house will be produced in one or more facilities, and if these facilities should be located in one or more countries dual sourcing when components and raw materials are produced in-house and purchased from suppliers insourcing when the firm has been buying goods and services from suppliers, and then decides to make these goods and services in-house hollow corporation a company that only completes product design and outsources all other production process functions offshoring when a firm and the supplier are located in different countries global outsourcing(offshoring) when the firm doing the outsourcing and the supplier that will provide the outsourced goods and services are located in different countries; also called offshoring domestic outsourcing when the firm doing the outsourcing and the supplier that will provide the outsourced goods and services are located in the same country outsourcing when a firm has been making goods and services in-house, and then decides to buy these goods and services from suppliers global production when a firm globally produces goods and services global procurement when a firm buys components and raw materials globally make-or-buy decision (sourcing decision) determining which components and raw materials should be produced in-house and which should be acquired from suppliers; also called the sourcing decision operations management the management of the direct resources that are involved in the production system of a business organization production stages steps in the production process raw materials materials used to produce components components goods and services that integrate a product production facility the site where production takes place service system a production system in which services dominate the value of the product manufacturing system a production system in which goods dominate the value of the product production system the system that businesses use to produce products PRODUCTION SYSTEM MODEL SUPPLIERS-INPUTS-PRODUCTION PROCESS-OUTPUTS-CUSTOMERS the inputs may include materials, land, labor, machines and equipment, energy, and information. The outputs represent the desired goods and services. And the production process may consist of one or more transformations which could be: physical, as in manufacturing; Advantages of global procurement does not need to invest the money that is associated with making. Disadvantages of Global Procurement relying upon suppliers on important dimensions such as quality, delivery, and cost. Advantages of Making COST Disadvantages of Making Requires the company to have expertise in the production of the component or raw materials that will be made. the minimum efficient scale the point at which unit costs stabilize. When demand is equal or lower than the minimum efficient scale one production facility location is preferred. When demand is higher than the minimum efficient scale several production facilities are economically feasible. value-to-weight ratio Goods with high value-to-weight ratios are expensive but do not weigh very much like microchips and jewelry. Transportation costs will constitute a higher percentage of total unit costs for goods with a low value-to-weight ratio, the way to go in this situation is to have many production facilities in order to be close to the places where the components are needed. Goods with high value-to-weight ratios favor a single location to use the advantages of centralized production. ERP systems aim to Store
all information in a single database A computer manufacturer determining the cost implications of manufacturing the chassis for their desktop computers, or purchasing them from an outside vendor is an example of a(n) __________. make or buy decision
When a company buys globally, it is said that the company is practicing global production. false Which of the following is a disadvantage of global procurement? quality control Because your focus will be on product design, and you will be outsourcing the majority of your production process, you could be termed a(n) __________. hollow corporation Which of the following is a common activity that many companies outsource, and that your company could outsource as well? customer service Because the supplier who manufactures the voice activated sensor is the only one who makes that component, what risk do you face as a customer? as the volume increase the supplier may increase their prices. If you discover quality issues with the supplier of the voice activated sensors, which of the following would be the best option for your company moving forward? manufacture the sensors yourself in America Using the minimum efficient scale, at what point should a company consider using multiple production facilities? when the demand is higher that the minimum efficient scale. Considering the value-to-weight ratio, which of the following companies would be most likely to benefit from multiple production facilities? oil company The production process may consist of one or more transformations: physical, locational, informational, psychological, physiological, exchange, or storage TRUE The make-or-buy decision involves determining which components and raw materials should be produced in-house and which components and raw materials should be acquired from suppliers. TRUE Determining if products made in-house will be produced in one or more facilities, and if these facilities should be located in one or more countries is called a location decision. TRUE The system that businesses use to produce products is known as a(n) ________ system. PRODUCTION ________ include(s) automobiles, airplanes, and computers. GOODS In the production systems model, ________ may include materials, land, labor, machines and equipment. INPUTS Materials used to produce components are called ________. RAW MATERIALS When a firm buys components and raw materials globally, it is called ________. GLOBAL PROCUREMENT When the firm doing the outsourcing and the supplier that will provide the outsourced goods and services are located in the same country, it is called ________. DOMESTIC OUTSOURCING According to one estimate, ________ percent of a typical American manufacturing company's value-added in production and operations came from outside sources. 60 Determining if products made in-house will be produced in one or more facilities, and if these facilities should be located in one or more countries, is called a(n) ________ decision. LOCATION The linking of separate networks into an interconnected network, where each network retains its own identity is known as ________. INTERNETWORKING ________ refers to the property of ERP systems to handle the accounting standards of multiple countries. MULTI NATIONAL Ardella Enterprises acknowledges the importance of its supply chain. It knows that the company's operations would not be as successful if the supply chain was less effective. Which one of the following is not related to a company's supply chain and its functions? Management of the supply chain requires adherence to stiff environmental standards As the Jenkins and Jones Corporation continues to grow, it will face the need to make more and more strategic decisions. Which one of the following best describes the corporation if it decides to make purchase globally versus domestically? Global procurement As the Jenkins and Jones Corporation continues to grow and expand, one of the strategic decisions it must face is that of location of its facilities. Which one of the following does not relate to the problem of location? Number of Internet users When the goods dominate the value of a product, it is typically called a manufacturing system. true The activities in operations management can be grouped into four business functions: procurement, production, logistics, and research and development. true Boeing buying from thousands of suppliers in more than 100 countries, but only having production facilities in the U.S. is an example of global procurement and domestic production true One advantage of global procurement is that the firm can maximize its flexibility by allocating its orders among suppliers in a dynamic way and the firm has access to more suppliers that can generally provide lower costs than domestic suppliers. true When the demand is equal or lower than the minimum efficient scale, multiple production facility locations are preferred. false When considering the one-versus-many location for production facilities for components and raw materials some of the most important considerations are: fixed costs, minimum efficient scale and its comparison to demand, and the value-to-weight ratio. true The three major considerations for deciding the location of production facilities for products are: does the product serve the needs of all customers around the world, proximity to market and proximity to suppliers, and the effect on product's image being produced in that location. true All activities performed typically by business organizations such as suppliers, manufacturers, distributors, and retailer that involve the flow and transformation of goods and services is referred to as a supply chain. true Software packages designed to integrate the majority of a firm's business processes, execute all transactions related to the firm's business processes being integrated, store each piece of data only once in an enterprise-wide database, allow access to data and information in real time, and operate in a client-server environment, traditional or web-based are called enterprise resource planning systems. true A production system in which services dominate the value of the product is known as a(n) _____ system. service The production systems of Honda Motor Company, the Boeing Company, and Toshiba Corporation, would be called _____ systems. manufacturing The production systems of the Fred Hutchinson Cancer Research Center, the Walt Disney Company, and the consulting firm Accenture, would be called _____ systems. service In the production system model, _____ represent the desired goods and services. outputs Goods and services that integrate a product are called _____. components Steps in the production process are called _____. production stages Most of the activities in operations management can be grouped into ____ business functions. 4 Most of the activities in operations management can be grouped into the following business functions EXCEPT: selling Of the following, which is NOT an advantage of global procurement? The firm does not rely upon suppliers on important dimensions such as quality, delivery, and cost Of the following, which is NOT a disadvantage of global procurement? The firm has to invest the money that is associated with making products When a firm has been making goods and services in-house, and then decides to buy these goods and services from suppliers, it is called _____ outsourcing When a firm has been making goods and services in-house, and then decides to buy these goods and services from suppliers, it is called _____ offshoring Of the following, which is NOT an advantage of making? People producing the component or raw material have the incentive to improve their product. Of the following, which is NOT a disadvantage of making? The firm has less control over quality Of the following, which is NOT a consideration for the one-versus-many production facilities decision? the local culture The management of all activities in the supply chain, in order to minimize the total cost of the supply chain, and to maximize the value of the product to the end user is known as _____. supply chain management The supply chains of global businesses such as Boeing, Ford, United Airlines, and the pharmaceutical companies Merck and Pfizer are known as _____ supply chains. global Collections of computer hardware and software arranged to transmit information from one place to another are known as _____. telecommunication networks Software packages designed to integrate the majority of a firm's business processes, execute all transactions related to the firm's business processes being integrated, store each piece of data only once in an enterprise-wide database, allow access to data and information in real time, and operate in a client-server environment are called_____ enterprise resource planning systems _____ refers to the property of ERP systems to simultaneously operate in multiple languages. Multi-language Ford's ERP system follows the American accounting standards in its U.S. subsidiaries, and follows the Mexican accounting standards in its Mexico subsidiaries. This ERP system is _____. multi-national The production process may consist of one or more transformations which could be all of the following EXCEPT: esteem ______ is responsible for the acquisition of goods and services in the production process. Procurement Which of these is responsible for the transformations required by the production process? Production Which of these is responsible for the movement of materials in the production process? Logistics ______ is responsible for the design of new products in the production process. Research and development ______ refers to the management of the direct resources that are involved in the production system of a business organization. Operations management Toddler Toys operates a massive research and development facility in Missouri, USA. The company designs its toys in the United States but outsources all other production process functions. Toddler Toys can be described as a hollow corporation. 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(T/F) 4 answers QUESTION A company's computer servers were stolen from a secured area. Due to lack of evidence, no employees are under suspicion. How can the company best deal with the theft problem? 2 answers QUESTION According to Lipman-Blumen, a psychological factors that makes us susceptible to toxic leaders is our sense of personal impotence vis-a-vis such powerful figures. (T/F) 3 answers QUESTION Written predictions specifying expected relationships between certain variables are known as: 3 answers What is it called when a firm globally produces goods and services?global production. when a firm globally produces goods and services.
What is a supply chain in regards to manufacturing?A supply chain is the network of all the individuals, organizations, resources, activities and technology involved in the creation and sale of a product. A supply chain encompasses everything from the delivery of source materials from the supplier to the manufacturer through to its eventual delivery to the end user.
When the firm has been buying goods and services from suppliers and then decides to make these goods and services in house what is it called?insourcing. when the firm has been buying goods and services from suppliers, and then decides to make these goods and services in-house. location decision.
When a firm buys components and raw materials globally What does it refer to?Global Procurement. when a firm buys components and raw materials globally.
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When the goods dominate the value of a product it is typically called a manufacturing system?
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