Exam 6: The Voice of the Market

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Determining the current performance gap helps the company prioritize which areas are the first candidates for change and improvement.

(True/False)
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Management by fact dictates that decisions are made based on the sound collection and analysis of data.

(True/False)
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Cycle times and waste-reduction measures are examples of operating results of benchmarking data.

(True/False)
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Restructuring is defined as a fundamental rethinking and redesigning of business processes.

(True/False)
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Openness can create a competitive advantage through creating psychological barriers to competition.

(True/False)
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Which of the following is not one of the purposes of benchmarking?

(Multiple Choice)
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Describe the conversion process and the control process in business process benchmarking.

(Essay)
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The cost of goods sold to scrap ratio is a multiple factor ratio.

(True/False)
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Make-Do, a national automotive painting service, paints cars for $199. Their work standard for such a job is $20.00 for labor and $30.00 for paint. They consume $10 worth of supplies and $3 of energy during their service. What is their total factor productivity?

(Multiple Choice)
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The benchmarking principle of ________ states that you must be willing to provide the same level of information that you request.

(Multiple Choice)
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Explain the importance of training in benchmarking.

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The 5w2h questions should be viewed in the context of a process.

(True/False)
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In the ________ process of business process benchmarking, the inputs are aligned together to form the product or service.

(Multiple Choice)
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Describe the concept of 5w2h.

(Essay)
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Which measure provides the most complete picture of firm productivity?

(Multiple Choice)
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________ dictates that decisions are made based on the sound collection and analysis of data.

(Multiple Choice)
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The higher a firm's scrap efficiency ratio, the less efficient is the use of its materials.

(True/False)
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Customer satisfaction measures are poor indicators of financial performance.

(True/False)
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In the conversion process, the feedback loop that involves gathering, analyzing, and using the data to adjust the process is called the ________ process.

(Multiple Choice)
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The process of dismantling competitors' products to understand the strengths and weaknesses of their designs is referred to as ________.

(Multiple Choice)
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