OPS 571T Week 1 Practice 100% Correct (All Possible Question/Answer)
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OPS 571T Week 1 Practice 100% Correct (All Possible Question/Answer)

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The Tuff Wheels was getting ready to start its development project for a new product to be added to their small motorized vehicle line for children. The new product is called the Kiddy Dozer. It will look like a miniature bulldozer, complete with caterpillar tracks and a blade. Tuff Wheels has forecasted the demand and the cost to develop and produce the new Kiddy Dozer. The table below contains the relevant information for this project. System integration and validation are an important step in which variant of the generic product development process? Operation Management 571 Part 2 Practice week 1 Similarity of projects allows for a streamlined and highly structured development process in which variant of the generic product development process? Technology-push products Customized products Complex systems Quick-build products Process-intensive products Quality function deployment (QFD): Is a manufacturing function aimed at lowering cost by reducing the portion of rejected units. Fills the house of quality matrix with the designer's aspirations for the product. Starts with studying and listening to customers. Is a place where the quality assurance function is housed. Is another term for value engineering. Simplify products and processes Operation Management 571 Part 2 Practice week 1 What dimension of competitiveness does time-to-market performance in product design and process selection affect? Operation Management 571 Part 2 Practice week 1 The most basic categories of cash flow for a typical new product do not include: Advocates of financial modeling of product design projects argue that: Financial analysis focuses on measurable quantities only. Financial analysis brings discipline and control to the product development process Sufficiently rigorous financial analysis can accurately forecast the product's profit potential. Financial analysis is as solid as the assumptions that go into the model. Financial analysis nurtures innovation and creativity. OPS 571-Week 1 practice questions Match the following product types to the appropriate product development description. Explanation Descriptions of the product development process for these different types of products are summarized in Exhibit 3.2 in the text. 2. A process that emphasizes cross-functional integration and concurrent development of a product and its associated processes is known as ___________. (Choose the correct answer to fill in the blank.) Explanation: Product design engineers and manufacturing process planners work together in the process known as concurrent engineering to ensure that the product is designed in a way that it can be produced by the firm. Any needed changes to the processes can be planned for and put in place when production is scheduled to begin. 3. Measures of product development success can be organized in what three categories? Explanation: The categories and specific examples of measurements are provided in Exhibit 3.11 in the text. 4. Concept development assumes a proven technology in which variant of the generic product development process? 5. System integration and validation are an important step in which variant of the generic product development process? 6. A reason that firms must develop more new products than ever is which of the following? Explanation: Because the number of new products has increased while model lives and life cycles have shrunk, firms must mount more development projects than previously, and these projects must use substantially fewer resources per project. 7. Design for manufacturing and assembly delivers product improvements by emphasizing which of the following? Explanation: The greatest improvements related to DFMA arise from simplification of the product by reducing the number of separate parts. 8. Advocates of financial modeling of product design projects argue that: Explanation: Financial modeling and sensitivity analysis are powerful tools for supporting product development decisions, but these techniques have important limitations. Many argue that rigorous financial analyses are required to bring discipline and control to the product development process. Others argue that financial analysis only focuses on measurable quantities and that it is often extremely difficult to predict these values accurately. 9. Sensitivity analysis of the base-case financial model is a useful tool for which of the following reasons? 10. Performance measures discussed for development projects does not include Explanation: Seemeasuring product development performance discussion. Week 1 Quizzes The first step in developing a house of quality is to develop a list of _____________. (Choose the correct answer to fill in the blank.) Multiple Choice • customer requirements for the product Correct • rooms in the house • team members • major parts and components of the product • major vendors Explanation The focus of the house of quality is the customer, so developing a list of the customers’ requirements for the product is a logical first step Show my answersExplanation Item 2 Item 2 0 of 2 points awarded Item Scored The Tuff Wheels was getting ready to start its development project for a new product to be added to their small motorized vehicle line for children. The new product is called the Kiddy Dozer. It will look like a miniature bulldozer, complete with caterpillar tracks and a blade. Tuff Wheels has forecasted the demand and the cost to develop and produce the new Kiddy Dozer. The table below contains the relevant information for this project. Tuff Wheels also has provided the project plan shown below. As can be seen in the project plan, the company thinks that the product life will be three years until a new product must be created. Assume all cash flows occur at the end of each period. a. What is the net present value (discounted at 8%) of this project? Consider all costs and expected revenues. (Enter your answer in thousands of dollars. Perform all calculations using Excel. Do not round any intermediate calculations. Round your answer to the nearest thousand.) $8,336 b. What is the impact on NPV for the Kiddy Dozer if the actual sales are 50,000 per year? 70,000 per year? (Enter your answer in thousands of dollars. Perform all calculations using Excel. Do not round any intermediate calculations. Round your answer to the nearest thousand.) NPV 50,000 $6,627 NPV 70,000 $10,046 c. Based on the original sales level of 60,000, what is the effect on NPV caused by changing the discount rate to 9%, 10%, or 11%? (Enter your answer in thousands of dollars. Perform all calculations using Excel. Do not round any intermediate calculations. Round your answer to the nearest thousand.) Measures of product development success can be organized in what three categories? Multiple Choice • Time to market, productivity, and quality Correct • Timeliness, quality, and cost • Speed, cost, and effectiveness • Cost, quality, and speed • Efficiency, effectiveness, and value Explanation The categories and specific examples of measurements are provided in Exhibit 3.11 in the text. System integration and validation are an important step in which variant of the generic product development process? Multiple Choice • Technology-push products • Customized products • Complex systems Correct • Quick-build products • Process-intensive products Explanation See Exhibit 3.2. Which of the following is a characteristic of concurrent engineering? Multiple Choice • Integrated computer-assisted design • Using automated guided vehicles • Separate development teams working at once Correct • Having an excellent forecasting system • The design-build-test cycle Explanation Detail design of the components is a highly parallel process, often referred to as concurrent engineering, with many separate development teams working at once. Quality function deployment (QFD): Multiple Choice • Is a manufacturing function aimed at lowering cost by reducing the portion of rejected units. • Fills the house of quality matrix with the designer's aspirations for the product. • Starts with studying and listening to customers. Correct • Is a place where the quality assurance function is housed. • Is another term for value engineering. Explanation The QFD process starts with studying and listening to customers to determine the characteristics of a superior product. The purpose of value analysis/value engineering (VA/VE) is to: Multiple Choice • Simplify products and processes Correct • Explanation The purpose of value analysis/value engineering (VA/VE) is to simplify products and processes. Economic analysis of product development projects is useful in which of the following circumstances? Multiple Choice • Factory location • Distribution decisions • Go/no-go milestones Correct • Demand estimation • Pricing Explanation Economic analysis is useful in at least two different circumstances: 1. Go/no-go milestones. 2. Operational design and development decisions. The most basic categories of cash flow for a typical new product do not include: Multiple Choice • Explanation The most basic categories of cash flow for a typical new-product-development project are: What dimension of competitiveness does quality in product design affect? Multiple Choice • Engineering hours per project • The cost of ongoing service Correct • Responsiveness to customer needs • Aesthetics of design • None of these Explanation SeeMeasuring product development performance discussion.. WEEK 1 EXAM RESULTS/ most answers In the generic product development process, phase 2 (system-level design) begins with corporate strategy and incorporates market objectives. False Concept development is one of the typical phases of product development. True Most purchasers of electronic products cannot fully operate them and use only a small number of the available features True Economic analysis of product development projects must evaluate which of the following? Multiple Choice • Planned profitability of the product • Expected market share to be attained • Net present value of profits • Timing and amount of net cash flow Correct • Demand elasticity of the product Which of the following is not an example of technology –push product? Multiple Choice • Gore-tex • Artificial vein • plant seeds Correct • I-phone 7 • Go-pro Camera Which of the following is not a typical phases of product development? Multiple Choice • Concept development • Planning • System-level design • early market feedback Correct • Production/ramp-up Consumer electronics is an example of a product developed in which variant of the generic product development process? Multiple Choice • Technology-push products • Customized products • Platform products • Quick-build products Incorrect • Process-intensive products Because ecodesigned products are innovative and have better environmental performance, they can be of a slightly lesser quality than the market standard. False Performance measures discussed for development projects does not include Multiple Choice • Frequency of new product introductions • Yield • Percentage sales coming from very old products Correct • Cost of materials and tooling • conformance - reliability in use Specialized design firms tend to have highly developed processes that support the needs of particular industries. True Quality function deployment involves listening to customers to determine the characteristics of a superior product. True One of the major benefits of DFMA is that products are designed that customers will want. False A key decision point in the generic development process during "Phase 1: Concept Development" is project approval. False Sensitivity analysis of the base-case financial model is a useful tool for which of the following reasons? Multiple Choice • To determine how long the development process can profitably last • To understand how many technical people are needed to make the project a success • To help understand the basic trade-offs of resources committed and cash received Correct • To identify the necessary product launch date • To set marketing and sales budgets Incorporation of environmental considerations in the design and development of products or services is called ecodesign. True A key tool of a quality function deployment team is the house of quality matrix. True A key decision point in the generic development process during "Phase 4: Testing and Refinement" is concept approval. False DFMA stands for design for manufacturing and assembly. True The generic development process outlined in the textbook is followed by many, if not most, of the firms in the Fortune 500. False Similarity of projects allows for a streamlined and highly structured development process in which variant of the generic product development process? Multiple Choice • Technology-push products • Customized products Correct • Complex systems • Quick-build products • Process-intensive products A competency is not core if it is easy for competitors to imitate. True What dimension of competitiveness does quality in product design affect? Multiple Choice • Engineering hours per project • The cost of ongoing service • Responsiveness to customer needs • Aesthetics of design Incorrect • None of these The purpose of value analysis/value engineering (VA/VE) is to: Multiple Choice A reason that firms must develop more new products than ever is which of the following? Multiple Choice • patents and trade names Core competencies are those things that everyone in the firm must be able to do well. False OPS 571-Week 1 practice questions Match the following product types to the appropriate product development description. Explanation Descriptions of the product development process for these different types of products are summarized in Exhibit 3.2 in the text. 2. A process that emphasizes cross-functional integration and concurrent development of a product and its associated processes is known as ___________. (Choose the correct answer to fill in the blank.) Explanation: Product design engineers and manufacturing process planners work together in the process known as concurrent engineering to ensure that the product is designed in a way that it can be produced by the firm. Any needed changes to the processes can be planned for and put in place when production is scheduled to begin. 3. Measures of product development success can be organized in what three categories? Explanation: The categories and specific examples of measurements are provided in Exhibit 3.11 in the text. 4. Concept development assumes a proven technology in which variant of the generic product development process? 5. System integration and validation are an important step in which variant of the generic product development process? 6. A reason that firms must develop more new products than ever is which of the following? Explanation: Because the number of new products has increased while model lives and life cycles have shrunk, firms must mount more development projects than previously, and these projects must use substantially fewer resources per project. 7. Design for manufacturing and assembly delivers product improvements by emphasizing which of the following? nt Explanation: The greatest improvements related to DFMA arise from simplification of the product by reducing the number of separate parts. 8. Advocates of financial modeling of product design projects argue that: Explanation: Financial modeling and sensitivity analysis are powerful tools for supporting product development decisions, but these techniques have important limitations. Many argue that rigorous financial analyses are required to bring discipline and control to the product development process. Others argue that financial analysis only focuses on measurable quantities and that it is often extremely difficult to predict these values accurately. 9. Sensitivity analysis of the base-case financial model is a useful tool for which of the following reasons? Explanation: Sensitivity analysis uses the financial model to answer "what if" questions by calculating the change in NPV corresponding to a change in the factors included in the model. 10. Performance measures discussed for development projects does not include

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