Question 1

Richard is a data-driven manager, so he tells subordinates,

Accepted Answer

A)  "Don't politic, use data." 
B)  "Politic, don't use data." 
C)  "Pay for your own lunch while on a business trip." 
D)  "Donate 10 percent of your gross income to charity."

Question 2

Sell the most recently received items first is called

Accepted Answer

A)  FIFO 
B)  JIT 
C)  LIFO 
D)  wholesaling

Question 3

Just-in-time inventorys often referred to

Accepted Answer

A)  supply-chain management 
B)  as lean manufacturing because waste of "fat" is minimized. 
C)  operations management. 
D)  as custom manufacturing.

Question 4

Just in time is applicable only to highly repetitive manufacturing operations such as car or residential furnace manufacturing.

Accepted Answer

A) True 
 B)False

Question 5

Fixed cost in break-even analysis refers to the cost that

Accepted Answer

A)  remains constant no matter how many units are produced. 
B)  covers the initial capital expenditures. 
C)  covers everything but employee compensation. 
D)  declines after the break-even point has been reached.

Question 6

A decision tree is a graphic illustration of the alternative solutions available to solve a problem.

Accepted Answer

A) True 
 B)False

Question 7

Break-even analysis assumes that unit costs vary in relation to sales volume.

Accepted Answer

A) True 
 B)False

Question 8

The Delphi Technique is a form of group decision making designed to provide group members with one another's ideas and feedback while avoiding some of the problems associated with interacting groups

Accepted Answer

A) True 
 B)False

Question 9

Describe scenario planning.

Accepted Answer

The answer of Describe scenario planning....

Question 10

A judgmental forecast is

Accepted Answer

A)  based on a collection of subjective opinions.. 
B)  a qualitative forecasting method. 
C)  both a & b 
D)  a quantitative forecasting method.

Question 11

Suppose a small-business owner wants to repaint the walls inside the office. The office manager suggests buying a premium brand of paint because such paint stays fresher looking
longer and does not chip as readily. What would a data-driven manager say?

Accepted Answer

The answer of Suppose a small-business owner wants to repaint...

Question 12

Forecasts that are updated regularly with fresh data are referred to as rolling forecasts.

Accepted Answer

A) True 
 B)False

Question 13

In an advanced application of PERT, expected times are based on frequency distributions of how long certain events took place in the past.

Accepted Answer

A) True 
 B)False

Question 14

The economic-order quantity (EOQ) is the inventory level that minimizes ordering and carrying costs.

Accepted Answer

A) True 
 B)False

Exam 6: Quantitative Techniques for Planning and Decision Making

Richard is a data-driven manager, so he tells subordinates,

Sell the most recently received items first is called

Just-in-time inventorys often referred to

Just in time is applicable only to highly repetitive manufacturing operations such as car or residential furnace manufacturing.

Fixed cost in break-even analysis refers to the cost that

A decision tree is a graphic illustration of the alternative solutions available to solve a problem.

Break-even analysis assumes that unit costs vary in relation to sales volume.

The Delphi Technique is a form of group decision making designed to provide group members with one another's ideas and feedback while avoiding some of the problems associated with interacting groups

Describe scenario planning.

A judgmental forecast is

Suppose a small-business owner wants to repaint the walls inside the office. The office manager suggests buying a premium brand of paint because such paint stays fresher looking longer and does not chip as readily. What would a data-driven manager say?

Forecasts that are updated regularly with fresh data are referred to as rolling forecasts.

In an advanced application of PERT, expected times are based on frequency distributions of how long certain events took place in the past.

The economic-order quantity (EOQ) is the inventory level that minimizes ordering and carrying costs.