C723 - UNIT 2 EXAM 2025
QUESTIONS AND ANSWERS
___________ involves finding the best solution when faced with an uncertainty -
....ANSWER ...-Decision analysis
_____________________ is a specific quantitative analysis technique that utilizes
mathematical calculations to determine the average of all potential alternatives
being considered to solve a problem. - ....ANSWER ...-Expected monetary
value analysis
A banker wants to decide whether to approve a loan for a new customer.
Does this statement use Expected Monetary Analysis or not -
....ANSWER ...-Does Not Use Expected Monetary Analysis
A lawyer is deciding on the monthly retainer fee for a new client. -
....ANSWER ...-Does Not Use Expected Monetary Analysis
....COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 1
,A retired teacher is considering three alternative investments for her retirement
fund. - ....ANSWER ...-Uses Expected Monetary Analysis
A real estate agent is considering investing in either a commercial strip mall or
several single-family homes. - ....ANSWER ...-Uses Expected Monetary
Analysis
A medical research group wants to determine the effectiveness of a new medicine.
- ....ANSWER ...-Does Not Use Expected Monetary Analysis
A marketing manager wants to determine the effectiveness of a new ad campaign. -
....ANSWER ...-Does Not Use Expected Monetary Analysis
__________ is determined by multiplying the daily demand for an inventory item
by the lead time, the number of days between making an order and receiving the
order. - ....ANSWER ...-Reorder point
_________ is additional inventory held to prevent a business from running out of
stock. - ....ANSWER ...-Safety stock
ROP = ((daily demand * lead time) + safety stock) - ....ANSWER ...-reorder
point formula
____________ is a method or process used to make decisions about events where
the actual outcomes have not yet occurred. - ....ANSWER ...-Forecasting
....COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 2
, A _____________ is a common tool used to help break down and manage a
project's deliverables and their supporting tasks. - ....ANSWER ...-work
breakdown structure (WBS)
_________ can be done before the cost estimates are complete.The estimates can
only be done after all tasks and subtasks are identified. - ....ANSWER ...-
Project scheduling
Special project management software is helpful and can speed up the task, but it is
not essential to ___________. - ....ANSWER ...-perform project scheduling.
For ________ each subtask may include more than one type of resource. Each
subtask may involve multiple types of labor, such as plumbers and electricians.
However, their costs are likely to be different. - ....ANSWER ...-project
scheduling
The qualitative approach is best used when a business is faced with ___________.
- ....ANSWER ...-uncertainty
Which of the following are some primary influencing factors involving subjective
reasoning on a topic?
a. The latest data from the FBI
b. Computer technology
....COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 3
QUESTIONS AND ANSWERS
___________ involves finding the best solution when faced with an uncertainty -
....ANSWER ...-Decision analysis
_____________________ is a specific quantitative analysis technique that utilizes
mathematical calculations to determine the average of all potential alternatives
being considered to solve a problem. - ....ANSWER ...-Expected monetary
value analysis
A banker wants to decide whether to approve a loan for a new customer.
Does this statement use Expected Monetary Analysis or not -
....ANSWER ...-Does Not Use Expected Monetary Analysis
A lawyer is deciding on the monthly retainer fee for a new client. -
....ANSWER ...-Does Not Use Expected Monetary Analysis
....COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 1
,A retired teacher is considering three alternative investments for her retirement
fund. - ....ANSWER ...-Uses Expected Monetary Analysis
A real estate agent is considering investing in either a commercial strip mall or
several single-family homes. - ....ANSWER ...-Uses Expected Monetary
Analysis
A medical research group wants to determine the effectiveness of a new medicine.
- ....ANSWER ...-Does Not Use Expected Monetary Analysis
A marketing manager wants to determine the effectiveness of a new ad campaign. -
....ANSWER ...-Does Not Use Expected Monetary Analysis
__________ is determined by multiplying the daily demand for an inventory item
by the lead time, the number of days between making an order and receiving the
order. - ....ANSWER ...-Reorder point
_________ is additional inventory held to prevent a business from running out of
stock. - ....ANSWER ...-Safety stock
ROP = ((daily demand * lead time) + safety stock) - ....ANSWER ...-reorder
point formula
____________ is a method or process used to make decisions about events where
the actual outcomes have not yet occurred. - ....ANSWER ...-Forecasting
....COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 2
, A _____________ is a common tool used to help break down and manage a
project's deliverables and their supporting tasks. - ....ANSWER ...-work
breakdown structure (WBS)
_________ can be done before the cost estimates are complete.The estimates can
only be done after all tasks and subtasks are identified. - ....ANSWER ...-
Project scheduling
Special project management software is helpful and can speed up the task, but it is
not essential to ___________. - ....ANSWER ...-perform project scheduling.
For ________ each subtask may include more than one type of resource. Each
subtask may involve multiple types of labor, such as plumbers and electricians.
However, their costs are likely to be different. - ....ANSWER ...-project
scheduling
The qualitative approach is best used when a business is faced with ___________.
- ....ANSWER ...-uncertainty
Which of the following are some primary influencing factors involving subjective
reasoning on a topic?
a. The latest data from the FBI
b. Computer technology
....COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 3
