LOMA 335 Exam with verified !| !| !| !| !|
detailed answers !|
80-20 principle - Correct answer ✔A guideline which states that 20% of
!| !| !| !| !| !| !| !| !| !| !| !|
the components of a situation account for 80% of the outcomes. [10]
!| !| !| !| !| !| !| !| !| !| !|
360-degree review - Correct answer ✔A method of performance!| !| !| !| !| !| !| !| !|
evaluation in which opinions about an employee's performance are
!| !| !| !| !| !| !| !| !|
solicited from several sources, such as the employee and her superiors,
!| !| !| !| !| !| !| !| !| !| !|
peers, subordinates and customers. [3]
!| !| !| !|
abandonment rate - Correct answer ✔For a contact center, the !| !| !| !| !| !| !| !| !| !|
percentage of inbound telephone calls that are placed in the queue and
!| !| !| !| !| !| !| !| !| !| !| !|
then terminated by the caller before the call is answered by a customer
!| !| !| !| !| !| !| !| !| !| !| !| !|
service representative. [12]!| !|
accuracy - Correct answer ✔In research, a general term for the closeness
!| !| !| !| !| !| !| !| !| !| !| !|
of a model to the system it represents, the closeness of a measured
!| !| !| !| !| !| !| !| !| !| !| !| !|
quantity to its true value, or the closeness of a projected outcome to the
!| !| !| !| !| !| !| !| !| !| !| !| !| !|
actual outcome. [6] !| !|
ACORD - Correct answer ✔A standards-developing organization that
!| !| !| !| !| !| !| !|
supports data and technology standards for insurance and financial
!| !| !| !| !| !| !| !| !|
services worldwide. [13] !| !|
,ACORD XML LAH - Correct answer ✔ACORD's proprietary information
!| !| !| !| !| !| !| !| !|
sharing standards developed for life insurance, annuities and non
!| !| !| !| !| !| !| !| !|
medical health insurance. [13]
!| !| !|
acquiescence bias - Correct answer ✔a consistent error in survey data
!| !| !| !| !| !| !| !| !| !| !|
arising from the tendency of interviewees to agree with the questioner.
!| !| !| !| !| !| !| !| !| !| !|
[6]
activity - Correct answer ✔Part of a set of actions that accomplishes a
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job, problem or assignment, all of which must be accomplished within a
!| !| !| !| !| !| !| !| !| !| !| !|
specified time. [11] !| !|
activity analysis - Correct answer ✔A type of analysis and a report for
!| !| !| !| !| !| !| !| !| !| !| !| !|
documenting the results of a study undertaken to identify how a given
!| !| !| !| !| !| !| !| !| !| !| !|
project activity is accomplished including the tasks constituting that
!| !| !| !| !| !| !| !| !|
activity. [14] !|
adherence - Correct answer ✔In a contact center, the degree to which
!| !| !| !| !| !| !| !| !| !| !| !|
customer service representatives follow the staffing schedule developed
!| !| !| !| !| !| !| !|
to handle inbound customer contacts. [12]
!| !| !| !| !|
administrative and support function - Correct answer ✔A function in !| !| !| !| !| !| !| !| !| !|
which either managerial or non-managerial employees perform duties to
!| !| !| !| !| !| !| !| !|
support operational or production activities, but do not directly perform
!| !| !| !| !| !| !| !| !| !|
operational or production duties. [1] !| !| !| !|
,agency problem - Correct answer ✔A problem that exists when one
!| !| !| !| !| !| !| !| !| !| !|
person is paid to act on behalf of another, but the two individuals have
!| !| !| !| !| !| !| !| !| !| !| !| !| !|
different interests, have access to different information about the agent's
!| !| !| !| !| !| !| !| !| !|
activities, and have different incentives. [2]
!| !| !| !| !|
agile management - Correct answer ✔An approach to business
!| !| !| !| !| !| !| !| !|
effectiveness focused on finding and seizing opportunities to improve
!| !| !| !| !| !| !| !| !|
operations and processes. [11] !| !| !|
American National Standards Institute (ANSI) - Correct answer ✔A
!| !| !| !| !| !| !| !| !|
private association that supports the creation of voluntary standards for
!| !| !| !| !| !| !| !| !| !|
companies operating in the United States. [13] !| !| !| !| !| !|
antecedent - Correct answer ✔In a behavioral context, an environmental
!| !| !| !| !| !| !| !| !| !|
cue that prompts a person to act in a particular manner. [3]
!| !| !| !| !| !| !| !| !| !| !|
arithmetic average model - Correct answer ✔A model that uses the
!| !| !| !| !| !| !| !| !| !| !|
arithmetic average (the mean) of the time-series data from previous
!| !| !| !| !| !| !| !| !| !|
periods as the forecast value for the next future period. [8]
!| !| !| !| !| !| !| !| !| !|
as-is flow chart - Correct answer ✔A type of flow chart that describes
!| !| !| !| !| !| !| !| !| !| !| !| !|
how a work process is actually performed, regardless of how it should be
!| !| !| !| !| !| !| !| !| !| !| !| !|
performed. [11] !|
attention bias - Correct answer ✔A consistent error in research
!| !| !| !| !| !| !| !| !| !|
outcomes which arises because individuals who know they are being
!| !| !| !| !| !| !| !| !| !|
, studied tend to perform better because of the attention to their
!| !| !| !| !| !| !| !| !| !| !|
performance. [6] !|
authoritarian decision process - Correct answer ✔A process that relies
!| !| !| !| !| !| !| !| !| !|
on one decision maker to dictate a choice. Also known as autocratic
!| !| !| !| !| !| !| !| !| !| !| !|
decision process or paternalistic decision process. [5]
!| !| !| !| !| !|
authority - Correct answer ✔The right to direct the actions of others. See
!| !| !| !| !| !| !| !| !| !| !| !| !|
also power. [3]
!| !|
automated underwriting system - Correct answer ✔A type of expert
!| !| !| !| !| !| !| !| !| !|
system that uses an expert knowledge base, decision rules, and a
!| !| !| !| !| !| !| !| !| !| !|
company database to make automated underwriting decisions. See
!| !| !| !| !| !| !| !|
expert system [6] !| !|
automatic call distributor (ACD) - Correct answer ✔A device that, at the
!| !| !| !| !| !| !| !| !| !| !| !|
most basic level, receives telephone calls and directs them to the
!| !| !| !| !| !| !| !| !| !| !|
appropriate employee or work group. In addition to routing, ACDs can
!| !| !| !| !| !| !| !| !| !| !|
perform a variety of other functions, such as facilitating contact center
!| !| !| !| !| !| !| !| !| !| !|
management, linking multiple service centers, and integrating telephones
!| !| !| !| !| !| !| !|
with other communication and information technology. [12]
!| !| !| !| !| !|
automatic number identification (ANI) - Correct answer ✔A technology
!| !| !| !| !| !| !| !| !|
that identifies an inbound telephone call by the caller's telephone number
!| !| !| !| !| !| !| !| !| !|
or some other type of personal identifier. [12]
!| !| !| !| !| !| !| !|
detailed answers !|
80-20 principle - Correct answer ✔A guideline which states that 20% of
!| !| !| !| !| !| !| !| !| !| !| !|
the components of a situation account for 80% of the outcomes. [10]
!| !| !| !| !| !| !| !| !| !| !|
360-degree review - Correct answer ✔A method of performance!| !| !| !| !| !| !| !| !|
evaluation in which opinions about an employee's performance are
!| !| !| !| !| !| !| !| !|
solicited from several sources, such as the employee and her superiors,
!| !| !| !| !| !| !| !| !| !| !|
peers, subordinates and customers. [3]
!| !| !| !|
abandonment rate - Correct answer ✔For a contact center, the !| !| !| !| !| !| !| !| !| !|
percentage of inbound telephone calls that are placed in the queue and
!| !| !| !| !| !| !| !| !| !| !| !|
then terminated by the caller before the call is answered by a customer
!| !| !| !| !| !| !| !| !| !| !| !| !|
service representative. [12]!| !|
accuracy - Correct answer ✔In research, a general term for the closeness
!| !| !| !| !| !| !| !| !| !| !| !|
of a model to the system it represents, the closeness of a measured
!| !| !| !| !| !| !| !| !| !| !| !| !|
quantity to its true value, or the closeness of a projected outcome to the
!| !| !| !| !| !| !| !| !| !| !| !| !| !|
actual outcome. [6] !| !|
ACORD - Correct answer ✔A standards-developing organization that
!| !| !| !| !| !| !| !|
supports data and technology standards for insurance and financial
!| !| !| !| !| !| !| !| !|
services worldwide. [13] !| !|
,ACORD XML LAH - Correct answer ✔ACORD's proprietary information
!| !| !| !| !| !| !| !| !|
sharing standards developed for life insurance, annuities and non
!| !| !| !| !| !| !| !| !|
medical health insurance. [13]
!| !| !|
acquiescence bias - Correct answer ✔a consistent error in survey data
!| !| !| !| !| !| !| !| !| !| !|
arising from the tendency of interviewees to agree with the questioner.
!| !| !| !| !| !| !| !| !| !| !|
[6]
activity - Correct answer ✔Part of a set of actions that accomplishes a
!| !| !| !| !| !| !| !| !| !| !| !| !|
job, problem or assignment, all of which must be accomplished within a
!| !| !| !| !| !| !| !| !| !| !| !|
specified time. [11] !| !|
activity analysis - Correct answer ✔A type of analysis and a report for
!| !| !| !| !| !| !| !| !| !| !| !| !|
documenting the results of a study undertaken to identify how a given
!| !| !| !| !| !| !| !| !| !| !| !|
project activity is accomplished including the tasks constituting that
!| !| !| !| !| !| !| !| !|
activity. [14] !|
adherence - Correct answer ✔In a contact center, the degree to which
!| !| !| !| !| !| !| !| !| !| !| !|
customer service representatives follow the staffing schedule developed
!| !| !| !| !| !| !| !|
to handle inbound customer contacts. [12]
!| !| !| !| !|
administrative and support function - Correct answer ✔A function in !| !| !| !| !| !| !| !| !| !|
which either managerial or non-managerial employees perform duties to
!| !| !| !| !| !| !| !| !|
support operational or production activities, but do not directly perform
!| !| !| !| !| !| !| !| !| !|
operational or production duties. [1] !| !| !| !|
,agency problem - Correct answer ✔A problem that exists when one
!| !| !| !| !| !| !| !| !| !| !|
person is paid to act on behalf of another, but the two individuals have
!| !| !| !| !| !| !| !| !| !| !| !| !| !|
different interests, have access to different information about the agent's
!| !| !| !| !| !| !| !| !| !|
activities, and have different incentives. [2]
!| !| !| !| !|
agile management - Correct answer ✔An approach to business
!| !| !| !| !| !| !| !| !|
effectiveness focused on finding and seizing opportunities to improve
!| !| !| !| !| !| !| !| !|
operations and processes. [11] !| !| !|
American National Standards Institute (ANSI) - Correct answer ✔A
!| !| !| !| !| !| !| !| !|
private association that supports the creation of voluntary standards for
!| !| !| !| !| !| !| !| !| !|
companies operating in the United States. [13] !| !| !| !| !| !|
antecedent - Correct answer ✔In a behavioral context, an environmental
!| !| !| !| !| !| !| !| !| !|
cue that prompts a person to act in a particular manner. [3]
!| !| !| !| !| !| !| !| !| !| !|
arithmetic average model - Correct answer ✔A model that uses the
!| !| !| !| !| !| !| !| !| !| !|
arithmetic average (the mean) of the time-series data from previous
!| !| !| !| !| !| !| !| !| !|
periods as the forecast value for the next future period. [8]
!| !| !| !| !| !| !| !| !| !|
as-is flow chart - Correct answer ✔A type of flow chart that describes
!| !| !| !| !| !| !| !| !| !| !| !| !|
how a work process is actually performed, regardless of how it should be
!| !| !| !| !| !| !| !| !| !| !| !| !|
performed. [11] !|
attention bias - Correct answer ✔A consistent error in research
!| !| !| !| !| !| !| !| !| !|
outcomes which arises because individuals who know they are being
!| !| !| !| !| !| !| !| !| !|
, studied tend to perform better because of the attention to their
!| !| !| !| !| !| !| !| !| !| !|
performance. [6] !|
authoritarian decision process - Correct answer ✔A process that relies
!| !| !| !| !| !| !| !| !| !|
on one decision maker to dictate a choice. Also known as autocratic
!| !| !| !| !| !| !| !| !| !| !| !|
decision process or paternalistic decision process. [5]
!| !| !| !| !| !|
authority - Correct answer ✔The right to direct the actions of others. See
!| !| !| !| !| !| !| !| !| !| !| !| !|
also power. [3]
!| !|
automated underwriting system - Correct answer ✔A type of expert
!| !| !| !| !| !| !| !| !| !|
system that uses an expert knowledge base, decision rules, and a
!| !| !| !| !| !| !| !| !| !| !|
company database to make automated underwriting decisions. See
!| !| !| !| !| !| !| !|
expert system [6] !| !|
automatic call distributor (ACD) - Correct answer ✔A device that, at the
!| !| !| !| !| !| !| !| !| !| !| !|
most basic level, receives telephone calls and directs them to the
!| !| !| !| !| !| !| !| !| !| !|
appropriate employee or work group. In addition to routing, ACDs can
!| !| !| !| !| !| !| !| !| !| !|
perform a variety of other functions, such as facilitating contact center
!| !| !| !| !| !| !| !| !| !| !|
management, linking multiple service centers, and integrating telephones
!| !| !| !| !| !| !| !|
with other communication and information technology. [12]
!| !| !| !| !| !|
automatic number identification (ANI) - Correct answer ✔A technology
!| !| !| !| !| !| !| !| !|
that identifies an inbound telephone call by the caller's telephone number
!| !| !| !| !| !| !| !| !| !|
or some other type of personal identifier. [12]
!| !| !| !| !| !| !| !|
