BUS 370 Exam 2 with correct answers
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capacity |- |correct |answer |the |capability |of |a |worker, |machine, |work |center, |plant |or |
organization |to |produce |output |per |time |period
measures |of |capacity |- |correct |answer |in |terms |of |inputs, |outputs, |or |a |combo
ex: |jiffy |lube=oil |changes |per |hour
law |firm=billable |hours
college= |student |hours |per |semester
theoretical |capacity |- |correct |answer |the |max |output |capability, |allowing |for |no |adjustments |
for |preventive |maintenance |or |unplanned |downtime
rated |capacity |- |correct |answer |the |long-term, |expected |output |capability |of |a |resource |or |
system
lead |capacity |strategy |- |correct |answer |a |capacity |strategy |in |which |capacity |is |added |in |
anticipation |of |BEFORE |demand
lag |capacity |strategy |- |correct |answer |a |capacity |strategy |in |which |capacity |is |added |only |
AFTER |demand |has |materialized
typically |a |good |strategy |for |mature, |cost |sensitive |products |and |services
methods |of |evaluating |capacity |alternatives |- |correct |answer |fixed |& |variable |costs
indifference |point
break |even |point
expected |value
decision |tree
, total |cost |- |correct |answer |FC |+ |VC(units)
indifference |point |- |correct |answer |the |output |level |at |which |2 |capacity |alternatives |generate |
equal |cost
expected |value |- |correct |answer |a |calculation |that |summarizes |the |expected |costs, |revenues, |
or |profits |of |a |capacity |alternative |based |on |several |demand |levels, |each |of |which |has |a |
different |probability
step |1: |calculate |total |cost
step |2: |calculate |expected |value
decision |tree |- |correct |answer |a |visual |tool |that |decision |makers |use |to |evaluate |capacity |
decisions |to |enable |users |to |see |the |interrelationships |between |decisions |and |possible |
outcomes
decision |tree |rules |- |correct |answer |draw |tree |left |to |right |starting |with |decision |point |and |
develop |branches |from |there
decision |point=squares
outcome |point=circles
for |EV |problems, |calculate |the |financial |results |for |each |of |the |smaller |branches |and |move |
backward |by |calculating |weighted |avg |for |branches |based |on |problems
Forter's |Market |case |study |- |correct |answer |roast |coffee |himself |vs. |buying |roasted |coffee
indifference |point |25000
higher |EV |was |roasting |it |himself
learning |curves |- |correct |answer |recognize |that |people |become |more |productive |over |time |
due |to |learning
-for |every |doubling |of |cumulative |output, |there |is |a |set |percentage |reduction |in |the |amount |of
|inputs |required
| | | | | |
capacity |- |correct |answer |the |capability |of |a |worker, |machine, |work |center, |plant |or |
organization |to |produce |output |per |time |period
measures |of |capacity |- |correct |answer |in |terms |of |inputs, |outputs, |or |a |combo
ex: |jiffy |lube=oil |changes |per |hour
law |firm=billable |hours
college= |student |hours |per |semester
theoretical |capacity |- |correct |answer |the |max |output |capability, |allowing |for |no |adjustments |
for |preventive |maintenance |or |unplanned |downtime
rated |capacity |- |correct |answer |the |long-term, |expected |output |capability |of |a |resource |or |
system
lead |capacity |strategy |- |correct |answer |a |capacity |strategy |in |which |capacity |is |added |in |
anticipation |of |BEFORE |demand
lag |capacity |strategy |- |correct |answer |a |capacity |strategy |in |which |capacity |is |added |only |
AFTER |demand |has |materialized
typically |a |good |strategy |for |mature, |cost |sensitive |products |and |services
methods |of |evaluating |capacity |alternatives |- |correct |answer |fixed |& |variable |costs
indifference |point
break |even |point
expected |value
decision |tree
, total |cost |- |correct |answer |FC |+ |VC(units)
indifference |point |- |correct |answer |the |output |level |at |which |2 |capacity |alternatives |generate |
equal |cost
expected |value |- |correct |answer |a |calculation |that |summarizes |the |expected |costs, |revenues, |
or |profits |of |a |capacity |alternative |based |on |several |demand |levels, |each |of |which |has |a |
different |probability
step |1: |calculate |total |cost
step |2: |calculate |expected |value
decision |tree |- |correct |answer |a |visual |tool |that |decision |makers |use |to |evaluate |capacity |
decisions |to |enable |users |to |see |the |interrelationships |between |decisions |and |possible |
outcomes
decision |tree |rules |- |correct |answer |draw |tree |left |to |right |starting |with |decision |point |and |
develop |branches |from |there
decision |point=squares
outcome |point=circles
for |EV |problems, |calculate |the |financial |results |for |each |of |the |smaller |branches |and |move |
backward |by |calculating |weighted |avg |for |branches |based |on |problems
Forter's |Market |case |study |- |correct |answer |roast |coffee |himself |vs. |buying |roasted |coffee
indifference |point |25000
higher |EV |was |roasting |it |himself
learning |curves |- |correct |answer |recognize |that |people |become |more |productive |over |time |
due |to |learning
-for |every |doubling |of |cumulative |output, |there |is |a |set |percentage |reduction |in |the |amount |of
|inputs |required
