MGSC 395 Exam One Prep Questions And Verified Accurate Answers| Guaranteed Pass.

If "every process and every person in an organization has customers," then - correct answers some customers are external and some are internal. SSS is a local restaurant serving the needs of college students, faculty, and staff. The manager is considering adding a website so carry-out customers can order in advance more easily. Which process would be a core process in this new undertaking? - correct answers Web design The three mainline functions of any business are - correct answers operations, marketing, and finance. A credit card-processing firm would be likely to list the following competitive priorities for its external customers: - correct answers Consistent quality Which of the following events from the twentieth century defines the history of operations and supply chain management? - correct answers ALL! A. The invention of the assembly line for the Model T car by Henry Ford. Your answer is not correct. B. The Toyota Production System for removing wasteful activities from an organization. C. Alfred Sloan's introduction of strategic planning for achieving product proliferation and variety. What do all processes have? - correct answersinputs and outputs Technological change is proceeding at a rapid rate, but there are many challenges such as - correct answersemployees may resist technological change if it is not managed well. In market analysis, the needs assessment step identifies - correct answersproduct/service attributes. Gymtastic was able to serve large crowds of customers and then adjust operations to serve very few customers thanks to their competitive capability related to - correct answersflexibility. A ________ process is a set of activities that delivers value to external customers. - correct answerscore An interactive television service that costs $13 per month to provide can be sold on the information highway for $17 per client per month. If a service area includes a potential of 12,000 customers, what is the most a company could spend on monthly fixed costs to acquire and maintain the equipment? - correct answersThe most the company could spend is $48,000 In Decision Theory, decision elements that have an impact on the outcome of the choice but are not under the manager's control are called - correct answersA. events. B. states of nature. C. chance events. Benjamin Moses, chief engineer of Offshore Chemicals, Inc., must decide whether to build a new processing facility based on an experimental technology. If the new facility works, the company will realize a net profit of $22 million. If the new facility fails, the company will lose $15 million. Benjamin's best guess is that there is a 50 percent chance that the new facility will work. What decision should Benjamin Moses make? - correct answersSince the expected payoff for building a new facility is $3,500,000 Benjamin Moses should build Decision making situations that include which of the following characteristics require a Preference Matrix approach? - correct answersmultiple criteria cannot be merged into a single measure After drawing a decision tree, we solve it by working from right to left. When calculating the expected payoff for each event node, - correct answerswe multiply the payoff of each event branch by the event's probability and then add these products. Earthquake, drought, fire, economic famine, flood, and a pestilence of TV court reporters have caused an exodus from the City of Angels to Boulder, Colorado. The sudden increase in demand is straining the capacity of Boulder's electrical system. Boulder's alternatives have been reduced to buying 200,000 MWh of electric power from Tri-County G&T at a price of $77 per MWh, or refurbishing and recommissioning the abandoned Pearl Street Power Station in downtown Boulder. Fixed costs of that project are $8 million per year, and variable costs would be $27 per MWh. Should Boulder build or buy? - correct answersBoulder should build , with a total cost of $13,400,000per year Which one of the following statements about break-even analysis, as we applied it to evaluating products or services, is best? - correct answersBreak-even analysis assumes that the cost function is linear and consists of fixed costs plus variable cost times volume. Which of the following conditions is generally associated with a job process? - correct answersHigh resource flexibility. A contractor is preparing a bid to install swimming pools at a new housing addition. The estimated time to build the first pool is 28 hours. The contractor estimates a 50 percent learning rate. - correct answersa. How long do you estimate the time required to install the second pool? 14hours. (Enter your response rounded to two decimal places.) b. How long do you estimate the time required to install the fourth pool? 7.00hours. (Enter your response rounded to two decimal places.) Some important metrics to consider for a financial advising firm might include - correct answersC. customer satisfaction. There are several types of benchmarking. These include: - correct answersfunctional benchmarking. Which service process structure typically involves work flows with steps that vary from one customer to the next? - correct answersA. front office The result of a firm's splitting large plants, which produced all the company's products, into several specialized smaller plants is - correct answersD. focused factories. Which of the following statements is generally true for manufacturing processes when volumes are high and process divergence is low? - correct answersALL TRUE A. Less discretion is allowed in order to avoid the unpredictable demands required by customized orders. B. Flexibility is not needed to utilize resources effectively. C. Line flow is possible. Low manufacturing volumes typically dictate the following process decision: - correct answersLess capital intensity and automation. A primary enabler of process reengineering is - correct answersinformation technology. Economies of scope are characterized by - correct answershigh capital intensity and high resource flexibility. Letting a group of people knowledgeable about the process propose ideas for change is an example of - correct answersbrainstorming. The difference between people-processing service and possession-processing services is that - correct answersservices are provided to the customer who must be present in people-processing; services are provided for the customer who does not need to be present in possession-processing services. What would be the likely process characteristics of the typical college dining hall? - correct answersLine flows Your answer is correct. Among the data analysis tools, the one used to record the frequency of occurrence of certain product or service characteristics is a - correct answerschecklist. In acceptance sampling, if the sample passes the test then - correct answersthe entire quantity of items is accepted. A control chart typically does NOT show which of the following values? - correct answersOuter limit TQM stresses three principles for achieving high levels of process performance and quality. Which of the following is one of them? - correct answerscustomer satisfaction What is the statement used to describe the proportion of defective items (outside of specifications) that the buyer will accept in a shipment? - correct answersacceptable quality level Which of the following is true about ISO 9001:2008, the standards governing documentation of a quality program? - correct answersALL ARE TRUE A. Compliance with ISO 9001:2008 standards says nothing about the actual quality of a product. B. Companies become certified by proving to a qualified external examiner that they comply with all the requirements. C. Compliance with ISO 9001:2008 standards indicates to customers that companies can provide documentation to support whatever claims they make about quality. Which of the following is one of the seven major criteria for the Baldrige award? - correct answersresults Most experts on the costs of poor process performance and quality estimate losses in the range of ________ percent of gross sales for defective or unsatisfactory products. - correct answers20 to 30 Which of the following is considered one of the four major cost of quality categories? - correct answersappraisal The process capability index is compared to a critical value to judge whether a process is capable. Firms striving to achieve six-sigma performance use a critical value of - correct answers2.0 A firm's internal program in employee involvement includes which of the following considerations? - correct answersDefining who the customer is A measure of the reserve capacity a process has to handle in unexpected increases in demand is the - correct answerscapacity cushion. Using input measures of capacity is least appropriate in which of the following situations? - correct answersproduct variety and process divergence is low An expansionist capacity strategy is NOT indicated when - correct answersexpansion will lead to economies of scale. Waiting-line models often are used in capacity planning in order to - correct answersselect an appropriate capacity cushion for a high customer-contact process Long-term capacity planning deals with which of the following factors? - correct answers Long-term capacity planning deals with which of the following factors?