POM- Exam 1 Questions and Answers
100% CORRECT7
Maximax - ANSWERS -choose the alternative with the best possible payoff (High Risk)
Laplace - ANSWERS -An average, assuming equally likely information. Choose the alternative
with the best average payoff of any of the alternatives
Minimax regret - ANSWERS -to minimize the worst-case regret. The aim of this is to perform as
closely as possible to the optimal course.
Present value - ANSWERS -the sum, in current value, of all future cash flows of an investment
proposal
Craft production - ANSWERS -System in which highly skilled workers use simple, flexible tools to
produce small quantities of customized goods.
Division of labor - ANSWERS -The breaking up of a production process into small tasks, so that
each worker performs a small portion of the overall job.
Mass production - ANSWERS -System in which low-skilled workers use specialized machinery to
produce high volumes of standardized goods.
Operations management - ANSWERS -The management of systems or processes that create
goods and/ or provide services.
, Pareto phenomenon - ANSWERS -A few factors account for a high percentage of the occurrence
of some event(s).
Value-added - ANSWERS -The difference between the cost of inputs and the value or price of
outputs
Frederick W. Taylor - ANSWERS -Major contribution: Principles of scientific management.
Frank Gilbreth - ANSWERS -Was an industrial engineer who is often referred to as the father of
motion study. He developed principles of motion economy that could be applied to incredibly
small portions of task. Focused on the human aspect in work and the human element in job
design.
Henry Gantt - ANSWERS -Major contribution: chart for scheduling activities. Recognized the
value of non-monetary rewards to motivate workers, and developed a widely used system for
scheduling, called Gnautt charts.
Harrington Emerson - ANSWERS -Applied Taylor's ideas to organization structure and
encouraged the use of experts to improve organizational efficiency. He testifies in a
congressional hearing that railroads could save a million dollars a day by applying principles of
scientific management.
William Ouchi - ANSWERS -Added Theory Z to the motivational theories. Theory Z combined the
Japanese approach with such features as lifetime employment, employee problem solving, and
consensus building. It also added the traditional Western approach that features short-term
employment, specialists, and individual decision making and responsibility.
Henry Ford - ANSWERS -Major contribution: Moving assembly line. The great industrialist,
employed scientific management techniques in his factories.
100% CORRECT7
Maximax - ANSWERS -choose the alternative with the best possible payoff (High Risk)
Laplace - ANSWERS -An average, assuming equally likely information. Choose the alternative
with the best average payoff of any of the alternatives
Minimax regret - ANSWERS -to minimize the worst-case regret. The aim of this is to perform as
closely as possible to the optimal course.
Present value - ANSWERS -the sum, in current value, of all future cash flows of an investment
proposal
Craft production - ANSWERS -System in which highly skilled workers use simple, flexible tools to
produce small quantities of customized goods.
Division of labor - ANSWERS -The breaking up of a production process into small tasks, so that
each worker performs a small portion of the overall job.
Mass production - ANSWERS -System in which low-skilled workers use specialized machinery to
produce high volumes of standardized goods.
Operations management - ANSWERS -The management of systems or processes that create
goods and/ or provide services.
, Pareto phenomenon - ANSWERS -A few factors account for a high percentage of the occurrence
of some event(s).
Value-added - ANSWERS -The difference between the cost of inputs and the value or price of
outputs
Frederick W. Taylor - ANSWERS -Major contribution: Principles of scientific management.
Frank Gilbreth - ANSWERS -Was an industrial engineer who is often referred to as the father of
motion study. He developed principles of motion economy that could be applied to incredibly
small portions of task. Focused on the human aspect in work and the human element in job
design.
Henry Gantt - ANSWERS -Major contribution: chart for scheduling activities. Recognized the
value of non-monetary rewards to motivate workers, and developed a widely used system for
scheduling, called Gnautt charts.
Harrington Emerson - ANSWERS -Applied Taylor's ideas to organization structure and
encouraged the use of experts to improve organizational efficiency. He testifies in a
congressional hearing that railroads could save a million dollars a day by applying principles of
scientific management.
William Ouchi - ANSWERS -Added Theory Z to the motivational theories. Theory Z combined the
Japanese approach with such features as lifetime employment, employee problem solving, and
consensus building. It also added the traditional Western approach that features short-term
employment, specialists, and individual decision making and responsibility.
Henry Ford - ANSWERS -Major contribution: Moving assembly line. The great industrialist,
employed scientific management techniques in his factories.
