Let Quiz 1. Business - Decision Science

1

Given here are a set of sample data: 12.0, 18.3, 29.6, 14.3, and 27.8 . The sample standard deviation for this data is equal to _____

2

Capacity used to satisfy demand that is higher than forecasted is

3

An application ____________________ is a set of programming tools provided to access an operating system or online service in order to create software based on that operating system or online service.

4

"Order fill rate" is calculated by taking the total orders shipped and dividing that number by total orders, resulting in a percentage that could reach 100 percent if every order was always shipped correctly.

5

Consider the project summarized in Table 11-9. In addition to the cost of the activities, the mad scientist must rent a menagerie of comfort animals during his program. The menagerie includes a number of animals, plus the feed, along with the services of a shepherd at a cost of $700 per week. What is the duration of the normal completion time and total project cost at that time? What activities should be crashed to minimize the total project cost? What is the new project duration and cost?

6

The _____________ pattern can be used to connect two disparate systems

7

Which pair of statements is BEST?

8

Computer inventory systems are often programmed to produce a cycle count notice in which of the following case?

9

With parity checking, sender and receiver must agree whether error detection is based on __________ or __________

10

An automobile company that installs satellite radio at the dealership instead of at the factory is applying a postponement strategy

11

If the manufacturing lead time of an item is reduced by 50%, the work in process inventory:

12

In contrast to the query languages used to interact with a relational database, interaction with an object-oriented database takes places via methods

13

The ________ takes the master production schedule and derives plans for components, purchased materials and workstations

14

The major reason for limiting the number of suppliers in the supplier selection and evaluation model is that the resources available to the purchaser for this activity are limited to the department's resources

15

A(n) ________ assigns numerical values to different levels of preferences

16

Despite the insights that PERT provides, there are still practical limitations that impact its usefulness. All of the following difficulties are associated with the use of PERT EXCEPT:

17

Many multinational corporations are moving their facilities and headquarters out of Taiwan and some Southeast Asian countries in order to take advantage of the proximity to customers. The more attractive customer markets are developing in China

18

Engaged employees have a strong emotional bond to their organization

19

The "sawtooth effect," named after turn-around artist Al "Chainsaw" Dunlap, is the severe reduction of inventory and service levels that occurs when a firm has gone through a hostile takeover.

20

The term __________ describes encoding data as variations in one or more physical parameters of a signal

21

A _____ sells services to anyone on the Internet

22

The Elastic Firm has two products coming on the market, Zigs and Zags. To make a Zig, the firm needs 10 units of product A and 15 units of product B. To make a Zag, they need 20 units of product A and 15 units of product B

23

Poor logistics management can bring a supply chain to its knees, regardless of the quality of the products.

24

The traditional SDLC's popularity is because of its flexibility

25

The Pointy-haired boss knows a thing or two about optimization and decides to formulate the problem as a cost maximization problem. Use Solver to determine the answer he arrives at.

26

Jasper's Grocery places an order for Monster every 15 days. Once the order is placed, delivery to the store typically occurs in three days. Average demand is five cases per day, and the standard deviation of demand is 1.5 cases per day. The store policy is to stock an amount of inventory that allows for an average stockout condition of 5 percent (1.65 standard deviations) while waiting for replenishment. It is time to place an order, and there are 20 cases on hand. How many units should be ordered?

27

Data manipulation language commands are used to create or modify database tables. _________________________

28

When future demand is uncertain and sequential decisions are involved in capacity planning, a manager should use a:

29

Which of the following is true about a dynamic simulation model?

30

Describe the two approaches to order management. How are they different? How are they related?

Order management defines and sets in motion the logistics infrastructure of the organization. In other words, how an organization receives an order (electronically versus manually), how it fills an order (inventory policy and number and location of warehouses), and how it ships an order (mode choice and its impacts on delivery times) are all dictated by how an organization manages an order. There are two phases of order management. First, influencing the order this is the phase where an organization attempts to change the manner by which its customers place orders. Second, the concept of order execution this phase occurs after the organization receives the order.

These two phases are related in that both phases of the order management system represents the principal means by which buyers and sellers communicate information relating to individual orders of product. Effective order management is a key to operational efficiency and customer satisfaction. To the extent that an organization conducts all activities relating to order management in a timely, accurate, and thorough manner, it follows that other areas of company activity can be similarly coordinated. In addition, both present and potential customers will take a positive view of consistent and predictable order cycle length and acceptable response times. By starting the process with an understanding of customer needs, organizations can design order management systems that will be viewed as superior to competitor firms.

31

In drafting a purchase order, purchasing must include a large number of details regarding policies because it is a legally binding document

32

_____ is an object-oriented programming language developed by Sun Microsystems that runs on top of web browser software

33

Declaring a composite variable is different from declaring a scalar variable in that you must create your own data types.

34

In the era of Big Data, advanced software programs such as Solver can be used to navigate large number variables and constraints

35

Use the information in Figure 5.4. If each task has a work time of one minute and there are 8 hours in a day, what is the minimum number of stations if 240 units should be produced each day?

36

Inventories that are built up in advance of a peak selling season, a promotion program or a plant

37

During the ____ process, a database expert determines the structure of the required database

38

A key decision point in the generic development process during "Phase 1: Concept Development" is project approval.

39

Poultry Processing processes chickens for fast food restaurants. The Majestic chickens arrive from the farms on trucks, in cages, at a rate of 8 trucks per hour according to the Poisson distribution

40

Explain differentiation strategies in general, and describe three such strategies in detail

Differentiation Strategies
Simply stated, this strategy refers to the extent to which the supply chain approach of a particular company may be different and unique and thus differentiate it from those of competing organizations. The basic concept underlying differentiation is to see that supply chain capabilities are viewed by customers as being sufficiently effective and unique to distinguish an organization in the marketplace. At the same time, those customers may hopefully be willing to pay a premium price for the product or service offerings that are involved. While supply chain capabilities may have been regarded traditionally as part of the "augmented" or "value-added" product or service, successful organizations today may count supply chain excellence as part of their core capabilities.

To a large extent, differentiation materializes in some combination of price and service. Although supply chains may strive for differentiation in many ways, this section will elaborate briefly on elements of time-based strategies, ones that typically have short- and long-term positive effects on levels of customer service that are delivered by supply chains.

Time-Based Strategies
The value of time can be measured in a number of different ways. For example, adapting an inventory model to include alternative means of transportation can demonstrate that transportation choices that result in faster, more consistent transit times can help to reduce inventory and warehousing costs. Even though a faster mode of transportation may be more expensive, the net impact of savings in inventory and warehousing costs would be a reduction in total costs. This is an example of an effective strategy that is based on the tradeoffs between transportation, inventory, and warehousing costs. Coupled with improved speed and lessened variability of transit times, these impacts will help to reduce the length of the "cash-to-cash" cycle that is experienced. This metric is becoming one of the more sought-after measures of overall supply chain performance.

Reducing Cycle Time
Reductions in cycle time are based on three factors: processes, information, and decision making. If SCM is viewed as a series of processes, then those processes being performed faster will reduce cycle time, with the associated benefits already mentioned.

Another important source of reductions in cycle time is faster provision of information. The utilization of faster, more efficient forms of order transmission can significantly reduce the time needed to complete the transaction. Also, the use of contemporary information technologies is becoming increasingly attractive as technology costs have been declining significantly. The final factor in reducing cycle time is decision making. The critical issue is to empower individuals to make decisions relevant to their areas of expertise and responsibility.

Time-Reduction Logistics Initiatives
It is imperative for firms to develop the ability to know where all products may happen to be at any point in time. Interest has grown recently in the area of leveraging the power of effective demand planning and forecasting to more meaningfully move from "push" to "pull.". Recent interest in collaborative planning, forecasting, and replenishment (CPFR) also serves as an example of a highly useful, contemporary technology.

Increasingly, companies continue to change from the traditional push approach to a pull approach, which is a demand-responsive system. The switch requires a major change in corporate culture that is frequently difficult to achieve.

Overall, leading-edge companies have used a number of initiatives to improve their competitive position by reducing cycle time, thus producing significant benefits in terms of efficiency and effectiveness.

41

Based on the structure of the BOOKS table, which of the following is a valid SQL statement?

42

Since 1986, the only acceptable accelerated depreciation method is the ________

43

Which R/3 module records transactions in the general ledger?

44

Which of the following distributions is not skewed? I.Normal distributionII.Uniform distributionIII.Lognormal distributionIV.Exponential distribution

45

Refer to the following payoff table: State of NatureAlternativeS1S2A175−40A20100Prior Probability0.60.4There is an option of paying $100 to have research done to better predict which state of nature will occur. When the true state of nature is S1, the research will accurately predict S1 60% of the time. When the true state of nature is S2, the research will accurately predict S2 80% of the time.Given that the research is done, what is the joint probability that the state of nature is S1 and the research predicts S1?

46

The Central Limit Theorem says that if a number of probability distributions are summed:

47

Using the data given in Table 14-2, find the market shares for the three retailers in month 2.

48

In a/an _____, sellers are only told their relative rank and thus are not aware of their competitors' prices

49

Describe an experience curve

50

Standardization of products, services, and/or processes can help lower total cost of ownership.

51

Social media "netiquettes" includes all but one of the following: ________.

52

The optimal solution of to an NLP model must be a corner point of the feasible region

53

_____ involves frequent deliveries of smaller quantities directly to the point of use at the purchaser

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Let Quiz 1. Business - Decision Science

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