Quiz Review 6/ Business - Decision Science

_____ is the result of processing raw data to reveal its meaning

The use of forward exchange contracts encourages speculation

One recent development in Lean thinking is the combination of Lean and Six Sigma into Lean Six Sigma, which combines the rigor of statistical analysis and DMAIC approach with Lean's focus on waste reduction

4

Two events are said to be independent when knowledge of one event is of no value when assessing the probability of the other

5

AON networks have an advantage over AOA networks:

6

Crashing almost always accelerates the schedule while increasing project risk, whereas fast tracking almost always accelerates the schedule while increasing project cost

7

SWOT analysis is objective with easily agreed upon results.

8

Select, among the following statements regarding Decoupling stocks, the correct statements. (1). inventories at major stocking points throughout the system (2). allows for each work center to begin at the same starting time (3). Used to absorb random demand uncertainties

9

It may be easier to estimate the costs for ____, but as the project progresses, the project team can progressively elaborate the estimated costs as more information is known or becomes clear to allow for more accurate estimated costs

10

With an ERP system, the job of tracking all the data required for a financial report can be a monumental undertaking

11

Trends in supply organization and leadership include:

12

The optimal solution to any linear programming model is the:

13

The project charter provides the project manager with written authority to use organizational resources for project activities.

14

Improving the efficiency and effectiveness of the process for small value orders can be achieved through:

15

List the four perspectives of Kaplan and Nortan's balanced scorecard

16

Use the information in Scenario 9.4. What is the total annual holding and ordering costs if Mwongola orders using the EOQ quantity?

17

Name several criteria that are important in vendor selection. Which one is the most important?

The most important factor in vendor selection is usually quality. Quality often refers to the specifications that a user desires in an item. The procurement professional compares the actual quality of a supplier's product with the specifications the user desires. In actuality, quality includes additional factors such as life of the product, ease of repair, maintenance requirements, ease of use, and dependability. In today's Six Sigma and lean environments, not only are quality standards higher, but suppliers are typically counted upon to take major responsibility for quality.

Reliability comprises on-time delivery and performance history, the second- and third-ranked factors for most procurement professionals. Reliability is often considered a part of a total quality management program.

Risk is a factor of great contemporary relevance. One way this may occur is if there is likely variability in the cost of purchased products or services that may result in higher prices. Other ways in which risk may occur include supply uncertainties and unusual variation in delivery lead times.

Capability considers the potential supplier's production facilities and capacity, technical capability, management and organizational capabilities, and operating controls.

Financial considerations In addition to price, the buying firm considers the supplier's financial position. Financially unstable suppliers pose possible disruptions in a long-run continued supply of material.
Desirable capabilities include several that may be helpful depending on the type of purchase being made and the type of relationship desired between the customer and the supplier. The impression or image that the supplier projects has a similar effect on supplier selection, as well as cultural compatibility. Other factors that may be important include training aids, packaging, and repair service availability.

18

Which of the following points of Deming's 14 points discusses creating and publishing to all employees a statement of the aims and purposes of the company or other organization, and the management demonstrating constantly their commitment to this statement?

19

Identified weaknesses of high expense, conflict between the team and the organization, and difficult post-project transitions are typical of

20

Define and discuss the Marketing/Logistics interface

Customer service is often the key link between logistics and marketing within an organization. If the logistics system, particularly outbound logistics, is not functioning properly and a customer does not receive a delivery as promised, the organization could lose both current and future revenue. Manufacturing can produce a quality product at the right cost and marketing can sell it, but if logistics does not deliver it when and where promised, the customer will not be satisfied.

The traditional role of customer service at the interface between marketing and logistics manifests itself in this perspective through the "place" dimension of the marketing mix, which is often used synonymously with channel-of-distribution decisions and the associated customer service levels provided. In this context, logistics plays a static role that is based upon minimizing the total cost of the various logistics activities within a given set of service levels, most likely determined by marketing. However, logistics today is taking on a more dynamic role in influencing customer service levels as well as in impacting an organization's financial position.

21

What is the regression equation resulting from using the month, where January = 1, February = 2, etc.) to forecast Pounds?

22

By 2012 it is expected that ____ percent of movie theaters will have made the change to digital technology.

23

The FOREIGN KEY constraint is usually placed on the "one" side of a one-to-many relationship. _________________________

24

What is the LCL for a R chart?

25

With respect to the types of quality-related data, ______ data are collected by numerical measurement on a continuous scale

26

Which of the following types of dependencies are inherent in the nature of work being performed on a project?

27

Traditional outsourcing focuses on achieving higher performance, greater flexibility, and reduced costs

28

Distributed processing shares a database's logical processing among two or more physically independent sites that are connected through a network

29

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

30

An ORDER BY clause can be included in a(n) ____________________ view to perform "TOP-N" analysis

31

The world economy still favors the United States and European countries, even though China and India can participate in the global economy much more readily

32

In many organizations, standards of conduct for purchasing personnel stress the need to avoid all appearances of impropriety.

33

A(n) _____ is a step-by-step direction for performing a specific task, which is written in a language the computer can understand

34

Work on a project's constituent activities begins in the project's:

35

The transfer of knowledge within organizations and the identification and sharing of best practices often set high-performing organizations apart from the rest

36

The Canadian Awards for Business Excellence quality criteria are similar in structure to the Baldrige Award Criteria

37

A seven-month simple moving average would approximately equate with alpha (a) factor _____ for simple exponential smoothing

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Quiz Review 6/ Business - Decision Science

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