Answer the following statements true (T) or false (F)
1. The application to management of techniques such as statistics and computer simulations is known as quantitative management.
2. Oscar is a manager of a downtown hotel and is currently considering the pricing of rooms for the upcoming holiday season. He would be wise to use the mathematical tools of management science to help him with this decision.
3. Facilities management is concerned with work scheduling, productions planning, and optimal levels of inventory.
4. Over the years, Toyota has used a variety of operations management-based "lean management" techniques to sell its cars on the basis of superior quality.
1. TRUE
Quantitative management emphasizes the application to management of quantitative techniques, such as statistics and computer simulations.
2. TRUE
Management science stresses the use of rational, science-based techniques and mathematical models to improve decision making and strategic planning such as what price to charge for a hotel room at a given time.
3. FALSE
Operations management is concerned with work scheduling, production planning, facilities location and design, and decisions about the optimum levels of inventory a company should maintain.
4. TRUE
Over the years, Toyota Motor Corp. developed a variety of production techniques that drew in part on operations management. These efficient techniques, all of which come under the term "lean management," enabled Toyota to sell its cars on the basis of their superior quality.
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Which of the following observations concerning reference prices is true?
A. Demand may increase if a firm's price is lower than a customer's reference price. B. All customers have the same reference prices for the same basic type of purchase. C. Reference prices are set by regulators. D. The reference price is the company's cost to produce the product.
Financial statements are important to the efficient allocation of resources in our economy
Indicate whether the statement is true or false
Uppercase is good to use in e-mail:
a. for headings b. for bullets c. both of the above d. none of the above
Burger Bistro recently experienced a decline in hamburger sales after salmonella was discovered during a health inspection at one of the restaurants. The marketing manager was interested in how other restaurants had dealt with similar situations. Which of the following types of data would be the most appropriate way to find answers related to this marketing problem?
A. subjective B. experimental C. secondary D. primary E. quantitative