Satellite CommunicationsSteven worked for Satellite Communications for twenty years. In the time that he worked there, he learned a lot about the company and how it operated. The company met its sales and revenue goals every year. However, most of the employees had similar educational and cultural backgrounds. He believed that the company could do much better if it cultivated an environment that promoted many different ideas. Additionally, Satellite Communications was mostly focused on how much revenue it earned in a given year. Steven felt that the most important goal should be to satisfy customers. He believed financial success would result from focusing on customers.After a lot of consideration, Steven decided to open his own business called Universal Communications and hire employees
that reflected a more diverse customer base. He was happy to have this opportunity because it was a dream that he had always had. He had always wanted to make his own decisions about what his company would produce and how. The only aspect of the business he was unsure of was pricing, yet he knew this would be important for his ultimate success. ? Refer to Satellite Communications. Steven is operating in a ____ because he has the opportunity to decide what and how to do things.
A. command economy
B. mixed environment
C. market economy
D. split economy
E. micro-economy
Answer: C
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Answer the following statement true (T) or false (F)
Complex products, regardless of the field to which they belong, do not need modeling
Indicate whether the statement is true or false
An x chart for a normally distributed random variable has control limits set at ±3 standard errors from the centerline. One sample mean falls outside the control limits when the process is actually under control. The probability that this happened by chance is:
a. .997 c. .050 b. .500 d. .003