Question 1

Which of the following best defines regret in a payoff matrix?

Accepted Answer

A) Regret refers to the difference of the sum of the values in a chosen strategy and the sum of the best strategy. 
B) Regret refers to the difference of the sum of the values in a chosen strategy and the sum of the worst strategy. 
C) Regret refers to the sum total of the sum of the values in a chosen strategy and the sum of the best strategy. 
D) Regret refers to the extra amount of money that could have been made had the person chosen a different strategy. 
A) Regret refers to the difference of the sum of the values in a chosen strategy and the sum of the best strategy. 
B) Regret refers to the difference of the sum of the values in a chosen strategy and the sum of the worst strategy. 
C) Regret refers to the sum total of the sum of the values in a chosen strategy and the sum of the best strategy. 
D) Regret refers to the extra amount of money that could have been made had the person chosen a different strategy.

Question 2

A current ratio of 1.5 to 1 for an organization suggests that the organization will not be able to meet its short-term debt obligations.

Accepted Answer

A) True 
 B)False

Question 3

Which role does uncertainty typically play in how managers function?

Accepted Answer

A) Uncertainty limits the amount of information that is available. 
B) Uncertainty increases the amount of information that is available. 
C) Uncertainty improves the quality of information that is available. 
D) Uncertainty enhances the information that is available. 
A) Uncertainty limits the amount of information that is available. 
B) Uncertainty increases the amount of information that is available. 
C) Uncertainty improves the quality of information that is available. 
D) Uncertainty enhances the information that is available.

Question 4

Another term for queuing theory is "waiting line" theory.

Accepted Answer

A) True 
 B)False

Question 5

The decision tree shows the profit outcomes for a toy store in a strong and a weak economy for next year.What is the expected value of the store's profit in a strong economy?

Accepted Answer

A) $10,500 
B) $15,000 
C) $16,000 
D) $30,000 
A) $10,500 
B) $15,000 
C) $16,000 
D) $30,000

Question 6

Production data for the number of hours required per unit for making the Droid and iPhone versions of cell phone components by Bizzer, a high-tech manufacturing firm, is given below.Suppose the plant decides to make the maximum number of iPhone components possible and reach the rest of its capacity by making Droid phones.How many of each type of phone will it make?

Monthly Product

Accepted Answer

A) 375 iPhone units and 625 Droid units 
B) 500 iPhone units and 500 Droid units 
C) 1000 iPhone units and 1000 Droid units 
D) 625 iPhone units and 375 Droid units 
A) 375 iPhone units and 625 Droid units 
B) 500 iPhone units and 500 Droid units 
C) 1000 iPhone units and 1000 Droid units 
D) 625 iPhone units and 375 Droid units

Question 7

This regret matrix gives values for strategies S1, S2, and S3 for the Bigg Company and competitive strategies CA1, CA2, and CA3 for the Large Company.The maximum regrets for this table are S1 = 5, S2 = 9, S3 = 12.

Accepted Answer

A) True 
 B)False

Question 8

A queuing theory analysis for the Department of Motor Vehicles determines that customers typically wait for 8 minutes and that the agency should strive never to exceed more than 5 customers in a single line.What is the maximum amount of time that customers should be expected to wait?

Accepted Answer

A) 8 minutes 
B) 40 minutes 
C) 20 minutes 
D) 24 minutes 
A) 8 minutes 
B) 40 minutes 
C) 20 minutes 
D) 24 minutes

Question 9

This payoff matrix gives values for strategies S1, S2, and S3 for the Bigg Company and competitive strategies CA1, CA2, and CA3 for the Large Company.From Bigg's point of view, the S3 maximum regret is 1.

Accepted Answer

A) True 
 B)False

Question 10

The decision tree shows the profit outcomes for a sandwich shop in a strong and a weak economy.The shop is likely to make $105,000, the sum of both projections.

Accepted Answer

A) True 
 B)False

Question 11

In a short essay, explain how the break-even point (BE)changes with variables TFC (total fixed costs), P (unit price), and VC (variable cost per unit).

Accepted Answer

According to the equation BE = [TFC/(P -

Question 12

Mia, a manager at Best Buy, should be able to find Q, the most economic order size for a product, by ________.

Accepted Answer

A) locating where the carrying costs curve and the total costs curve intersect 
B) locating where the carrying costs curve and the ordering costs curve intersect 
C) locating where the carrying costs curve and the ordering costs curve are parallel 
D) locating where the total costs curve and the ordering costs curve are parallel 
A) locating where the carrying costs curve and the total costs curve intersect 
B) locating where the carrying costs curve and the ordering costs curve intersect 
C) locating where the carrying costs curve and the ordering costs curve are parallel 
D) locating where the total costs curve and the ordering costs curve are parallel

Question 13

This regret matrix gives potential dollar values in thousands for strategies S1, S2, S3, and S4 for Al's Fish Fry and competitive strategies CA1, CA2, and CA3 for Sal's Fish Bake.If Al wants to minimize his maximum regret, which strategy should he choose?

Accepted Answer

A) S4 
B) S3 
C) S2 
D) S1 
A) S4 
B) S3 
C) S2 
D) S1

Question 14

The decision tree shows the profit outcomes for a sandwich shop in a strong and a weak economy.If the economy is strong, the shop is likely to make an $80,000 profit.

Accepted Answer

A) True 
 B)False

Question 15

Decision trees show the profit outcomes for the plans for two doughnut stores in two different locations in a strong and a weak economy for the future.If the investor interested in building a store is pessimistic, in which location should she build?

Accepted Answer

A) She should build Store 2, because it has a greater minimum profit. 
B) She should build Store 2, because it has a greater maximum profit. 
C) She should build Store 1, because it has a greater maximum profit. 
D) She should build Store 1, because it has a greater minimum profit. 
A) She should build Store 2, because it has a greater minimum profit. 
B) She should build Store 2, because it has a greater maximum profit. 
C) She should build Store 1, because it has a greater maximum profit. 
D) She should build Store 1, because it has a greater minimum profit.

Question 16

When is the acid test an especially important test for a company's liquidity?

Accepted Answer

A) when the economy is slow and inventory is not selling 
B) when the economy is robust and inventory is selling fast 
C) with companies that exclusively sell services and therefore do not have any inventory 
D) with companies that exclusively sell services to the wealthy and therefore are not subject to economic downturns 
A) when the economy is slow and inventory is not selling 
B) when the economy is robust and inventory is selling fast 
C) with companies that exclusively sell services and therefore do not have any inventory 
D) with companies that exclusively sell services to the wealthy and therefore are not subject to economic downturns

Question 17

Production data for Streaks is shown.Using linear programming, the maximum number of running shoes that the plant can make is 250.
Monthly Product

Accepted Answer

A) True 
 B)False

Question 18

Production data for Streaks is shown.Using linear programming, the maximum number of soccer shoes that the plant can make is 250.
Monthly Product

Accepted Answer

A) True 
 B)False

Question 19

Production data for the number of hours required per unit for making the Droid and iPhone versions of cell phone components by Bizzer, a high-tech manufacturing firm, is given below.Suppose the plant decides to make the maximum number of iPhone components possible and reach the rest of its capacity by making Droid phones.How much profit will it make?

Monthly Product

Accepted Answer

A) $3750 
B) $1500 
C) $5250 
D) $4000 
A) $3750 
B) $1500 
C) $5250 
D) $4000

Question 20

A queuing theory analysis for the Department of Motor Vehicles determines that customers typically wait for 8 minutes and that the agency should strive never to exceed more than 5 customers in a single line.An analysis comes up with a value for P of 0.125.What does this P value mean?

Accepted Answer

A) that customers will wait an average of 12.5 minutes 
B) that the chances that a customer will need to wait for more than 5 people in line are 1 in 8 
C) that customers will wait an average of 0.125 minutes 
D) that the chances that a customer will need to wait for more than 5 people in line are 1 in 12.5 
A) that customers will wait an average of 12.5 minutes 
B) that the chances that a customer will need to wait for more than 5 people in line are 1 in 8 
C) that customers will wait an average of 0.125 minutes 
D) that the chances that a customer will need to wait for more than 5 people in line are 1 in 12.5

Which of the following best defines regret in a payoff matrix?

A current ratio of 1.5 to 1 for an organization suggests that the organization will not be able to meet its short-term debt obligations.

Which role does uncertainty typically play in how managers function?

Another term for queuing theory is "waiting line" theory.

The decision tree shows the profit outcomes for a toy store in a strong and a weak economy for next year.What is the expected value of the store's profit in a strong economy?

This regret matrix gives values for strategies S1, S2, and S3 for the Bigg Company and competitive strategies CA1, CA2, and CA3 for the Large Company.The maximum regrets for this table are S1 = 5, S2 = 9, S3 = 12.

A queuing theory analysis for the Department of Motor Vehicles determines that customers typically wait for 8 minutes and that the agency should strive never to exceed more than 5 customers in a single line.What is the maximum amount of time that customers should be expected to wait?

This payoff matrix gives values for strategies S1, S2, and S3 for the Bigg Company and competitive strategies CA1, CA2, and CA3 for the Large Company.From Bigg's point of view, the S3 maximum regret is 1.

The decision tree shows the profit outcomes for a sandwich shop in a strong and a weak economy.The shop is likely to make $105,000, the sum of both projections.

In a short essay, explain how the break-even point (BE)changes with variables TFC (total fixed costs), P (unit price), and VC (variable cost per unit).

Mia, a manager at Best Buy, should be able to find Q, the most economic order size for a product, by ________.

This regret matrix gives potential dollar values in thousands for strategies S1, S2, S3, and S4 for Al's Fish Fry and competitive strategies CA1, CA2, and CA3 for Sal's Fish Bake.If Al wants to minimize his maximum regret, which strategy should he choose?

The decision tree shows the profit outcomes for a sandwich shop in a strong and a weak economy.If the economy is strong, the shop is likely to make an $80,000 profit.

Decision trees show the profit outcomes for the plans for two doughnut stores in two different locations in a strong and a weak economy for the future.If the investor interested in building a store is pessimistic, in which location should she build?

When is the acid test an especially important test for a company's liquidity?

Production data for Streaks is shown.Using linear programming, the maximum number of running shoes that the plant can make is 250. Monthly Product

Production data for Streaks is shown.Using linear programming, the maximum number of soccer shoes that the plant can make is 250. Monthly Product

A queuing theory analysis for the Department of Motor Vehicles determines that customers typically wait for 8 minutes and that the agency should strive never to exceed more than 5 customers in a single line.An analysis comes up with a value for P of 0.125.What does this P value mean?

Managers and Management

The Management Environment

Integrative Managerial Issues

Foundations of Decision Making

Foundations of Planning

Organization Structure

Managing Human Resources

Managing Change and Innovation

Foundations of Individual Behavior

Understanding Groups and Managing Work Teams

Motivating and Rewarding Employees

Leadership and Trust

Managing Communication and Information

Foundations of Control

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Exam 18: Career Module

Which of the following best defines regret in a payoff matrix?

A current ratio of 1.5 to 1 for an organization suggests that the organization will not be able to meet its short-term debt obligations.

Which role does uncertainty typically play in how managers function?

Another term for queuing theory is "waiting line" theory.

The decision tree shows the profit outcomes for a toy store in a strong and a weak economy for next year.What is the expected value of the store's profit in a strong economy?

This regret matrix gives values for strategies S1, S2, and S3 for the Bigg Company and competitive strategies CA1, CA2, and CA3 for the Large Company.The maximum regrets for this table are S1 = 5, S2 = 9, S3 = 12.

A queuing theory analysis for the Department of Motor Vehicles determines that customers typically wait for 8 minutes and that the agency should strive never to exceed more than 5 customers in a single line.What is the maximum amount of time that customers should be expected to wait?

This payoff matrix gives values for strategies S1, S2, and S3 for the Bigg Company and competitive strategies CA1, CA2, and CA3 for the Large Company.From Bigg's point of view, the S3 maximum regret is 1.

The decision tree shows the profit outcomes for a sandwich shop in a strong and a weak economy.The shop is likely to make $105,000, the sum of both projections.

In a short essay, explain how the break-even point (BE)changes with variables TFC (total fixed costs), P (unit price), and VC (variable cost per unit).

Mia, a manager at Best Buy, should be able to find Q, the most economic order size for a product, by ________.

This regret matrix gives potential dollar values in thousands for strategies S1, S2, S3, and S4 for Al's Fish Fry and competitive strategies CA1, CA2, and CA3 for Sal's Fish Bake.If Al wants to minimize his maximum regret, which strategy should he choose?

The decision tree shows the profit outcomes for a sandwich shop in a strong and a weak economy.If the economy is strong, the shop is likely to make an $80,000 profit.

Decision trees show the profit outcomes for the plans for two doughnut stores in two different locations in a strong and a weak economy for the future.If the investor interested in building a store is pessimistic, in which location should she build?

When is the acid test an especially important test for a company's liquidity?

Production data for Streaks is shown.Using linear programming, the maximum number of running shoes that the plant can make is 250. Monthly Product

Production data for Streaks is shown.Using linear programming, the maximum number of soccer shoes that the plant can make is 250. Monthly Product

A queuing theory analysis for the Department of Motor Vehicles determines that customers typically wait for 8 minutes and that the agency should strive never to exceed more than 5 customers in a single line.An analysis comes up with a value for P of 0.125.What does this P value mean?

Managers and Management

The Management Environment

Integrative Managerial Issues

Foundations of Decision Making

Foundations of Planning

Organization Structure

Managing Human Resources

Managing Change and Innovation

Foundations of Individual Behavior

Understanding Groups and Managing Work Teams

Motivating and Rewarding Employees

Leadership and Trust

Managing Communication and Information

Foundations of Control

Operations Management

History Module

Quantitative Module

Entrepreneurship Module

Filters