Deck 11: Managing for Efficiency: How Can I Reduce My Costs and Expenses

Question 1

For waiting customers, pre-process waits seem longer than mid-process waits.

Answer 1

True

Question 2

Company history, dress codes, termination policies and pay schedules are typically outlined in:

A)operations manuals.
B)templates.
C)work design forms.
D)employee handbooks.

Answer 2

D

Question 3

Reasonable expectations for the time to perform a particular job are set down in:

A)job descriptions.
B)job standards.
C)employee handbooks.
D)all of the above.
E)none of the above.

Answer 3

B

Question 4

"On-the-job training" usually requires the employee to spend some time in a classroom.

Question 5

A costing worksheet for a contractor is likely to include sections for:

A)direct materials.
B)direct labour.
C)overhead.
D)all of the above.
E)none of the above.

Question 6

The more successful firms tend to be those more willing to adopt new technologies.

Question 7

Recruiting is the process of picking the best possible candidate for a job.

Question 8

The Collection Period is;

A)the time it takes on average for customers to pay what they owe to a firm.
B)the ratio of accounts receivable to the average sales per day.
C)an indicator of efficiency.
D)all of the above.
E)none of the above.

Question 9

Customer Relationship Management is:

A)an attempt to satisfy all customers.
B)an information technology based strategy for classifying customers.
C)a promotional technique for getting new customers.
D)all of the above.
E)none of the above.

Question 10

Leadership programs tend to produce productivity improvements that last for over a decade.

Question 11

Greater specialization requires abandoning all products or services except those that are most profitable.

Question 12

Accounting procedures are typically outlined in Operations Manuals.

Question 13

The pricing strategy of a business should primarily be based on:

A)its own costs.
B)marketing considerations.
C)the amount of profit it wants.
D)all of the above.
E)none of the above.

Question 14

Inventory Turnover is the ratio of cost of goods sold to current assets.

Question 15

The broadest indicator of efficiency is:

A)return on sales.
B)return on assets
C)inventory turnover
D)collection period.

Question 16

The "Core Business" means the products and markets that a firm dealt with at the time of start-up.

Question 17

Compared to making a product or component, buying it has the advantage of:

A)guaranteed source of supply.
B)greater specialization of your own business.
C)direct control of quality.
D)direct control of delivery.

Question 18

The Leadership Program based on Peter Senge's Fifth Discipline books is called:

A)Management by Objectives.
B)Participative Management.
C)Total Quality Management.
D)The Learning Organization.

Question 19

The make-or-buy decision applies only to manufacturing type firms.

Question 20

The majority of dissatisfied customers:

A)do not complain to the service provider.
B)tell numerous others about the problem.
C)can be kept as customers if the problem is resolved.
D)all of the above.
E)none of the above.

Question 21

List the various types of problem customers that a business can encounter, describe the characteristics of each type and the best approaches for dealing with them.

Question 22

Using examples, discuss the difference in meaning between "automation" and
"robotics".

Question 23

Discuss the main issues to be considered by a small firm in developing its first website.

Question 24

.Give concrete examples of how small firms use the Internet for marketing research, promotion, distribution and financial applications.