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Saint MBA550 midterm term exam




Question;Saint MBA550 miterm term examThese are the automatically computed results of your exam. Grades for;essay questions, and comments from your instructor, are in the;Details" section below. Date;Taken: 9/20/2014;Time Spent: 22 min, 13 secs;Points Received: 80 /;100 (80%);Question Type: # Of;Questions: # Correct;Multiple Choice 20 16;Grade Details - All Questions;Question 1. Question: EOQ is the optimal order quantity that;will ________ total inventory costs.;Student;Answer: maximize;minimize;steady;maintain;Points;Received: 5 of 5;Comments;Question 2. Question: If fixed costs increase, but variable;cost and price remain the same, the break-even point;Student;Answer: decreases.;increases.;remains the same.;may increase or decrease, depending on sales.;Points;Received: 0 of 5;Comments;Question 3. Question: People who take a chance on a bonanza;with a very low probability of occurrence in lieu of a sure thing are;Student;Answer: risk takers.;risk averters.;risk calculators.;risk predictors.;Points;Received: 5 of 5;Comments;Question 4. Question: Which steps of the management science;process can either be a recommended decision or information that helps a;manager make a decision?;Student;Answer: Model implementation;Problem definition;Model solution;Problem formulation;Points;Received: 5 of 5;Comments;Question 5. Question: EKA manufacturing company produces part;#2206 for the aerospace industry. The unit production cost of part #2206 is $3.;The fixed monthly cost of operating the production facility is $3000. Next;month's demand for part #2206 is 200 units. How much should the company charge;for each unit of part #2206 to break even?;Student;Answer: $12;$15;$18;$20;Points;Received: 0 of 5;Comments;Question 6. Question: ________ probability is an estimate;based on personal belief, experience, or knowledge of a situation.;Student;Answer: Binomial;Subjective;Marginal;Joint;Points;Received: 5 of 5;Comments;Question 7. Question: In an EOQ model, as the carrying cost;increases, the order quantity;Student;Answer: increases.;decreases.;remains the same.;cannot be determined.;Points;Received: 5 of 5;Comments;Question 8. Question: ________ are generally independent of;the volume of units produced and sold.;Student;Answer: Fixed costs;Variable costs;Profits;Average costs;Points;Received: 5 of 5;Comments;Question 9. Question: ________ are good for stable demand with;no pronounced behavioral patterns.;Student;Answer: Longer-period;moving averages;Shorter-period moving averages;Moving averages;Weighted moving averages;Points;Received: 5 of 5;Comments;Question 10. Question: A single-channel queuing system has an;average service time of 8 minutes and an average time between arrivals of 10;minutes. What is the hourly arrival rate?;Student;Answer: 8;6;4;2;Points;Received: 5 of 5;Comments;Question 11. Question: Mutually exclusive events are;Student;Answer: events with;identical probabilities.;events that have no outcomes in common.;events that have no effect on each other.;events that are represented in a Venn diagram;by two overlapping circles.;Points;Received: 5 of 5;Comments;Question 12. Question: The maximin criterion results in the;Student;Answer: minimum of;the maximum payoffs.;maximum of the maximum payoffs.;maximum of the minimum payoffs.;minimum of the minimum payoffs.;Points;Received: 5 of 5;Comments;Question 13. Question: In decision making, the choice of an;appropriate criterion is dependent on;Student;Answer: the risk;personality of the decision maker;the number of nodes in the decision tree.;the magnitude of the payoffs.;none of the above.;Points;Received: 0 of 5;Comments;Question 14. Question: The components of break-even analysis;are;Student;Answer: cost and;profit.;volume and cost.;volume, cost and profit.;volume and profit.;Points;Received: 5 of 5;Comments;Question 15. Question: The term ________ refers to testing how;a problem solution reacts to changes in one or more of the model parameters.;Student;Answer: graphical;solution;decision analysis;sensitivity analysis;break-even analysis;Points;Received: 5 of 5;Comments;Question 16. Question: A single-server queuing system has;average time between arrivals of 20 minutes and a service time of 10 minutes;each. Assuming Poisson arrivals and exponential service times, the utilization;factor is approximately _____.;Student;Answer: 0.25;0.33;0.50;2.0;Points;Received: 5 of 5;Comments;Question 17. Question: A university is planning a seminar. It;costs $3000 to reserve a room, hire an instructor, and bring in the equipment.;Assume it costs $25 per student for the administrators to provide the course;materials. If we know that 20 people will attend, what price should be charged;per person to break even?;Student;Answer: $120;$150;$175;$200;Points;Received: 5 of 5;Comments;Question 18. Question: The ________ is the expected value of;the regret for each decision.;Student;Answer: expected;value;expected opportunity loss;expected value of perfect information;none of the above;Points;Received: 5 of 5;Comments;Question 19. Question: Bayesian analysis involves a(n);probability.;Student;Answer: a priori;posterior;joint;relative frequency;Points;Received: 0 of 5;Comments;Question 20. Question: A small entrepreneurial company is;trying to decide between developing two different products that they believe;they can sell to two potential companies, one large and one small. If they;develop Product A, they have a 50% chance of selling it to the large company;with annual purchases of about 20,000 units. If the large company won't;purchase it, then they think they have an 80% chance of placing it with a;smaller company, with sales of 15,000 units. On the other hand if they develop;Product B, they feel they have a 40% chance of selling it to the large company;resulting in annual sales of about 17,000 units. If the large company doesn't;buy it, they have a 50% chance of selling it to the small company with sales of;20,000 units. What is the probability that Product B will being purchased by;the smaller company?;Student;Answer: 0.2;0.3;0.5;0.6;Points;Received: 5 of 5;Comments


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