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BUS 515 Final Exam Part 1 and 2

A combined final exam assessing business strategy and management practices.

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    BUS 515 FINAL EXAM PART 1 & 2 PART 1 Chapter 6 Multiple Choice Question 19 What measures the central tendency of a set of data? Coefficient of variation Variance Standard deviation Mean Range Multiple Choice Question 39 Consider a p - chart measuring the percentage of defective light bulbs. If the LCL is .04 and a sample has 1% defects, what is the implication? The process is in a state of control. The process is out of control even though the variation is “good.” The value of sigma must be increased. The process has too many errors. A calculation error must have occurred Multiple Choice Question 16 An OC curve is an example of what? Traditional statistical tools Fishbone diagramming Acceptance sampling Experimental design Statistical process control Multiple Choice Question 25 On a control chart, what separates common from assignable causes of variation? x - bar lines Control limits Specification limits Production limits Mean divided by standard deviation Multiple Choice Question 41 What are preset ranges of acceptable quality characteristics? Control limits Product specifications Six - sigma limits AQC limits R - chart limits Chapter 7

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    Multiple Choice Question 26 According to JIT, __________ is carried to cover up a wide variety of problems, such as poor quality, demand uncertainty, and slow delivery. Inventory Excess capacity A group of back - up workers Spare equipment Insurance Multiple Choice Question 65 Which of the following is not a role of JIT management? creating a JIT culture cost and information sharing serving as coaches and facilitators developing an incentive system ensuring multifunctional training occurs Multiple Choice Question 36 JIT uses a pull system where communication starts with either the customer or with the _________ work station in the production line. First Bottleneck Dominant Most expensive Last Multiple Choice Question 61 JIT production workers are expected to Cover up quality problems Ignore data Take responsibility in getting to the root cause of quality problems Blame problems on someone else Have a poor attitude about quality Multiple Choice Question 70 The benefits of long - term relationships with a small number of suppliers include all of the following except Always getting the lowest price Focus on improving process controls Greater accountability Develop stable delivery schedules Eliminate paperwork Chapter 8 Multiple Choice Question 1 Forecasting is not a function which contributes to: deciding which business market to pursue

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    deciding which product to produce deciding how bonuses should be allocated deciding how much inventory to carry deciding how many people to hire Multiple Choice Question 10 Which forecasting method is particularly good for predicting technological changes and scientific advances? Market research Executive opinion Delphi method Naïve method Gamma method Multiple Choice Question 30 What are the most frequently used forecasting techniques? Linear regression Simple mean Exponential smoothing Weighted moving average Econometric models Multiple Choice Question 17 Which of the following is a causal forecasting method? Naïve Moving average Weighted moving average Trend adjusted exponential smoothing Linear regression Multiple Choice Question 74 “Inside information” is most likely garnered through which of the following forecasting methods? exponential smoothing seasonal indexes naïve Delphi multiple regression Chapter 9 Multiple Choice Question 56 The least likely reason for a U.S. firm to choose to locate a factory in a foreign country is _____________. climate Natural resources markets cheaper suppliers low labor costs Multiple Choice Question 55

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