Ask a new question
Sign up
Login
Home
Discover Topics
Referral Program
Loans
Flashcards
Upload
Contact us
Topics
Topic
Statistics
Study-set
Operations Management Study Set 5
Prev
Quiz
Next
Quiz
Operations Management Study Set 5
Statistics
Quiz 5 :
Strategic Capacity Planning for Products and Services
Study Flashcards
Looking for
Operations Management Homework Help?
Unlock Package
Study Flashcards
Unlock Package
Quiz 5 :
Strategic Capacity Planning for Products and Services
Prev
Quiz
Next
Quiz
Question Type
All
The expected monetary value approach is most appropriate when the decision maker is risk neutral.
Free
True False
Q01
Answer:
Answer:
True
Tags
Add
Choose question tag
Discard
Apply
In reaching a decision, the alternative with the lowest cost should be ranked number 1.
Free
True False
Q02
Answer:
Answer:
False
Tags
Add
Choose question tag
Discard
Apply
Among decision environments, risk implies that certain parameters have probabilistic outcomes.
Free
True False
Q03
Answer:
Answer:
True
Tags
Add
Choose question tag
Discard
Apply
A weakness of the maximin approach is that it loses some information.
True False
Q04
Answer:
Unlock to view answer
Tags
Add
Choose question tag
Discard
Apply
Increasing productivity and also quality will result in increased effective capacity.
True False
Q05
Answer:
Unlock to view answer
Tags
Add
Choose question tag
Discard
Apply
The expected value of perfect information is inversely related to losses predicted.
True False
Q06
Answer:
Unlock to view answer
Tags
Add
Choose question tag
Discard
Apply
If the unit cost to buy something is less than the variable cost to make it, the decision to make or buy is based solely on the fixed costs.
True False
Q07
Answer:
Unlock to view answer
Tags
Add
Choose question tag
Discard
Apply
The maximax approach is a pessimistic strategy.
True False
Q08
Answer:
Unlock to view answer
Tags
Add
Choose question tag
Discard
Apply
Decision trees, with their predetermined analysis of a situation, are really not useful in making health care decisions since every person is unique.
True False
Q09
Answer:
Unlock to view answer
Tags
Add
Choose question tag
Discard
Apply
The Laplace criterion treats states of nature as being equally likely.
True False
Q10
Answer:
Unlock to view answer
Tags
Add
Choose question tag
Discard
Apply
Among decision environments, uncertainty implies that states of nature have wide-ranging probabilities associated with them.
True False
Q11
Answer:
Unlock to view answer
Tags
Add
Choose question tag
Discard
Apply
Stating capacity in dollar amounts generally results in a consistent measure of capacity regardless of the actual units of measure.
True False
Q12
Answer:
Unlock to view answer
Tags
Add
Choose question tag
Discard
Apply
Design capacity refers to the maximum output rate that can be achieved under ideal conditions.
True False
Q13
Answer:
Unlock to view answer
Tags
Add
Choose question tag
Discard
Apply
In decision theory, states of nature refer to possible future conditions.
True False
Q14
Answer:
Unlock to view answer
Tags
Add
Choose question tag
Discard
Apply
The term capacity refers to the maximum quantity an operating unit can process over a given period of time.
True False
Q15
Answer:
Unlock to view answer
Tags
Add
Choose question tag
Discard
Apply
The maximin approach involves choosing the alternative with the highest payoff.
True False
Q16
Answer:
Unlock to view answer
Tags
Add
Choose question tag
Discard
Apply
Bounded rationality refers to the limits imposed on decision making because of costs, human abilities, time, technology, and/or availability of information.
True False
Q17
Answer:
Unlock to view answer
Tags
Add
Choose question tag
Discard
Apply
Expected monetary value gives the long-run average payoff if a large number of identical decisions could be made.
True False
Q18
Answer:
Unlock to view answer
Tags
Add
Choose question tag
Discard
Apply
Capacity decisions are usually one-time decisions; once they have been made, we know the limits of our operations.
True False
Q19
Answer:
Unlock to view answer
Tags
Add
Choose question tag
Discard
Apply
The maximin approach involves choosing the alternative that has the "best worst" payoff.
True False
Q20
Answer:
Unlock to view answer
Tags
Add
Choose question tag
Discard
Apply
Showing 1 - 20 of 210
Prev
1
...
2
...
3
...
4
...
5
...
6
...
7
...
8
...
9
...
10
...
11
...
Next