Question 1

What is project management? Explain the two techniques of project management.

Accepted Answer

The answer of What is project management? Explain the two...

Question 2

Antonio has been working very hard since the establishment of his retail business.He is not far from the time when his revenues will match his expenses.Which of the following would best represent the time described?
A) Just-in-time scheduling
B) Base period
C) Monetary overhang
D) Breakeven point
E) Buydown

Accepted Answer

The described time is when Antonio's revenues will match his expenses, which is the breakeven point.

Question 3

Explain briefly the two broad options managers have with respect to control system.

Accepted Answer

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Question 4

Dilma,a finance manager at FinTel Inc.,needs to understand the current financial position of the company in terms of meeting its short-term financial obligations.Dilma must calculate the _____ to accomplish this task.
A) debt ratio
B) asset turnover
C) return on assets
D) inventory turnover
E) acid test ratio

Accepted Answer

Dilma needs to understand the company's ability to meet short-term obligations, which is measured by liquidity ratios. The acid test ratio, also known as the quick ratio, measures the company's ability to pay off its current liabilities using only its most liquid assets (cash, marketable securities, and accounts receivable) and is a suitable measure for Dilma's task. The debt ratio measures the company's leverage, the asset turnover measures the efficiency with which the company uses its assets to generate revenue, the return on assets measures the profitability of the company relative to its assets, and the inventory turnover measures the efficiency of inventory management. These ratios are not directly related to Dilma's task.

Question 5

Freddie,the CEO of MagTel Inc.,found that employees are wasting time on unproductive tasks.To solve this issue,he measured one of his employees' performances and provided regular feedback.This helped the employee to improve his productivity.In doing so,Freddie found that "what gets measured happens." Therefore,in the context of project management and control,he must use _____ as a managerial review tool to improve financial performance and customer satisfaction of his company.
A) debt equity ratio
B) balanced scorecards
C) breakeven analysis
D) just-in-time technique
E) critical path analysis

Accepted Answer

Balanced scorecards is a comprehensive tool used in project management to measure and track financial and non-financial metrics closely related to customer satisfaction and long-term organizational success. It helps in gaining insight into the overall performance of the project and ensures that the project manager can make informed decisions based on a comprehensive understanding of the project.

Question 6

Rachel,the CEO of Telexon Inc.,finds that her company's current ratio is 1: 3.In this context,which of the following statements is true?
A) The company is performing financially well.
B) The company's revenues are equal to their costs.
C) The company's leverage is relatively low.
D) The company has lesser liquid assets than liabilities.
E) The company has high owner's equity.

Accepted Answer

A current ratio of 1:3 means that the company has $1 in liquid assets for every $3 in liabilities. This indicates that the company has lesser liquid assets than liabilities, which could be an indication of financial distress or potential cash flow problems. Hence, option D is the correct choice. The other options cannot be inferred from the given information.

Question 7

Briefly explain the four step control process.

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Question 8

Bake-It,a Spanish bread and biscuits producer,gave out a free batch of cookies to a few customers.These customers were then asked for suggestions to improve the cookies in terms of quality,taste,and variety.Which of the following types of control was implemented by Bake-It?
A) Feedback control
B) Steering control
C) Feedforward control
D) Concurrent control
E) Preliminary control

Accepted Answer

Feedback control involves obtaining information from customers and using it to improve products or services. In this scenario, Bake-It gave out free cookies to customers and asked for their suggestions to improve the quality, taste, and variety of the cookies, which is an example of feedback control. Steering control involves making adjustments to ongoing activities to ensure that they stay on track, feedforward control involves anticipating problems and taking action before they occur, concurrent control involves monitoring ongoing activities to ensure that they meet standards and preliminary control involves setting standards before activities begin. None of these types of control apply to this scenario except for feedback control.

Question 9

Drelex,a jute bag manufacturing company,checks the consistency and quality of all the raw materials before forwarding them to the production department.This is done to ensure that the bags produced are tough and strong.Which of the following types of control is being implemented by the company?
A) Feedback control
B) Output control
C) Throughput control
D) Concurrent control
E) Feedforward control

Accepted Answer

The company is implementing feedforward control by checking the quality and consistency of raw materials before production. This type of control involves identifying and addressing potential issues before they occur in the production process.

Question 10

Dillon,a senior operations manager,was assigned the task of implementing the control process for a particular production process.He first identified the performance objectives and in doing so,he identified the key results that were to be accomplished.Next,he set standards and measured the actual performance.He compared the results with the objectives and standards.Finally,as part of the corrective action step,he implemented _____,a practice that involved focusing attention on substantial differences between the actual and desired performances.
A) economic order quantity
B) just-in-time scheduling
C) management by exception
D) breakeven analysis
E) critical path method

Accepted Answer

The practice described fits with the management by exception approach, where focus is given to significant deviations from desired performance in order to take corrective action. The other options are not relevant to the information provided.

Question 11

The CFO of a company wanted to analyze the financial strength of his company.He specifically asked for information on the company's assets and liabilities.Which of the following would provide the necessary information?
A) Income statement
B) Balance sheet
C) Balanced scorecard
D) Gantt chart
E) Breakeven analysis account

Accepted Answer

The balance sheet provides information on a company's assets and liabilities, which is what the CFO specifically requested. The income statement shows revenue and expenses, the balanced scorecard measures performance, the Gantt chart is a project management tool, and the breakeven analysis assesses profitability at different levels of sales.

Question 12

Bill,a finance manager at Iridium Inc.,desires to understand why the company's profitability fell in the past 6 months.He must use _____ to understand this issue.
A) CPM statement
B) balanced scorecard
C) PERT chart
D) breakeven analysis account
E) income statement

Accepted Answer

The income statement shows the company's revenue and expenses over a period of time and would be the most appropriate tool for Bill to use in analyzing the company's profitability.

Question 13

Shaun,a production manager at Taxener Inc.,receives a complaint from the company's employees that raw materials were being used in an unorganized manner leading to production delays.Which of the following techniques will help Shaun to organize the flow of raw materials for production?
A) Breakeven point analysis
B) Just-in-time scheduling
C) Business process reengineering
D) Pareto principle
E) External control

Accepted Answer

Just-in-time scheduling is a technique used to organize the flow of raw materials for production. By implementing just-in-time scheduling, raw materials are delivered to the production process just in time for their use, reducing waste and improving efficiency. This technique can help Shaun to address the complaint about unorganized raw material usage and production delays. Breakeven point analysis, business process reengineering, Pareto principle, and external control are not directly related to organizing the flow of raw materials in production.

Quiz 9: Control Processes and Systems

What is project management? Explain the two techniques of project management.

Antonio has been working very hard since the establishment of his retail business.He is not far from the time when his revenues will match his expenses.Which of the following would best represent the time described?

Explain briefly the two broad options managers have with respect to control system.

Dilma,a finance manager at FinTel Inc.,needs to understand the current financial position of the company in terms of meeting its short-term financial obligations.Dilma must calculate the _____ to accomplish this task.

Rachel,the CEO of Telexon Inc.,finds that her company's current ratio is 1: 3.In this context,which of the following statements is true?

Briefly explain the four step control process.

Bake-It,a Spanish bread and biscuits producer,gave out a free batch of cookies to a few customers.These customers were then asked for suggestions to improve the cookies in terms of quality,taste,and variety.Which of the following types of control was implemented by Bake-It?

Drelex,a jute bag manufacturing company,checks the consistency and quality of all the raw materials before forwarding them to the production department.This is done to ensure that the bags produced are tough and strong.Which of the following types of control is being implemented by the company?

The CFO of a company wanted to analyze the financial strength of his company.He specifically asked for information on the company's assets and liabilities.Which of the following would provide the necessary information?

Bill,a finance manager at Iridium Inc.,desires to understand why the company's profitability fell in the past 6 months.He must use _____ to understand this issue.

Shaun,a production manager at Taxener Inc.,receives a complaint from the company's employees that raw materials were being used in an unorganized manner leading to production delays.Which of the following techniques will help Shaun to organize the flow of raw materials for production?