ETS Business Exam - Questions and Answers (Complete Solutions) The Balanced Scorecard includes which of the following performance perspectives? a)
... [Show More] Customer perspective b)financial perspective c)internal perspective d) all of the above A lamp manufacturer has developed five lamp bases and four lampshades that are interchangeable. How many different arrangements of base and shade can be offered? a) 5 b) 10 c) 15 d) 20 _______ is a one-time variation that is explainable. a) random variation b) irregular variation c) trend d) seasonal pattern Quality Control Systems include the following component(s); a) performance standard or goal b) means of measuring actual performance c) comparison of actual performances with the standard to for the basis for corrective action d) all of the above A conditional probability is the probability that a) the measure that the likelihood of two or more events will happen concurrently b) the event only happens once c) a particular event will occur, given that another event has occurred d) one member of the family can be used to determine the probabilities of the entire family Bass Fishing, Inc. assembles fishing reels in an assembly line using six workstations. Management wants an output rate of 300 reels per day, (with a 7.5 hour work-day). The sum of the task times is 8 minutes per reel. What is the total idle time? a) 5 minutes b) 3.5 minutes c) 2 minutes d) 1 minute Total Idle Time = (N)(CT) - est.t 6*1.5-8 = 1 minute/reel Cycle Time (CT) = A/R = [(7.5 hours/day)(60 minutes/hour)]/(300 reels/day) =450/300 = 1.5 minutes/reel Which of the following is NOT a step in Hypothesis Testing? a) formulate a decision rule b) create a critical value c) select a level of significance d) identify the test statistic A mathematical equation or formula that helps a firm in determining the economic order, quantity, and the frequency of ordering, to keep goods or services flowing to the customer without interruption or delay is; a) customer service flow b) customer "Just In Time" process c) inventory process d) inventory modeling The Critical Path Method (CPM) assumes all of the following EXCEPT; a) the activity time estimates are accurate and stable b) once an activity is started it continues uninterrupted until it is completed c) the project network defines a correct sequence of work in terms of technology and workflow d) activities are assumed to be dependent of one another with clearly defined start and finish dates Queue Time is a fancy word for a) processing time b) wait time c) personal time d) responsiveness The value of the observation that appears the most frequently is;
a) the median b) the mode c) the midpoint d) the sample Joint probability is; a) mutually exclusive b) two events that occur simultaneously c) joins two or more events d) all of the above A sample selected so that each item or person in the population has the same chance of being included is; a) a simple random sample b) a systematic random sample c) a stratified random sample d) cluster sampling A(n) _________ estimate that is a single value (point) derived from a sample and used to estimate a population value. a) confidence interval estimate b) level of confidence c) point estimate d) none of the above As you get further away from the mean, in a normal curve distribution, your probability gets _______. a) higher b) lower c) drastically higher d) unknown A _____ is a value used to determine whether to reject the null hypothesis. a) null hypothesis b) critical value c) alternate hypothesis d) test statistic A normal distribution is bell shaped, symmetrical, and asymptotic. True or False True A Null Hypothesis is a statement developed to prove numerical evidence. True or False False A statistical process control is utilized to ensure that a process is operating at its full potential. True or False True In a permutation, the order of arrangement does not matter. True or False False A population is the entire set of individuals, or objects or interest, or the measurements obtained from all individuals. True or False True A Standard Deviation is a constant interval throughout a normal curve distribution. True or False True When controlling a Six Sigma process, Statistical Process Control (SPC) is an extremely effective methodology. True or False False Mutually exclusive is defined as the occurrence of one event and that none of the other events can occur at the same time. True or False True A hypothesis is a statement about a sample subject to test. True or False False All of the following are surface level diversity except a) physical disabilities b) race/ethnicity c) age d) emotional stability Disadvantages of teams include all of the following except a) disadvantages of group decision making b) initially high employee turnover c) social loafing d) diversity Pay variability include all the following except a) DRIP bonuses b) commission c) stock options d) piecework The stages of team development include all of the following except a) recording b) forming c) norming d) performing Job redesign techniques include all of the following except a) redesigning jobs b) creating or eliminating departments c) combining tasks d) forming natural work units The four management functions are planning, organizing, leading, and controlling. True or False True Scientific management is thoroughly studying and testing different work methods to identify the best, most efficient way to complete a job. True or False True Companies cannot be prosecuted or punished if management did not know about unethical behavior. True or False False Two of the six steps to rational decision making are a) define the problem and identify decision criteria b) generate alternative courses of action and compute the optimal decision c) evaluate each alternative and weigh the criteria d) all of the above [Show Less]