Models for Problem Solving: Decision Trees

Correct Question: Which of the following models uses a schematic model of the sequence of steps in a problem and the conditions and consequences of each step?

Your Answer: Decision trees

Correct Question: The way to build in greater flexibility in your workers is to do which of the following?

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Your Answer: Provide a broader range of training

Incorrect Question: If the best operating level of a piece of equipment is at a rate of 400 units per hour and the actual output during an hour is 300 units, which of the following is the capacity cushion?

Your Answer: 75 percent

Correct Question: The ability to rapidly and inexpensively switch production from one product to another enables what are sometimes referred to as:

Your Answer: Economies of scope

Correct Question: Capacity planning involving acquisition or disposal of fixed assets such as buildings, equipment or facilities is considered as which one of the following planning horizons?

Your Answer: Long-range

Correct Question: Capacity planning involving hiring, layoffs, some new tooling, minor equipment purchases, and subcontracting is considered as which one of the following planning horizons?

Your Answer: Intermediate range

Correct Question: If the actual output of a piece of equipment during an hour is 500 units and it's best operating level is at a rate of 400 units per hour, which of the following is the capacity utilization rate?

Your Answer: 1. 25

Correct Question: A process flowchart uses which of the following symbols to represent tasks or operations in a flow diagram?

Your Answer: Rectangle

Correct Question: A process flowchart uses symbols to represent which of the following?

Your Answer: Flows of material or customers

Correct Question: According to Little's law, which of the following can be used to estimate inventory?

Your Answer: Throughput rate times flow time

Correct Question: A process flowchart uses which of the following symbols to represent a decision point in a flow diagram?

Your Answer: Diamond

Correct Question: A process flowchart uses which of the following symbols to represent storage areas or queues in a flow diagram?

Your Answer: Inverted triangle

Correct Question: To reduce process throughput time you might try which of the following actions?

Your Answer: Change the sequence of activities

Correct Question: An advantage of a make-to-stock process is which of the following?

Your Answer: Rapid delivery of a standard product

Correct Question: Which of the following basic types of process structures is one which equipment or work processes are arranged according to the progressive steps by which the product is made?

Your Answer: Assembly line

Correct Question: Assume a fixed cost for a process of $15,000. The variable cost to produce each unit of product is $10 and the selling price for the finished product is $25.

Which of the following is the number of units that has to be produced and sold to break-even?

Your Answer: 1,000 units

Correct Question: Which of the following is not considered a major process flow structure?

Your Answer: Fabrication

Correct Question: A difference between project and continuous flow categories of process flow structures is which two of the following?

Your Answer: The size of the product

Correct Question: Which of the following is not a basic type of process structure?

Your Answer: Product-process matrix

Correct Question: You are hired as a consultant to decide if your client should purchase a new, highly specialized, piece of equipment. The product to be produced by this equipment is forecast to have a total worldwide demand of 15,000 units over the entire product life. The initial investment to acquire and install the equipment is $256,000. The variable cost to produce each unit will be $15 and the selling price for the finished product will be $30. Which of the following best describes the situation the firm is facing?

Your Answer: The company's total margin will be less than its investment

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