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Decision Making Tools & Analysis Chapter Exam

Exam Instructions:

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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Question 1 1. Why are simulations useful?

Question 2 2. If we have an investment of $25,000, and will save $5,000 a year due to that investment, what is the payback time frame in years?

Question 3 3. Which of the following best defines payback analysis?

Question 4 4. What is the key difference between decision-making models and decision-making tools?

Question 5 5. What is a benefit of silent brainstorming over verbal brainstorming?

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Question 6 6. Which of the following is the first step and the last step in the five decision-making steps?

Question 7 7. Ira is doing a decision analysis to decide whether to restructure his company or not. To deal with the uncertainties in his analysis, he should:

Question 8 8. In decision analysis, any future events not under the control of the decision maker are called:

Question 9 9. In decision analysis, money is called:

Question 10 10. Which test prods us to think about how the world would be if everyone made the same decision ?

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Question 11 11. Bernard thought long and hard about whether to save a buck by dumping his used cooking oil in the local lake. He knows kids swim there. He thought about his own kids and whether they would like swimming in rancid oil. What model of ethical decision making was Bernard using?

Question 12 12. Sara was thinking about adding sugar to her 'low calorie' ice cream bars. She figured if people really think they are as good as the original ice cream, she would have more customers. What model would be best for her?

Question 13 13. What does quantitative mean?

Use this material to answer questions #14 through #15

Use the following Pugh Chart to answer the questions:

Pugh Chart

Question 14 14. What is the weight for the criteria 'quality'?

Use this material to answer questions #14 through #15

Use the following Pugh Chart to answer the questions:

Pugh Chart

Question 15 15. Which option has the highest score?

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Question 16 16.

Which of the following influences both driving and resistant forces?

1. people

2. habits

3. customs

4. attitudes

Question 17 17. When stating the problem, it is important to:

Question 18 18. The first step in the force field analysis involves:

Question 19 19. Your boss has recently been awarded and praised by the community for designing an internship program for underemployed college graduates. This is an example of _____.

Question 20 20.

You need to choose a new product for your company, you have two options:

Product A: A trendy product that is likely to have very high sales in the first year, but become obsolete quickly. The product is not environmentally friendly, and it does not offer long-term employment for the sales team that will need to be hired on contract.

Product B: A wholesome product that is predicted to provide steady sales over many years, but is not guaranteed to make as many sales in the first fiscal year. It is environmentally friendly and can be produced partially in-house, creating two new jobs.

You choose Product B. Which rule did you follow when making your decision?

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Question 21 21. An example of the moral rights rule is _____.

Question 22 22. Why would a company ever consider utility if it meant a significant up front cost or short-term loss of profits?

Question 23 23. Which country did not make use of utility to build its road network in the 1970s?

Question 24 24. Who used utility to transform car manufacturing?

Question 25 25. What is your goal when creating a brand image for your company?

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Question 26 26. When creating a positive brand image, what do you want them to think about your product?

Question 27 27. What is part of measuring qualitative analysis?

Question 28 28. Why do managers use decision making tools?

Question 29 29. What is true regarding the role of past decisions in decisions yet to be made?

Question 30 30. Sheridan is analyzing whether it is worth it to take on additional staff or not. She calculates that hiring two new salespeople could increase her annual sales by $500,000. This value of the decision to hire new staff is called a:

Decision Making Tools & Analysis Chapter Exam Instructions

Choose your answers to the questions and click 'Next' to see the next question. You can skip questions if you would like and come back to them later with the "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. You will lose your work if you close or refresh this page. Good luck!

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