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Evaluating Solutions to Business Problems 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. In project management, a simulation tool is designed to _____

Question 2 2. Which is NOT one of the four phases of a simulation process?

Question 3 3. Which simulator is not a subcategory of a general simulator?

Question 4 4. A recession, shortage of materials necessary to manufacture products, and new government regulations are all examples of things that can affect a business that the business cannot control. They are also known as:

Question 5 5. A _____ is simpler but often less accurate than a _____.

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Question 6 6. Which of the following is NOT an example of a payoff?

Question 7 7. XYZ Pest Control is about to make a business decision based only on information pulled from their own data server. Which step in the data utilization process has the company skipped?

Question 8 8. The term _____ describes the data that is collected and analyzed to produce high-quality information that executives can use to make sound business decisions.

Question 9 9. The informal term _____ characterizes a situation where too much data is collected and its analysis is self-contradictory.

Question 10 10. The management group at Arrow Consulting contains many adventurous members who enjoy extreme sports and like to take risks in their everyday life. When they meet to decide on the direction for their new marketing campaign, the group comes up with an extremely risky approach that will either make the company millions or bankrupt them. How does this situation reflect group polarization?

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Question 11 11. Which of the following best describes group decision making?

Question 12 12. How might it be advantageous for a company to bring together a group of people who each have a unique perspective regarding an issue the company faces?

Question 13 13. When a company saw a 25% increase in customer cancellations after changing their product, they were able to conclude that customers did not like the recent changes. This is an example of which type of reasoning?

Question 14 14.

Determine if this argument is valid and why it is or is not valid.

Research shows a 60% spike in customer complaints after the company moved the position of the handlebars on their bicycles. Therefore, we can determine that customers don't like the new handlebar placement.

Question 15 15. _____ is a logical process where a conclusion is based on premises that are frequently assumed to be true.

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Question 16 16. What is a pitfall of making group decisions?

Question 17 17. Which of the following might be caused by too much diversity when making a group decision?

Question 18 18. Why is the evaluation of the decision part of the rational model?

Question 19 19. Which of the following can a business use to help it make the best decision?

Question 20 20. In making decisions, businesses need to analyze their list of goals and decide which ones are _____ and which ones are _____.

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Question 21 21. Which choices can a business eliminate first?

Question 22 22. The marketing manager at Speedy Cellular has just sent her analysts a third survey about advertising ideas for a new cellphone. Which group decision technique is she applying?

Question 23 23. The top executives at XYZ Corporation are deciding how much to offer the owners of a smaller company to buy them out. Each executive writes down an amount on a piece of paper, and, after a brief discussion, they make the final decision by secret ballot. Which group decision making technique are they applying?

Question 24 24. A company seeking ideas for new products wants to generate as many ideas as possible from a group. Which group decision technique will they MOST likely use?

Question 25 25. The Eisenhower Decision Matrix can help you determine the _____ of tasks on your to-do list.

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Question 26 26. What action should one take for a task that is urgent but lacks major importance and why?

Question 27 27. How do you determine if a task can be eliminated based on the Eisenhower Matrix?

Question 28 28. What additional element does a special purpose simulator typically require?

Question 29 29. A diagram representing possible outcomes is called a:

Question 30 30. One of the most important questions to answer when making business decisions is:

Evaluating Solutions to Business Problems 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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