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Q:
A company is deciding if it should design an advertising system for use on Twitter. The first option is to skip out on designing, with no net costs or gains. The second option is System A, which would result in additional sales of either $50,000 under good conditions or $10,000 under bad conditions. The final choice is System B, which would increase sales by $20,000 under both good and bad conditions. Suppose that good conditions are twice as likely as bad conditions. Which option should the company pursue if developing a system costs $25,000?
Q:
Explain the advantages of having outsiders (non-employees) as board members.
Q:
A company producing apps for a social networking site is deciding which path to pursue. The first is to create an app that has universal appeal but faces a crowded market. This app, A, would have sales of 100,000 copies at $1 each under ideal conditions, but under tough conditions would have sales of only 60,000 copies at $.80 each. The other app, B, would have sales of 500,000 units at $.50 each under ideal conditions but sales would be reduced to 10,000 units at $.50 each under tough conditions. If ideal and rough conditions occur with the same frequency, which app should the company produce? Note: both apps cost the same amount to develop.
Q:
A swim club is designing a new pool to replace its old pool. The new pool would need to last for 10 years since the club is planning on relocating after 10 years. A concrete shell would cost $100,000 and last for all 10 years. Another option is to install a vinyl liner that would cost only $75,000 to install. However, the vinyl is not guaranteed to last for all 10 years, and it has a 33% chance of breaking down. Repair of the vinyl would cost $40,000 and would extend the life of the vinyl liner to the 10-year mark. If both options are acceptable to the swim club, which one minimizes their cost?
Q:
What is the principal advantage of an S corporation over a C corporation?
Q:
A company manufactures specialty pollution-sensing devices for the offshore oil industry. One particular device has reached maturity, and the company is considering whether to replace it with a newer model. Technologies have not changed dramatically, so the new device would have similar functionality to the existing one, but would be smaller and lighter in weight. The firm's three choices are: (1) keep the old model, (2) design a replacement device with internal resources, (3) and purchase a new design from a firm that is one of its suppliers. The market for these devices will be either "receptive" or "neutral" of the replacement model. The financial estimates are as follows: Keeping the old design will yield a profit of $6 million dollars. Designing the replacement internally will yield $10 million if the market is "receptive," but a $3 million loss if the market is "neutral." Acquiring the new design from the supplier will profit $4 million under "receptive," $1 million under "neutral." The company feels that the market has a 70 percent chance of being "receptive" and a 30 percent chance of being "neutral." Draw the appropriate decision tree. Calculate expected value for all courses of action. What action yields the highest expected value?
Q:
In what situations would it be best for a company to be formed as a C corporation as opposed to a limited liability company?
Q:
Tri-products is trying to decide whether to make or buy an accessory item for one of their products. It is projected that this item will sell for $10 each. If the item is outsourced, there is virtually no cost other than the $6 per unit that they would pay their supplier. Internally, they have two choices. Process A requires an investment of $120,000 for design and equipment, but results in a $4 per unit cost. Process B requires only a $100,000 investment, but its per unit cost is $5. Regardless of whether the item is subcontracted or produced internally, there is a 50% chance that they will sell 50,000 units, and a 50% chance that they will sell 100,000 units. Draw the decision tree appropriate to the alternatives and outcomes stated. Using the decision tree and EMV, what is their best choice?
Q:
Explain how income is taxed in a sole proprietorship, a partnership, and a C corporation. Include in your discussion how dividends are taxed.
Q:
What are selection characteristics for choosing board members?
Q:
JDI, Inc. is trying to decide whether to make or buy a part (#J-45FPT). Purchasing the part would cost $1.50 each. If they design and produce it themselves, it will result in a per unit cost of $0.75. However, the design investment would be $50,000. Further, they realize that for this type of part, there is a 30% chance that the part will need to be redesigned at an additional cost of $50,000. Regardless of whether they make or buy the part, JDI will need 100,000 of these parts. Using decision trees analysis and EMV, what should JDI do? Show the decision tree.
Q:
Explain the importance of social capital to a small business owner. How does this concept relate to reciprocation?
Q:
In analyzing product design decisions, decision trees determine the ________ of each course of action.
Q:
Discuss the concept of achieving balance in a management team.
Q:
Payoffs, alternatives, and expected monetary values are terms associated with:
A) virtual reality.
B) product life-cycle management.
C) quality function deployment.
D) decision trees.
E) make-or-buy analysis.
Q:
What are the qualifications of partners?
Q:
The role of decision trees in product design is to:
A) rank products in descending order of their dollar contribution to the firm.
B) better understand the customers' wants.
C) calculate the expected value of each course of action.
D) calculate the value of quality function deployment.
E) calculate the value of the moment of truth.
Q:
What advantages do small businesses have in forming a strategic alliance with another small business as opposed to a small business forming an alliance with a large company? Give an example to support the answer.
Q:
The expected value of each course of action in a decision tree is determined by starting at the beginning of the tree (the left-hand side) and working toward the end of the tree (the right).
Q:
What steps could an entrepreneur take to improve their chances of success when forming a strategic alliance?
Q:
Identify and briefly describe the three process regions from PCN analysis.
Q:
Discuss the differences in the continuity of business for sole proprietorships, partnerships, and corporations.
Q:
Identify the methods of service design that can increase service efficiency and limit customer interaction.
Q:
A form of corporation that creates a positive social or environmental impact while maintaining high standards of transparency and accountability
Q:
Within PCN analysis, a(n) ________ is a sequence of steps that accomplishes an identifiable purpose (of providing value to process participants).
Q:
The ________ is the crucial moment between the service provider and the customer that exemplifies, enhances, or detracts from the customer's expectations.
Q:
A legal entity formed by two or more co-owners to operate a business for profit
Q:
According to PCN analysis, which process region includes process steps in which one participant is acting on another participant's resources, such as their information, materials, or technologies?
A) independent processing
B) surrogate interaction
C) direct interaction
D) resource processing
E) process domain interaction
Q:
A partnership with at least one general partner and one or more limited partners
Q:
According to PCN analysis, service operations exist only within the area(s) of:
A) independent processing.
B) independent processing and surrogate interaction.
C) independent processing and direct interaction.
D) surrogate interaction and direct interaction.
E) independent processing, surrogate interaction, and direct interaction.
Q:
A business owned by one person, who bears unlimited liability for the enterprise
Q:
A document that specifies the size of the board of directors, the duties and responsibilities of directors and officers, the scheduling of regular meetings, voting rights, and restrictions on the transfer of stock
Q:
What type of analysis focuses on the ways in which processes can be designed to optimize interaction between firms and their customers?
A) PCN
B) BOM
C) OI
D) DFMA
E) PLM
Q:
A type of corporation that offers limited liability to its owners and passes taxable income or losses on to the stockholders
Q:
Which of the following is NOT a service design technique used to increase service efficiency?
A) increase customer interaction
B) delay customization
C) automation
D) modularization
E) limit the options
Q:
According to PCN analysis, firms intending to provide a value offering that focuses on customization should be positioned more toward the consumer's process domain.
Q:
Liability on the part of an owner that extends beyond the owners investment in the business
Q:
A document that establishes a corporations existence
Q:
According to PCN analysis, the consumer's process domain typically includes the set of activities at the beginning of the process chain.
Q:
A form of corporation that shields owners from liability and is set up for individuals in certain professional practices
Q:
The moment-of-truth is the crucial moment between the service provider and the customer that exemplifies, enhances, or detracts from the customer's expectations.
Q:
An ordinary corporation taxed by the federal government as a separate legal entity
Q:
The customer may participate in the design of, and in the delivery of, services.
Q:
Verification of whether a nonprofit organization is staying true to its stated purpose
Match the terms with their definitions. Some terms may not be used.
a. advisory board
b. B corporation
c. C corporation
d. corporate bylaws
e. corporate charter
f. limited partnership
g. partnership
h. professional corporation
i. S corporation
j. sole proprietorship
k. unlimited liability
Q:
Briefly explain how product life-cycle management (PLM) impacts product design.
Q:
A powerful sense of obligation to repay in kind what another has done for or provided to us
Q:
How does configuration management manifest itself when you ask for service on your automobile?
Q:
A document that states explicitly the rights and duties of partners
Q:
An exploded view of the product is a(n) ________.
Q:
A document specifying the number of shares owned by a stockholder
Q:
A document for production that gives the instruction to make a given quantity of a particular item, usually to a given schedule, is a(n):
A) work order.
B) route sheet.
C) bill of information.
D) assembly chart.
E) value analysis.
Q:
A restaurant kitchen contains a wall poster that shows, for each sandwich on the menu, a sketch of the ingredients and how they are arranged to make the sandwich. This is an example of a(n):
A) assembly drawing.
B) route sheet.
C) bill of material.
D) work order.
E) assembly chart.
Q:
A situation in which the courts conclude that incorporation has been used to perpetrate a fraud
Q:
An organizational relationship that links two or more independent business entities in a common endeavor
Q:
Which of the following documents lists the operations necessary to produce the component with the material specified in the bill of material?
A) an engineering drawing
B) an assembly drawing
C) a route sheet
D) an assembly chart
E) an operations chart
Q:
A business organization that exists as a legal entity and provides limited liability to its owners
Q:
A process sheet is a type of:
A) assembly drawing.
B) assembly chart.
C) route sheet.
D) work order.
E) bill of material.
Q:
An assembly chart:
A) shows graphically how the product is assembled.
B) shows an exploded view of the product.
C) lists the operations, including assembly and inspection, necessary to produce the component with the material specified in the bill of material.
D) provides detailed instructions on how to perform a given task.
E) describes the dimensions and finish of each component.
Q:
The right of stockholders to buy new shares of stock before they are offered to the public
Q:
An assembly drawing:
A) shows, in schematic form, how the product is assembled.
B) shows an exploded view of the product.
C) lists the operations, including assembly and inspection, necessary to produce the component with the material specified in the bill of material.
D) provides detailed instructions on how to perform a given task.
E) describes the dimensions and finish of each component.
Q:
Managers and other key persons who give a company its general direction
Q:
The advantage created by an individuals connections with other people
Match the term with its definition. Some terms may not be used.
a. advisory board
b. corporation
c. management team
d. organizational test
e. partnership agreement
f. piercing the corporate veil
g. preemptive right
h. reciprocation
i. stock certificate
j. strategic alliance
Q:
A route sheet provides a(n):
A) exploded view of the product.
B) instruction to make a given quantity of a particular item.
C) schematic showing how the product is assembled.
D) sequence of operations necessary to produce the component.
E) set of detailed instructions about how to perform a task.
Q:
A group that serves as an alternative to a board of directors
Q:
Which of the following shows in schematic form how a product is assembled?
A) an engineering drawing
B) an assembly routing
C) an assembly chart
D) a route sheet
E) a process sheet
Q:
A form of organization in which owners have limited liability but pay personal income taxes on business profits
Q:
An assembly chart shows an exploded view of the product, usually a three-dimensional or isometric drawing.
Q:
An assembly drawing lists the operations necessary to produce the component.
Q:
A partner who has unlimited personal liability
Q:
An interconnected system of relationships with other people
Q:
A work order is a list of the hierarchy of components, their description, and the quantity of each required to make one unit of the product.
Q:
A form of corporation for enterprises established to serve civic, educational, charitable, or religious purposes
Q:
A listing of the hierarchy of components, their description, and the quantity of each required to make one unit of product is the ________.
Q:
A business organization that is recognized by the law as having a separate existence
Q:
A drawing that shows the dimensions, tolerances, materials, and finishes of a component is a(n) ________.
Q:
A partner who is not active in the management of the partnership and has limited personal liability
Q:
Group technology requires that:
A) each component be identified by a coding scheme that specifies size, shape, and the type of processing.
B) a specific series of engineering drawings be prepared.
C) all bills of material be prepared using the same format.
D) engineering change notices be linked to each of the bills of material and engineering notices.
E) the final products be standardized.
Q:
The governing body of a corporation, elected by the stockholders
Q:
The hierarchy of components, their description, and the quantity of each required to make one unit of a product are documented on:
A) a group technology listing.
B) a route sheet.
C) a bill of material.
D) an engineering drawing.
E) a work order.
Q:
Webster is reviewing resumes looking for candidates for leadership positions in his very young company. Webster is putting together his:
a. business plan. b. advisory board.
c. board of directors. d. management team.
Match the term with its definition. Some terms may not be used.
a. advisory board
b. board of directors
c. general partner
d. legal entity
e. limited liability company
f. limited partner
g. nonprofit corporation
h. partnership agreement
i. social capital
j. social network