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Q:
A group of customers or potential customers who have purchasing power and unsatisfied needs
Q:
A skeptical manager asks what short-range forecasts can be used for. Give her three possible uses/purposes.
Q:
Specific characteristics that describe customers, their purchasing power, their consumption patterns, and other factors
Q:
A forecasting method in which surrogate variables are used to project future sales
Q:
________ forecasts address the business cycle by predicting inflation rates, money supplies, housing starts, and other planning indicators.
Q:
The process of locating and describing potential customers
Q:
________ forecasts are concerned with rates of technological progress, which can result in the birth of exciting new products, requiring new plants and equipment.
Q:
A marketing strategy in which cost-and differentiation-based advantages are achieved within narrow market segments
Q:
Short-range forecasts tends to ________ longer-range forecasts.
A) be less accurate than
B) be more accurate than
C) have about the same level of accuracy as
D) employ the same methodologies as
E) deal with more comprehensive issues than
Q:
An emphasis on pushing the product to customers
Match the term with its definition. Not all terms will be used.
a. demographic variables
b. direct forecasting
c. focus strategy
d. indirect forecasting
e. intellectual property
f. market
g. market analysis
h. marketing mix
Q:
Which of the following most requires long-range forecasting (as opposed to short-range or medium-range forecasting) for its planning purposes?
A) job scheduling
B) production levels
C) cash budgeting
D) capital expenditures
E) purchasing
Q:
New market information that is gathered by the firm conducing the research.
Q:
The three major types of forecasts used by organizations in planning future operations are:
A) strategic, tactical, and operational.
B) economic, technological, and demand.
C) exponential smoothing, Delphi, and regression.
D) causal, time-series, and seasonal.
E) departmental, organizational, and territorial.
Q:
The gathering, processing, interpreting, and reporting of market information
Q:
Forecasts used for new product planning, capital expenditures, facility location or expansion, and R&D typically utilize a:
A) short-range time horizon.
B) medium-range time horizon.
C) long-range time horizon.
D) naive method, because there is no data history.
E) trend extrapolation.
Q:
A forecast with a time horizon of about 3 months to 3 years is typically called a:
A) long-range forecast.
B) medium-range forecast.
C) short-range forecast.
D) weather forecast.
E) strategic forecast.
Q:
Market information that has been previously compiled
Q:
The division of a market into several smaller groups with similar needs
Q:
Forecasts are usually classified by time horizon into which three categories?
A) short-range, medium-range, and long-range
B) finance/accounting, marketing, and operations
C) strategic, tactical, and operational
D) exponential smoothing, regression, and time series
E) departmental, organizational, and industrial
Q:
A strategy that recognizes different preferences of individual market segments and develops a unique marketing mix for each
Q:
One use of short-range forecasts is to determine:
A) planning for new products.
B) capital expenditures.
C) research and development plans.
D) facility location.
E) job assignments.
Q:
A prediction of how much of a product or service will be purchased within a given market during a specified time period
Q:
As compared to long-range forecasts, short-range forecasts:
A) are less accurate.
B) deal with less comprehensive issues supporting management decisions.
C) employ similar methodologies.
D) all of the above
E) none of the above
Q:
Specific characteristics that describe customers, their purchasing power, their consumption patterns, and other factors
Match the term with its definition. Not all terms will be used.
a. marketing research
b. market segmentation
c. multi-segment strategy
d. primary data
e. production-oriented philosophy
f. sales forecast
g. sales-oriented philosophy
h. secondary data
Q:
What two numbers are contained in the daily report to the CEO of Walt Disney Parks & Resorts regarding the six Orlando parks?
A) yesterday's forecasted attendance and yesterday's actual attendance
B) yesterday's actual attendance and today's forecasted attendance
C) yesterday's forecasted attendance and today's forecasted attendance
D) yesterday's actual attendance and last year's actual attendance
E) yesterday's forecasted attendance and the year-to-date average daily forecast error
Q:
Demand forecasts serve as inputs to financial, marketing, and personnel planning.
Q:
A forecasting method in which all potential buyers in a target markets submarkets are identified and the estimated demand is added up
Q:
Forecasts may be influenced by a product's position in its life cycle.
Q:
A description of potential customers in a target market
Q:
Which of the following is NOT one of the phases of project management?
A) planning
B) scheduling
C) controlling
D) budgeting
E) All of the above are project management phases.
Q:
The basic product and/or service plus any extra or unsolicited benefits to the consumer that may prompt a purchase
Q:
The phases of project management are:
A) planning, scheduling, and controlling.
B) planning, programming, and budgeting.
C) planning, organizing, staffing, leading, and controlling.
D) different for manufacturing projects than for service projects.
E) GANTT, CPM, and PERT.
Q:
A forecasting method that begins with a large-scope variable and works down to the sales forecast
Q:
The fundamental benefit or solution sought by customers
Q:
Which of the following projects were completed by Bechtel?
A) Hoover Dam
B) Boston Central Artery/Tunnel
C) Rebuilding Kuwait after Iraq's invasion in 1990
D) Rebuilding Iraq after the U.S. invasion, starting in 2003
E) All of the above were Bechtel projects
Q:
The basic product and/or service that delivers customer benefits
Q:
Which of the following statements about Bechtel is true?
A) Even though Bechtel is over 100 years old, the Kuwaiti oil fields was its first "project."
B) Bechtel is the world's premier manager of massive construction and engineering projects.
C) Bechtel's competitive advantage is supply chain management.
D) While its projects are worldwide, its network of suppliers is largely in the United States
E) All of the above are true.
Q:
Trade secrets
a. actual product/service
b. augmented product/service
c. benefit variables
d. breakdown process
e. buildup process
f. core product/service
g. customer-oriented philosophy
h. customer profile
Q:
Which of the following statements regarding Bechtel is true?
A) Its competitive advantage is project management.
B) Bechtel was the construction contractor for the Hoover Dam.
C) While helping to rebuild Iraq, Bechtel's crews had to travel under armed escort.
D) Bechtel's procurement program is global in nature.
E) All of the above are true.
Q:
The parameters used to distinguish one form of market behavior from another
Q:
One phase of a large project is scheduling.
Q:
Business activities that direct the creation, development, and delivery of a bundle of satisfaction from the creator to the targeted user
Q:
Which of the following is NOT performed by Microsoft Project?
A) drawing the project AON network
B) identifying the critical path
C) providing PERT probability calculations
D) tracking the progress of the project
E) creating the project Gantt chart
Q:
The belief that production and sales center on the consumer and his/her needs
Q:
Identify several advantages of using PERT (and CPM).
Q:
A strategy that defines the total market as the target market
Q:
Which of the following is NOT a limitation of PERT?
A) Project activities have to be clearly defined, independent, and stable in their relationships.
B) Precedence relationships must be specified and networked together.
C) Only one time estimate can be used for each activity.
D) Time estimates tend to be subjective and are subject to fudging by managers.
E) There is the inherent danger of placing too much emphasis on the critical path.
Q:
Given the critical path below, calculate the following:
a. The crash cost per unit time savings for each activity.
b. The maximum total crash time savings and cost.
c. The maximum total time-savings with a $3000 budget. Activity
Normal Time
Normal Cost
Crash Duration
Crash Cost A
8 days
$8,000
7 days
$12,000 B
5 days
$2,000
3 days
$10,000 C
10 days
$9,000
9 days
$12,000
Q:
A strategy that recognizes the existence of several distinct market segments but focuses on only the most profitable segment
Q:
Pirmin's Bike Shop is behind on a custom bike and needs to crash 8 hours of time from the 8-step project. Given the project table below calculate the crash cost for 8 hours of time-savings. Suppose Pirmin calls the customer and asks for a project extension, reducing the amount of time he needs to crash. Calculate both the maximum time-savings available on a $25 crash budget and the cost to crash four hours of savings. Activity
Normal Duration (hours)
Normal Cost ($)
Crash Duration (hours)
Crash Cost (S)
Immediate Predecessors A
2
10
2
0
None B
3
15
2
23
A C
5
25
4
30
B D
3
20
1
24
C E
6
30
4
45
C F
1
5
1
0
C,E G
7
35
6
50
F H
10
50
7
80
D,G
Q:
Emphasizing the product as the single most important part of the business
Q:
Marketing research can be defined as the _______, processing, interpreting, and _______ of market information.
Match the term with its definition. Not all terms will be used.
a. chain-ratio method
b. customer-oriented philosophy
c. intellectual property
d. production-oriented philosophy
e. segmentation variables
f. single-segment strategy
g. small business marketing
h. unsegmented strategy
Q:
Three critical path activities are candidates for crashing on a CPM network. Activity details are in the table below. Activity
Normal Time
Normal Cost
Crash Duration
Crash Cost A
9 days
$8,000
7 days
$12,000 B
5 days
$2,000
3 days
$10,000 C
12 days
$9,000
11 days
$12,000 a. What is the crash cost per unit time for activity A?
b. What is the crash cost per unit time for activity B?
c. Which activity should be crashed first to cut one day from the project's duration; how much is added to project cost?
d. Which activity should be the next activity crashed to cut a second day from the project's duration; how much is added to project cost?
e. Assuming no other paths become critical, how much can this project be shortened at what total added cost?
Q:
Three critical path activities are candidates for crashing on a CPM network. Activity details are in the table below. Activity
Normal Time
Normal Cost
Crash Duration
Crash Cost X
8 days
$6,000
6 days
$8,000 Y
3 days
$1,800
2 days
$2,400 Z
12 days
$5,000
9 days
$7,700 a. What is the crash cost per unit time for each of the three activities?
b. Which activity should be crashed first to cut one day from the project's duration; how much is added to project cost?
c. Which activity should be the next activity crashed to cut a second day from the project's duration; how much is added to project cost?
Q:
Sullivan just bought a new pickup truck with a snow plow. He contacted the National Weather Service to get information about snowfalls to help prepare his sales forecast. Sullivan is using:
a. primary market research. b. secondary data.
c. a surrogate variable. d. direct forecasting.
Enter the appropriate word(s) to complete the statement.
Q:
________ is decreasing activity time in a network to reduce time on the critical path so total completion time is reduced.
Q:
At a minimum, the price of a product or service must cover:
a. the owners expected return on investment. b. the cost of bringing it to customers.
c. all costs of the business plus the profit margin. d. production and distribution costs.
Q:
The decision to produce flavored spring water ice cubes in response to requests from its customers reflects Norway Ice Companys ____ marketing philosophy.
a. production-oriented
b. sales-oriented
c. consumer-oriented
d. response-oriented
Q:
Two critical path activities are candidates for crashing on a CPM network. Activity details are in the table below. To cut one day from the project's duration, activity ________ should be crashed first, adding ________ to project cost. Activity
Normal Time
Normal Cost
Crash Time
Crash Cost B
4 days
$6,000
3 days
$8,000 C
6 days
$4,000
4 days
$6,000 A) B; $2,000
B) B; $8,000
C) C; $1,000
D) C; $2,000
E) C; $6,000
Q:
The basic instrument used to guide the researcher and the respondent when surveys are taken is known as a:
a. questionnaire.
b. questioning form.
c. interview outline.
d. guide form.
Q:
A network has been crashed to the point where all activities are critical. Additional crashing:
A) is unnecessary.
B) is impossible.
C) is prohibitively expensive.
D) may require crashing multiple tasks simultaneously.
E) can be done, but all critical tasks must be reduced in duration.
Q:
Small business marketing involves a number of activities, including:
a. creating, developing, preparing, communicating, and delivering a bundle of satisfaction to a target market.
b. planning for optimal production efficiency.
c. identifying alternative technologies.
d. establishing a sales-oriented marketing philosophy.
Q:
If an activity whose normal duration is 15 days can be shortened to 10 days for an added cost of $2,000, what is the crash cost per period?
A) $400
B) $2,000
C) $10,000
D) $20,000
E) $30,000
Q:
A ____ is defined as a group of customers or potential customers who have purchasing power and unsatisfied needs.
a. consumer segment
b. target market
c. market
d. consumer market
Q:
Two critical path activities are candidates for crashing on a CPM network. Activity details are in the table below. To cut one day from the project's duration, activity ________ should be crashed first, adding ________ to project cost. Activity
Normal Time
Normal Cost
Crash Time
Crash Cost One
8 days
$6,000
6 days
$6,800 Two
10 days
$4,000
9 days
$5,000 A) One; $400
B) One; $6,800
C) Two; $1,000
D) Two; $5,000
E) One or Two should be crashed; $1,400
Q:
___________ and ____________ are questioning methods that involve contact with respondents.
a. questionnaires, telemarketing b. observations, surveys
c. mystery shopping, surveys d. surveys, experimentation
Q:
If an activity whose normal duration is 13 days can be shortened to 10 days for an added cost of $1,500, what is the crash cost per period?
A) $500
B) $1,500
C) $750
D) $13,000
E) $15,000
Q:
Caution is advised when relying on blogs for secondary data because:
a. bloggers are very opinionated. b. information in blogs may not be factually correct.
c. blogs may be outdated. d. blogs may be censored.
Q:
Which of the following statements regarding time-cost tradeoffs in CPM networks is false?
A) Crashing shortens project duration by assigning more resources to critical tasks.
B) Crashing sometimes has the reverse result of lengthening the project duration.
C) Crashing must consider the impact of crashing an activity on all paths in the network.
D) Activities not on the critical path can become critical after crashing takes place.
E) A negative crash cost per period would imply that either crashing is cheaper than not crashing or that the crash time was slower than the normal time.
Q:
Oliver figured if people were willing to pay for bottled water, they would also be willing to pay for bottled air. Oliver has forgotten that customers will buy only if they have:
a. correlated needs. b. inversely related needs.
c. unsatisfied needs. d. unrecognized needs.
Q:
What was the name of the construction project to rebuild the Pentagon after the terrorist attacks on Sept. 11, 2001?
A) Project Panther
B) Project Pit Bull
C) Project Python
D) Project Piranha
E) Project Phoenix
Q:
Koldpak has focused principally on the development of revolutionary new ways of containerizing fresh produce for grocery stores. The firms marketing philosophy is:
a. consumer-oriented.
b. market-oriented.
c. production-oriented.
d. sales-oriented.
Q:
Which of these statements regarding time-cost tradeoffs in CPM networks is true?
A) Crashing is not possible unless there are multiple critical paths.
B) Crashing a project often reduces the length of long-duration, but noncritical, activities.
C) Activities not on the critical path can never be on the critical path, even after crashing.
D) Crashing shortens the project duration by assigning more resources to one or more of the critical tasks.
E) The crash time always exceeds the normal time.
Q:
Theodore has identified all the buyers in a market's submarkets and then totaled the estimated demand for all the submarkets. Theodore used the:
a. breakdown process
b. buildup process
c. chain-ratio method
d. bottom-up method
Q:
A project manager is interested in crashing a project with variable activity times. Which of the following tools should he/she employ?
A) PERT
B) CPM
C) Gantt Chart
D) either PERT or CPM
E) PERT, CPM, or a Gantt chart are fine.
Q:
Paul is a CPA (certified public accountant). He offers a variety of services depending on the needs of his customers. Some hire him to perform bookkeeping activities; others have him prepare their tax return. Pauls market is segmented based on:
a. benefit variables. b. demographic variables.
c. income levels. d. basic needs.
Q:
In project management, crashing an activity must consider the impact on all paths in the network.
Q:
Describe the two types of business plans and state which plan would be appropriate for a proposal for a new bed and breakfast inn for a rural area.
Q:
Shortening the project's duration by deleting unnecessary activities is called "project crashing."
Q:
A network consists of the following list. Times are given in weeks. Activity
Preceding
Optimistic
Probable
Pessimistic A
--
5
11
14 B
-
3
3
9 C
--
6
10
14 D
A, B
3
5
7 E
B
4
6
11 F
C
6
8
13 G
D, E
2
4
6 H
F
3
3
9 a. Draw the network diagram.
b. Calculate the expected duration and variance of each activity.
c. Calculate the expected duration and variance of the critical path.
d. Calculate the probability that the project will be completed in less than 28 weeks.