Question 1

For waiting customers, pre-process waits seem longer than mid-process waits.

Accepted Answer

Pre-process waits often feel longer because customers are uncertain about when the process will start, whereas mid-process waits occur after the process has begun, providing a sense of progress and reducing perceived wait time.

Question 2

Company history, dress codes, termination policies and pay schedules are typically outlined in:
A)operations manuals.
B)templates.
C)work design forms.
D)employee handbooks.

Accepted Answer

Employee handbooks typically outline company history, dress codes, termination policies, and pay schedules. Operations manuals are more geared towards detailing specific processes and procedures, templates are pre-designed documents that can be customized for different purposes, and work design forms are used for creating job descriptions and tasks.

Question 3

Reasonable expectations for the time to perform a particular job are set down in:
A)job descriptions.
B)job standards.
C)employee handbooks.
D)all of the above.
E)none of the above.

Accepted Answer

Job standards include specific expectations for the time required to perform a particular job task. Job descriptions may outline general duties, but not necessarily specific time expectations, and employee handbooks typically cover general policies and procedures, but not job-specific expectations.

Question 4

"On-the-job training" usually requires the employee to spend some time in a classroom.

Accepted Answer

On-the-job training typically involves direct instruction and practice within the actual work environment, rather than classroom-based learning.

Question 5

A costing worksheet for a contractor is likely to include sections for:
A)direct materials.
B)direct labour.
C)overhead.
D)all of the above.
E)none of the above.

Accepted Answer

A costing worksheet for a contractor is likely to include sections for direct materials, direct labour, and overhead. Direct materials refer to the cost of the raw materials that are used in the production process, and direct labour refers to the cost of the workforce that is directly involved in the production process. Overhead costs are the indirect costs associated with the production process, such as rent, utilities, and taxes. Therefore, all of the above options are included in a costing worksheet for a contractor.

Question 6

The more successful firms tend to be those more willing to adopt new technologies.

Accepted Answer

Studies have consistently shown that firms that are willing to adopt new technologies tend to be more successful than those that are resistant to change. New technologies can increase efficiency, reduce costs, and improve product quality, giving adopters a competitive advantage over their rivals. Additionally, embracing new technology can demonstrate a commitment to innovation and an ability to adapt to changing market conditions, further enhancing a firm's reputation and standing in the industry.

Question 7

Recruiting is the process of picking the best possible candidate for a job.

Accepted Answer

The answer of Recruiting is the process of picking the...

Question 8

The Collection Period is;
A)the time it takes on average for customers to pay what they owe to a firm.
B)the ratio of accounts receivable to the average sales per day.
C)an indicator of efficiency.
D)all of the above.
E)none of the above.

Accepted Answer

The Collection Period is indeed the time it takes on average for customers to pay what they owe to a firm, which makes it an indicator of the firm's efficiency in managing its receivables. Additionally, it can be related to the ratio of accounts receivable to the average sales per day, as this ratio helps in calculating the average collection period. Therefore, all of the provided options correctly describe aspects of the Collection Period.

Question 9

Customer Relationship Management is:
A)an attempt to satisfy all customers.
B)an information technology based strategy for classifying customers.
C)a promotional technique for getting new customers.
D)all of the above.
E)none of the above.

Accepted Answer

Customer Relationship Management (CRM) is an information technology-based strategy for classifying customers. While it does involve attempting to satisfy customers, this is not the sole objective. Additionally, it is not solely a promotional technique nor does it solely focus on acquiring new customers.

Question 10

Leadership programs tend to produce productivity improvements that last for over a decade.

Accepted Answer

Most leadership programs can lead to immediate improvements in productivity, but the long-term sustainability of these improvements, especially over a decade, depends on continuous learning, application, and adaptation to new challenges, which is not guaranteed.

Question 11

Greater specialization requires abandoning all products or services except those that are most profitable.

Accepted Answer

Greater specialization may involve focusing on the products or services that a company is most skilled at, rather than abandoning all other offerings. It is still possible to offer multiple products or services, as long as they all align with the company's expertise and profitability.

Question 12

Accounting procedures are typically outlined in Operations Manuals.

Accepted Answer

Accounting procedures are important to have documented in an Operations Manual to ensure consistency and accuracy in financial reporting.

Question 13

The pricing strategy of a business should primarily be based on:
A)its own costs.
B)marketing considerations.
C)the amount of profit it wants.
D)all of the above.
E)none of the above.

Accepted Answer

Pricing strategy should primarily be based on marketing considerations, such as the value proposition of the product or service, customer demand, and competition. While costs and desired profits are also important factors to consider, they should not be the primary drivers of pricing decisions.

Question 14

Inventory Turnover is the ratio of cost of goods sold to current assets.

Accepted Answer

Inventory Turnover is the ratio of cost of goods sold to average inventory, not current assets.

Question 15

The broadest indicator of efficiency is:
A)return on sales.
B)return on assets
C)inventory turnover
D)collection period.

Accepted Answer

The answer of The broadest indicator of efficiency is:
A)return on...

Question 16

The "Core Business" means the products and markets that a firm dealt with at the time of start-up.

Accepted Answer

The "Core Business" refers to the main activities and products that a company focuses on to generate revenue and achieve its objectives. It may or may not be the same as what the company dealt with at the time of start-up, as companies can change their core business over time.

Question 17

Compared to making a product or component, buying it has the advantage of:
A)guaranteed source of supply.
B)greater specialization of your own business.
C)direct control of quality.
D)direct control of delivery.

Accepted Answer

Buying a product or component instead of making it allows a business to focus more on its core activities and specialties, leading to greater specialization. Direct control of quality and delivery is typically more associated with making a product in-house.

Question 18

The Leadership Program based on Peter Senge's Fifth Discipline books is called:
A)Management by Objectives.
B)Participative Management.
C)Total Quality Management.
D)The Learning Organization.

Accepted Answer

Peter Senge's Fifth Discipline books are focused on developing the concept of the "learning organization", which emphasizes the importance of developing a culture of continuous learning and improvement within an organization. This concept is central to the Leadership Program based on Senge's work. Therefore, the correct choice is D, The Learning Organization.

Question 19

The make-or-buy decision applies only to manufacturing type firms.

Accepted Answer

The make-or-buy decision applies to all types of firms, not just manufacturing type firms. It may include decisions on outsourcing services or buying products from suppliers instead of manufacturing those products in-house.

Question 20

The majority of dissatisfied customers:
A)do not complain to the service provider.
B)tell numerous others about the problem.
C)can be kept as customers if the problem is resolved.
D)all of the above.
E)none of the above.

Accepted Answer

According to various studies, the majority of dissatisfied customers do not complain directly to the service provider but instead tell numerous others about the problem. However, if the problem is resolved, there is a high chance that the dissatisfied customer can be kept as a customer. Therefore, all of the above options are correct.

Quiz 11: Managing for Efficiency: How Can I Reduce My Costs and Expenses

For waiting customers, pre-process waits seem longer than mid-process waits.

Company history, dress codes, termination policies and pay schedules are typically outlined in:

Reasonable expectations for the time to perform a particular job are set down in:

"On-the-job training" usually requires the employee to spend some time in a classroom.

A costing worksheet for a contractor is likely to include sections for:

The more successful firms tend to be those more willing to adopt new technologies.

Recruiting is the process of picking the best possible candidate for a job.

The Collection Period is;

Customer Relationship Management is:

Leadership programs tend to produce productivity improvements that last for over a decade.

Greater specialization requires abandoning all products or services except those that are most profitable.

Accounting procedures are typically outlined in Operations Manuals.

The pricing strategy of a business should primarily be based on:

Inventory Turnover is the ratio of cost of goods sold to current assets.

The broadest indicator of efficiency is:

The "Core Business" means the products and markets that a firm dealt with at the time of start-up.

Compared to making a product or component, buying it has the advantage of:

The Leadership Program based on Peter Senge's Fifth Discipline books is called:

The make-or-buy decision applies only to manufacturing type firms.

The majority of dissatisfied customers: