Question 1

Edwin has been working very hard since the establishment of his retail business.He is not far from the time when his revenues will match his expenses.Which of the following would best represent the time described?
A)Just-in-time scheduling
B)Base period
C)Monetary overhang
D)Breakeven point
E)Buydown

Accepted Answer

The description of Edwin's retail business reaching the point where revenues match expenses is indicative of the breakeven point, which is the level of sales at which a business generates enough revenue to cover its total cost.

Question 2

Bag-a-jute,a jute bag manufacturing company,checks the consistency and quality of all the raw materials before forwarding them to the production department.This is done to ensure that the bags produced are tough and strong.Which of the following types of control is being implemented by Bag-a-jute?
A)Feedback control
B)Output control
C)Throughput control
D)Concurrent control
E)Feedforward control

Accepted Answer

Bag-a-jute is implementing feedforward control as they are checking the consistency and quality of raw materials before production to ensure that the bags produced are tough and strong. This type of control is proactive in nature and aims to prevent any potential problems before they occur.

Question 3

Pan-Incredible,a Spanish bread and biscuits producer,gave out a free batch of cookies to a few customers.These customers were then asked for suggestions to improve the cookies in terms of quality,taste,and variety.Which of the following types of control was implemented by Pan-Incredible?
A)Feedback control
B)Steering control
C)Feedforward control
D)Concurrent control
E)Preliminary control

Accepted Answer

Pan-Incredible implemented Feedback control by giving out free cookies and asking for customers' suggestions to improve quality, taste and variety. This helps the company to identify areas of improvement and make necessary changes to meet customer expectations.

Question 4

Ben,a senior operations manager,was assigned the task of implementing the control process for a particular production process.He first identified the performance objectives and in doing so,he identified the key results that were to be accomplished.Next,he set standards and measured the actual performance.He compared the results with the objectives and standards.Finally,as part of the corrective action step,he implemented ________,a practice that involved focusing attention on substantial differences between the actual and desired performances.
A)economic order quantity
B)just-in-time scheduling
C)management by exception
D)breakeven analysis
E)critical path method

Accepted Answer

The practice that Ben implemented is called management by exception, which involves focusing attention on substantial differences between actual and desired performances in order to identify corrective action. The other options (A, B, D, E) are not relevant to the situation described.

Question 5

What is project management? Explain the two techniques of project management.

Accepted Answer

The answer of What is project management? Explain the two...

Question 6

Briefly explain the four step control process.

Accepted Answer

The answer of Briefly explain the four step control process....

Question 7

Explain briefly the two broad options managers have with respect to control system.

Accepted Answer

The answer of Explain briefly the two broad options managers...

Question 8

The CFO of a company wanted to analyze the financial strength of his company.He specifically asked for information on the company's assets and liabilities.Which of the following would provide the necessary information?
A)Income statement
B)Balance sheet
C)Balanced scorecard
D)Gantt chart
E)Breakeven analysis account

Accepted Answer

The balance sheet provides a snapshot of a company's assets, liabilities, and equity at a specific point in time, which is essential for evaluating a company's financial strength. The income statement shows a company's revenue, expenses, and net income over a period, but does not provide a complete picture of the company's financial status. The balanced scorecard measures a company's performance in various areas, such as customer satisfaction and employee engagement, but does not focus on financial information. Gantt charts and breakeven analysis are tools for project management and financial analysis respectively and do not provide a comprehensive overview of a company's financial strength.

Quiz 9: Control Processes and Systems

Edwin has been working very hard since the establishment of his retail business.He is not far from the time when his revenues will match his expenses.Which of the following would best represent the time described?

Bag-a-jute,a jute bag manufacturing company,checks the consistency and quality of all the raw materials before forwarding them to the production department.This is done to ensure that the bags produced are tough and strong.Which of the following types of control is being implemented by Bag-a-jute?

Pan-Incredible,a Spanish bread and biscuits producer,gave out a free batch of cookies to a few customers.These customers were then asked for suggestions to improve the cookies in terms of quality,taste,and variety.Which of the following types of control was implemented by Pan-Incredible?

What is project management? Explain the two techniques of project management.

Briefly explain the four step control process.

Explain briefly the two broad options managers have with respect to control system.

The CFO of a company wanted to analyze the financial strength of his company.He specifically asked for information on the company's assets and liabilities.Which of the following would provide the necessary information?