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# In the growth stage of a product’s life cycle, a typical operations strategy

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**complete solution correct answer key**

**In the growth stage of a product’s life cycle, a typical operations strategy would be:**

** **

- Increasing capacity.
- Short production runs.
- Cost minimization.

d. Increases in process stability.

**Which statement is true?**

** **

- The mission statement precedes analysis of external and

internal factors.

- Market segments are selected prior to development of the

mission statement.

- Functional strategy is formulated prior to corporate strategy.
- The marketing functional strategy dictates the products and

services that the firm will offer.

**Product innovation rates are a(an):**

** **

- A goal-based measure.
- A corporate goal.
- A productivity measure.
- An external factor.

**In decision theory, the three states of nature are:**

** **

- Local, regional, and national.
- Low, medium, and high
- Short-term, mid-term, and long-term.
- Certainty, uncertainty, and risk.

-2-

** **

**Simple or single-stage decision making models are characterized by:**

** **

- Event nodes.
- Decision nodes.
- Decision arrows.
- Conditional payoff tables or matrices.
- Decision “chains”.

**Under uncertainty, the***risk averter*decision criterion is:

** **

- LaPlace.
- Maxi-max.
- Expected value.
- Maxi-min.

**When probabilities are assigned to events, the decision maker may use:**

** **

- The pessimistic criterion.
- The equally-likely criterion.
- The expected opportunity loss criterion.
- The optimistic criterion.

**An advantage of simulation modeling is:**

** **

- It generates an optimal solution to the problem.
- It allows the inclusion of real-world complications.
- It can be used in similar problem applications with only slight

modifications.

- It forces managers to identify every single relevant variable within

The problem.

**Options in designing simulation models include all except:**

- Repeating- versus non-repeating random numbers.
- Most versus all relevant variables.
- One versus several random number strings.
- Time-incrementing versus event-incrementing.

**Which of the following probability distributions cannot be simulated?**

** **

- normal. b. poisson. c. uniform. d. all can be simulated.

** **

** **

**11. ****The service facility is a combination of:**

** **

a. Arrival rates and service rates.

b. Servers and customers.

c. Queue length and queue discipline.

d. Channels and phases.

**12. ****In queuing problems, the calling population is either:**

** **

a. Known or unknown.

b. Finite or infinite.

c. Single or multi-phased.

d. Random or scheduled.

**13. ****A maintenance shop employing one mechanic and servicing 50 machines would be described as a:**

** **

a. Single-channel, priority system.

b. Multi-channel, infinite calling population system.

c. Single-channel, finite calling population system.

d. Multi-channel, finite calling population system.

**14. ****The likelihood that a decision-maker would ever receive a return equal to **

**the expected opportunity loss ( EOL ) when making an actual decision is:**

** **

a. 100%

b. Dependent on the event probabilities.

c. 0%

d. Dependent on the number of states of nature.

**15. ****Commonly obtained measures of a queuing system’s performance include:**

** **

a. Average time each customer spends in the system, and the probability

that the service system will be idle.

b. The average queue length, and the maximum time a customer may spend

in the queue.

c. Maximum queue length, and the probability of a specific number of

customers in the system.

d. Average queue length, and the probability that the waiting time will ex-

ceed a specified period.

**True or False: ( select the one correct response )**

** **

**16. Bayes Theorem provides the justification for employing the expected value **

** decision criterion.**

**TRUE FALSE**

** **

**17. Decision trees are solved by starting in the present and working into the **

** future.**

** **

**TRUE FALSE**

** **

**18. In a decision tree, a node ( ○ ) represents an “event”.**

** **

** **

**TRUE FALSE**

** **

**19. Combining “randomness” and “long-term event probabilities” results in the**

** duplication of “reality” in simulation modeling.**

** **

** **

**TRUE FALSE**

** **

**20. Several proposed courses of action may be run simultaneously through a **

** simulation model, so as to save time and expense.**

** **

**TRUE FALSE**

** **

**21. “Lambda” ( λ ) is the Greek character used to denote the average service rate**

** in queuing theory.**

** **

**TRUE FALSE**

** **

**22. In a restaurant, the average time spent in the system is the time between a **

** customer’s arrival and departure.**

** **

** **

**TRUE FALSE**

** **

**23. The most common queuing models assume a service rate that is normally-**

** distributed.**

** **

**TRUE FALSE**

** **

**24. A simulation is iconic when the relevant variables of the system being **

** simulated exhibit chance in their behavior. **

** **

** **

**TRUE FALSE**

** **

**25. Random number intervals are based on cumulative probability distributions.**

**TRUE FALSE**

** **

**26. Results of simulation experiments with large numbers of trials will generally **

** be better than those with fewer trials.**

** **

** **

**TRUE FALSE**

** **

**27. Given the value of “lambda” ( λ ) , a theoretical frequency distribution for **

** system arrivals can be established.**

** **

** **

**TRUE FALSE**

** **

**28. In queuing problems, the term reneging refers to the fact that some **

** customers switch queues before receiving service.**

** **

** **

**TRUE FALSE**

** **

** **

**29. All queuing systems exhibit first-in, first-out queue discipline.**

** **

** **

**TRUE FALSE**

** **

**30. In queuing theory, the theoretical frequency distribution of system arrivals **

** must be statistically identical to the observed distribution of system arrivals.**

** **

** **

**TRUE FALSE**

** **

** **

## [Solved] In the growth stage of a product’s life cycle, a typical operations strategy

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- Submitted On 29 Jul, 2015 10:56:09

- Vpqnrqhwk
- Rating : 39
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**A+** - Questions : 2
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