Lesson 1.
What is Operations Management
–Management of the conversion process which transforms inputs such as raw material and labor into outputs in the form of finished goods and services.

Historical Development of O.M
• Prior to 1900
–Cottage industry produced custom-made goods.
–Watt’s steam engine in 1785.
–Whitney’s standardized gun parts in 1801.
–Industrial Revolution began at mid-century.
• Scientific Management (Frederick W. Taylor)
–Systematic approach to increasing worker productivity through time study, standardization of work, and incentives. –Viewed workers as an interchangeable asset.
• Other Management Pioneers
–Frank and Lillian Gilbreth
• Motion study and industrial psychology
–Henry L. Gantt
• Scheduling and the Gantt chart
• Moving Assembly Line (1913)
–Labor specialization reduced assembly time.
• Hawthorne Studies
–Yielded unexpected results in the productivity of Western Electric plant workers after changes in their production environment. –Led to recognition of the importance of work design and employee motivation. • Operations Research (Management Science)

–Outgrowth of WWII needs for logistics control and weapon systems design. –Seeks to obtain mathematically optimal (quantitative) solutions to complex problems. • OM Emerges as a Field
–1950–1960, OM moved beyond industrial engineering and operations research to the view of the production peration as a system. • OM Emerges as a Field
–1950–1960, OM moved beyond industrial engineering and operations research to the view of the production operation as a system. • The Marriage of OM and IT
–Integrated solutions approaches
• Business process reengineering
• Supply chain management
• Systems integration (SAP)
• Operations Management in Services
–OM concepts can apply to both manufacturing and service operations. • Integration of Manufacturing and Services
–Conducting world class operations requires compatible manufacturing and service operations.

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ECO 550 MidtermExam
1. Economies of Scope refers to situations where per unit costs are
2. For a short-run cost function which of the following statements is (are) not true?
3. According to the theory of cost, specialization in the use of variable resources in the short-run results initially in:
4. Economies of scale exist whenever long-run average costs:
5. The existence of diseconomies of scale (size) for the firm is hypothesized to result from:
6. If TC = 321 + 55Q - 5Q2, then average total cost at Q = 10 is:
7. Using demand and supply curves for the Japanese yen based on the $/¥ price for yen, an increase in US INFLATION RATES would
8. An appreciation of the U.S. dollar has what impact on Harley-Davidson (HD), a U.S. manufacturer of motorcycles?
9. In a recession, the trade balance often improves because
10. The purchasing power parity hypothesis implies that an increase in inflation in one country relative to another will over a long period of time
11. Companies that reduce their margins on export products in the face of appreciation of their home currency may be motivated by a desire to
12. The import of Apple iPads assembled in Shanghai at a $295 wholesale price ($213 cost and $82 profit margin) adds more than it should to the U.S. trade deficit with China because
13. Trading partners should specialize in producing goods in accordance with comparative advantage, then trade and...

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MGMT 520 MIDTERMEXAM
TCO B. Infuriated when Harry Reid is re-elected during the 2010 fall election, the Republicans in Congress decide to take matters into their own hands. In 2011, the House of Representatives passes a new "Freedom isn't Free Act" that requires that anyone who wants to vote in the 2012 presidential election must prove that they paid at least $200 in federal income tax in the past year, including people aged 18 (who typically are deducted on their parents' returns and do not pay income tax). Anyone who received the "earned income credit" is barred from voting unless they return the payment from the government. Proof of payment of the tax can be made by showing a copy of the prior year's W2, a copy of the prior year's tax return, or a signed statement from the IRS stating that the payment of more than $200 in federal income tax has been made. Citizens who do not pay taxes can still vote if they donate $200.00 to the federal government as voluntary income tax and get a statement from the IRS that they have done so. The law sunsets on December 31, 2012. List two bases under which someone impacted by this law could argue to have the law overturned.
TCO F. When Vanna White sued Samsung for appropriation and under the Lanham Act, she won her case under the California common law right of publicity claim and under the Lanham Act. List the eight Sleekcraft factors that are required to prove a Lanham Act complaint....

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ECO 550 MidtermExam
1. A change in the level of an economic activity is desirable and should be undertaken as long as the marginal benefits exceed the ____.
2. The level of an economic activity should be increased to the point where the ____ is zero.
3. The ____ is the ratio of ____ to the ____.
4. The standard deviation is appropriate to compare the risk between two investments only if
5. The approximate probability of a value occurring that is greater than one standard deviation from the mean is approximately (assuming a normal distribution)
6. An closest example of a risk-free security is
7. In the shareholder wealth maximization model, the value of a firm's stock is equal to the present value of all expected future ____ discounted at the stockholders' required rate of return.
8. The form of economics most relevant to managerial decision-making within the firm is:
9. Shirking of one’s duties is often encountered in team production settings because
10. A Real Option Value is
11. Economic profit is defined as the difference between revenue and ____.
12. The Saturn Corporation (once a division of GM) was permanently closed in 2009. What went wrong with Saturn?
13. An income elasticity (Ey) of 2.0 indicates that for a ____ increase in income, ____ will increase by ____.
14. An increase in each of the following factors would normally provide a subsequent increase in quantity demanded,...

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MAT 540 MidtermExam
1. Deterministic techniques assume that no uncertainty exists in model parameters.
2. A continuous random variable may assume only integer values within a given interval.
3. An inspector correctly identifies defective products 90% of the time. For the next 10 products, the probability that he makes fewer than 2 incorrect inspections is 0.736.
4. A decision tree is a diagram consisting of circles decision nodes, square probability nodes, and branches.
5. Excel can only be used to simulate systems that can be represented by continuous random variables.
6. Starting conditions have no impact on the validity of a simulation model.
7. Data cannot exhibit both trend and cyclical patterns.
8. The Delphi develops a consensus forecast about what will occur in the future.
9. A company markets educational software products, and is ready to place three new products
on the market. Past experience has shown that for this particular software, the chance of "success" is 80%. Assume that the probability of success is independent for each product. What is the probability that exactly 1 of the 3 products is successful?
10. In Bayesian analysis, additional information is used to alter the __________ probability of the occurrence of an event.
11. The __________ is the expected value of the regret for each decision.
12. A seed value is a(n)
13. Random numbers generated by a...

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ECO 550 MidtermExam
1. Which of the following will increase (V0), the shareholder wealth maximization model of the firm: V0∙(shares outstanding) = Σ∞t=1 (π t ) / (1+ke)t + Real Option Value
2. The flat-screen plasma TVs are selling extremely well. The originators of this technology are earning higher profits. What theory of profit best reflects the performance of the plasma screen makers?
3. Income tax payments are an example of ____.
4. Various executive compensation plans have been employed to motivate managers to make decisions that maximize shareholder wealth. These include:
5. Recently, the American Medical Association changed its recommendations on the frequency of pap-smear exams for women. The new frequency recommendation was designed to address the family histories of the patients. The optimal frequency should be where the marginal benefit of an additional pap-test:
6. The moral hazard in team production arises from
7. A change in the level of an economic activity is desirable and should be undertaken as long as the marginal benefits exceed the ____.
8. The approximate probability of a value occurring that is greater than one standard deviation from the mean is approximately (assuming a normal distribution)
9. Based on risk-return tradeoffs observable in the financial marketplace, which of the following securities would you expect to offer higher expected returns than...

...ACCT 301 MidtermExam
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ACCT 301 MidtermExam 1
1. (TCO 1) Suppose your company sold $25,000 in merchandise to a customer for cash. How does this transaction impact the accounting equation? (Points : 12)
2. (TCO 2) Suppose your company sold $50,000 in merchandise to a customer for cash. How does this transaction impact the accounting equation? (Points : 12)
3. (TCO 3) Rationalization is one of the components of the fraud triangle. What types of rationalization could a person use to justify misconduct? How can a company protect itself from rationalization as a part of fraud? (Points : 12)
4. (TCO 4) What is horizontal analysis of financial statements? How does horizontal analysis differ from vertical analysis? (Points : 12)
5. (TCO 3) Separation of duties is a key feature in an internal control system. Why is separation of duties such an important internal control? Give an example of separation of duties as an internal control. (Points : 24)
6. (TCO 1) Describe the balance sheet. Why is this statement important to the company, creditors, and investors? (Points : 24)
7. (TCO 4) Name and describe one liquidity ratio. What does this ratio measure? What is the formula for this ratio? (Points : 24)
ACCT 301 MidtermExam 2
1. (TCO 1) The retained earnings statement shows all of the following except which one?
2. (TCO 1) Management’s views on the company’s short-term...

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ECO 550 MidtermExam
1). The different methods by which the sellers inform their potential buyers about the product is called:
2). Jane regularly sends funds to organizations seeking to save endangered animal species. This is an example of:
3). Carla had received very low annual return from her investment portfolio comprising of stocks of five companies for two years. Her decision to continue holding the same portfolio of assets will be an example of:
4). In the example of Ireland described in the text, the country’s production set shifted outward over time because:
5). Suppose Zia spends her time picking berries and apples. Her production set is described by the equation , where is the number of berries and y the number of apples. Which of the following statements will be true?
6). When the slope of a country’s production set declines, it implies:
7). Bankers supported the Federal Reserve Board’s Regulation Q because:
8). Suppose the adoption of a new software reduces the marginal cost of publishing books. For a given demand curve for books, this will be represented by:
9). Starting from a pure exchange equilibrium, an increase in the demand for a commodity will result in:
10). Let the marginal product of capital (MPK ) be 6; the marginal product of labor (MPL) be 2; the price of labor is given by $10. What will be the price of capital such that the isocost and the isoquant are tangent to each other?...

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MAT 540 MIDTERMEXAM
1. Deterministic techniques assume that no uncertainty exists in model parameters.
2. A continuous random variable may assume only integer values within a given interval.
3. A joint probability is the probability that two or more events that are mutually exclusive can occur simultaneously.
4. A decision tree is a diagram consisting of circles decision nodes, square probability nodes, and branches.
5. A table of random numbers must be normally distributed and efficiently generated.
6. Starting conditions have no impact on the validity of a simulation model.
7. The Delphi develops a consensus forecast about what will occur in the future.
8. Qualitative methods are the least common type of forecasting method for the long-term strategic planning process.
9. Assume that it takes a college student an average of 5 minutes to find a parking spot in the main parking lot. Assume also that this time is normally distributed with a standard deviation of 2 minutes. What time is exceeded by approximately 75% of the college students when trying to find a parking spot in the main parking lot?
10. __________ is a measure of dispersion of random variable values about the expected value.
11. The __________ is the maximum amount a decision maker would pay for additional information.
12. Developing the cumulative probability distribution helps to determine
13. Consider the...