MGT 253 Final Exam Solution
MGT 253 Final Exam Solution
A fishbone diagram focuses on identifying the sources of quality problems encountered in a process.
What quality management tool shows that most of the time, 80% of quality problems are created by 20% of the sources of problems:
In project quality management, benchmarking helps to:
In cost-plus contracts, which of the following assumes the greatest share of risk?
As a project nears completion, which of the following is likely to occur?
The ISO 9000 perspective on quality is that quality is basically defined by:
The utility function captures the extent to which:
Continuous quality improvement depends heavily upon:
When we have objective data on the probability of an event, we are involved with decision making under conditions of risk.
What is the principal criticism of Crosby's definition of quality as "conformance to specifications"?
Which of the following is an internal source of risk?
In developing Ishikawa diagrams, it is typical for a problem under consideration to be stated on the left side, with the possible causes on the right.
With proper planning all project risks can be eliminated.
The emphasis of ISO 9000 is on the quality of the products produced by organizations.
Points outside the control limits usually come from:
Which of the following accurately describe the four step risk management process?
Risk mitigation involves reducing the risk event probability, event impact or both.
A function of risk management is to minimize project risks and maximize opportunities.
Variance in quality management means non-conformance to requirements.
Contingency allowances deal with:
In quality management, the most expensive problems to fix are the problems fixed:
Ishikawa fishbone diagrams are used for:
Net present value (NPV) is a tool that can be used to assess risk impact.
The father of "statistical quality control" and inventor of the control chart is:
Pareto's law teaches that the larger the number of quality problems we try to solve, the better off we are.
Which of the following is a risk event?
When a firm adopts the Total Quality Management procedures, which of the following is the likely outcome?
The value of the Analytical Hierarchy Process in risk management is that it helps in prioritization.
Technical risk is the risk that the product we develop might not sell.
A key feature of business risk is:
A measure is said to be reliable if:
Management reserves are meant to deal with:
Value engineering minimizeS engineering risk for:
Which of the following is not a risk management tool?
The amount of money one stands to lose if an undertaking fails is called?
When a vendor's truck arrives at your loading dock and you examine...
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