MGT 253 Final Exam Solution

Topics: Management, Quality assurance, Risk management Pages: 9 (700 words) Published: April 26, 2015
MGT 253 Final Exam Solution

MGT 253 Final Exam Solution
Question 1
A fishbone diagram focuses on identifying the sources of quality problems encountered in a process.

Question 2
What quality management tool shows that most of the time, 80% of quality problems are created by 20% of the sources of problems:

Question 3
In project quality management, benchmarking helps to:

Question 4
In cost-plus contracts, which of the following assumes the greatest share of risk?

Question 5
As a project nears completion, which of the following is likely to occur?
Question 6
The ISO 9000 perspective on quality is that quality is basically defined by:

Question 7
The utility function captures the extent to which:

Question 8
Continuous quality improvement depends heavily upon:

Question 9
When we have objective data on the probability of an event, we are involved with decision making under conditions of risk.

Question 10
What is the principal criticism of Crosby's definition of quality as "conformance to specifications"?

Question 11
Which of the following is an internal source of risk?

Question 12
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.

Question 13
With proper planning all project risks can be eliminated.

Question 14
The emphasis of ISO 9000 is on the quality of the products produced by organizations.

Question 15
Points outside the control limits usually come from:

Question 16
Which of the following accurately describe the four step risk management process?

Question 17
Risk mitigation involves reducing the risk event probability, event impact or both.

Question 18
A function of risk management is to minimize project risks and maximize opportunities.

Question 19
Variance in quality management means non-conformance to requirements.

Question 20
Contingency allowances deal with:

Question 21
In quality management, the most expensive problems to fix are the problems fixed:

Question 22
Ishikawa fishbone diagrams are used for:

Question 23
Net present value (NPV) is a tool that can be used to assess risk impact.
Question 24
The father of "statistical quality control" and inventor of the control chart is:

Question 25
Pareto's law teaches that the larger the number of quality problems we try to solve, the better off we are.

Question 26
Which of the following is a risk event?

Question 27
When a firm adopts the Total Quality Management procedures, which of the following is the likely outcome?

Question 28
The value of the Analytical Hierarchy Process in risk management is that it helps in prioritization.

Question 29
Technical risk is the risk that the product we develop might not sell.

Question 30
A key feature of business risk is:

Question 31
A measure is said to be reliable if:

Question 32
Management reserves are meant to deal with:

Question 33
Value engineering minimizeS engineering risk for:

Question 34
Which of the following is not a risk management tool?

Question 35
The amount of money one stands to lose if an undertaking fails is called?
Question 36
When a vendor's truck arrives at your loading dock and you examine...
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