P A R T I V QUANTITATIVE MODULES Quantitative Module Decision-Making Tools A Module Outline THE DECISION PROCESS IN OPERATIONS FUNDAMENTALS OF DECISION MAKING DECISION TABLES TYPES OF DECISION-MAKING ENVIRONMENTS Decision Making Under Uncertainty Decision Making Under Risk Decision Making Under Certainty Expected Value of Perfect Information (EVPI) DECISION TREES A More Complex Decision Tree Using Decision Trees in Ethical Decision Making SUMMARY KEY TERMS USING SOFTWARE FOR DECISION
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000) (34‚000) (181‚000) 89‚000 (5‚000) 1‚000. (4‚000) $85‚000 In the variance column‚ positive numbers are favorable variances (good news)‚ and negative numbers are unfavorable (bad news). The static budget variance shows a large favorable variance for revenue‚ and large unfavorable variances for variable costs. These large variances are due primarily to the fact that the static budget was built on an output level of 10‚000 units‚ while the
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Week 4 Assignment from Textbook: Chapter 23 & 24 Esther Tate ACC/400 July 26‚ 2015 Theresa Pekron Brief Exercise 23.6 – Elements of the Budget Identify the budgets in Column B from which dollar amounts are transferred directly in constructing the budgets listed in Column A: 1. Budgeted income statement a. Direct materials budget 2. Budgeted balance sheet b. Cost of goods sold budget 3. Cash flow budget c. Production budget 4. Cost of goods sold budget d. Payables budget 5. Production
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1. | A master budget is typically prepared for: A. | A period of one year. | B. | Top management only. | C. | Strategic planning purposes only. | D. | Strategic business units only. | E. | Operating activities only. | | | | 2. | A plan of dollar amounts to be spent on long-term projects is called a: A. | Cash budget. | B. | Capital budget. | C. | Rolling budget. | D. | Sales budget. | E. | Rolling financial forecast. | | | | 3. | Budgeting provides
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These positive behaviors are expressed through the employee’s customer service. For businesses‚ customer loyalty and retention are most important. To retain these things‚ employees would greet customers‚ converse with them through small‚ listen‚ etc. These simple techniques are what give a company its culture. The company’s behavior patterns establish its culture and may be perceived as favorable or unfavorable by customers and employees. It has been found the organizational leaders model the kinds
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research agency? b. If survey is warranted‚ should he employ MAI or I&K? c. Should the new product line be introduced? MAI’s proposal directly gives Steve the conditional probabilities he needs (e.g.‚ probability of a successful venture given a favorable survey). Although the information from Iverstine and Kinard (I&K) is different‚ we can easily use Bayes’ theorem to on I&K information to compute the revised probabilities (see file P8-Blake.XLS‚ sheet Posterior ). As such‚ does not need any
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description of the variances that should be investigated under the management by exception concept? A) all variances should be investigated. B) only unfavorable variances should be investigated. C) a small random sample of all variances should be investigated. D) unusually large favorable and unfavorable variances should be investigated. 2. The direct labor standards for a particular product are: 4 hours of direct labor @ $12.00 per direct
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The Role of Public Relations A career in public relations consist of a broad range of ethics all for the sole purpose of communicating with other people‚ companies and to inhibit a better working environment. Public relation workers deal with numerous ways of getting the message out to organizations and to the public where one will realize whether or not they have created publicity for a specific trademark or person. Public relations is a beneficial system that uses communication processes to
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valuable management tool. If a variance arises‚ management becomes aware that manufacturing costs have differed from the standard (planned. expected) costs. • If actual costs are greater than standard costs the variance is unfavorable. An unfavorable variance tells nestle’ management
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as negative characteristics within an economic system. Increased taxes do have a direct effect toward consumers‚ businesses‚ and the overall economy. Consumers are exposed to extreme effects of taxes‚ and may even be affected more than any other group within the economy. Increasing prices on their products due to the increased taxes makes up most of the potential profits for businesses. The consumers therefore lose out because of the increased prices‚ and must decide on another budgetary analysis
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