The score is still 1 to nil

Question 1

what is a balanced scorecard?

Answer 1

the performance mgmt tool that helps an org identify and evaluate critical success factors within the context of overall strategy

Question 2

What are the balanced scorecard perspectives (categories)

Answer 2

Financial
Customer
Internal Business Processes
Learning, innovation, and growth

Question 3

Within each BSC quantity, the org identifies its:

Answer 3

Strategic goals
Critical success factors
Tactics
Performance measures

Question 4

Benchmarking

Answer 4

orgs compare their processes/performances with those of business leaders withing competing industry

Question 5

which section of the BSC examines a company’s success in targeted market segments?

Answer 5

customer

Question 6

What section of the BSC involves the concept of employee satisfaction and retention, new product development, personnel training, employee turnover

Answer 6

Learning and growth

Question 7

Internal business category of the BSC includes

Answer 7

quality and efficiency of production, including things such as scraps and rework percentages, warranty costs, workplace safety record, and downtime

Question 8

The financial category of the BSC is related to

Answer 8

the fiscal performance of the org and include such things as income growth, sales trends, stock price, ROI

Question 9

What is the most important purpose of managerial accounting?

Answer 9

to provide enterprise optimization by providing decision support to meet the needs of the org’s internal parties

Question 10

What is the def of economic depreciation

Answer 10

the required annual cash investment needed to replace fixed assets

Question 11

What does residual income prevent?

Answer 11

the diluted hurdle rate problem

Question 12

Strategic risk

Answer 12

Involves the possibility of the failure of the basic action plan that guides a company to achieve its mission. Rigorous LT forecasting and planning are necessary to mitigate risk

Question 13

What kind of risk is insurance reducing?

Answer 13

peril or hazard risk. where a specific type of risk of loss is involved (pure risk)

Question 14

What kind of risk is systematic risk?

Answer 14

Nondiversifiable (market risk) - assoc with large scale economic events or natural disasters

Question 15

What is lean manufacturing?

Answer 15

blends the features of custom and mass production processes to make SMALL BATCHES number of a HIGH VARIETY of unique products, with highly skilled cross-trained labor. (strive to increase quality, reduce waste, and minimize resource consumption in the process)

Question 16

What is six sigma?

Answer 16

Similar to TQM (total quality mgmt) a continuous improvement approach to systematically reduce defects.
Uses TQM tools such as control charts, run charts, pareto histograms, and isikawa (fish bone diagrams)

Question 17

What are the steps of six sigma

Answer 17

define the process
measure the process
analyze the process
 improve the process
control the process

Question 18

What is the objective of demand flow approach?

Answer 18

to link process flows and manage those flows based on customer demand

Question 19

Work breakdown structure

Answer 19

Defines the work to be completed into successively smaller subcomponents

Question 20

What is implementing risk

Answer 20

managing people, time, cost restrictions, and the interrelationships among activities

Question 21

When using PERT, project completion times are measured by a pessimistic, optimistic, and most probable estimate…

Answer 21

and assign weight of 1 for pess. 1 for opt and 4 for the most probable and dividing by 6.

Question 22

what is Crashing when referring to a critical path?

Answer 22

the process of adding resources to shorten selected activity times on the critical path