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QUESTION 94
In forecasting purchases of inventory for a firm, all of the following are useful except
A. Knowledge of the behavior of business cycles.
B. Internal allocations of costs to different segments of the firm.
C. Information on the seasonal variations in demand.
D. Econometric modeling.
400-351 exam Correct Answer: B
Explanation
Explanation/Reference:
Explanation:
Internal allocations of costs relate to costs already incurred, that is. to sunk costs. Sunk costs are not relevant to decision making, for example, to forecasting future purchases.
QUESTION 95
A widely used approach that managers use to recognize uncertainty about individual items and to obtain an immediate financial estimate of the consequences of possible prediction errors is:
A. Expected value analysis.
B. Learning curve analysis.
C. Sensitivity analysis.
D. Regression analysis.
Correct Answer: C
Explanation
Explanation/Reference:
Explanation:
After a problem has been formulated into any mathematical model, it may be subjected to sensitivity analysis. Sensitivity analysis examines how the model's outcomes change as the parameters change.
QUESTION 96
An international nonprofit organization finances medical research. The majority of its revenue and support comes from fundraising activities, investments, and specific grants from an initial sponsoring corporation. The organization has been in operation over 15 years and has a small internal audit department. The organization has just finished a major fundraising drive that raised US $500 million for the current fiscal period. The following are selected data from recent financial statements (US dollar figures in millions): The auditor wishes to determine if the change in investment income during the current year was due to (a) changes in investment strategy, (b) changes in portfolio mix, or (c) other factors. Which of the following analytical review procedures should the auditor use?
A. Simple linear regression that compares investment income changes over the past 5 years to determine the nature of the changes.
B. Ratio analysis that compares changes in the investment portfolio on a monthly basis.
C. Trend analysis that compares the changes in investment income as a percentage of total assets and of investment assets over the past 5 years.
D. Multiple regression analysis that includes independent variables related to the nature of the investment portfolio and market conditions.
400-351 dumps Correct Answer: D
Explanation
Explanation/Reference:
Explanation:
Regression analysis develops an equation to explain the behavior of a dependent variable (for example, investment income) in terms of one or more independent variables (for example, market risk and the risks of particular investments). Multiple regression analysis is the best approach because it allows the auditor to regress the change in investment income on more than one independent variable.
QUESTION 97
Which of the following is not an appropriate time series forecasting technique?
A. Least squares.
B. Exponential smoothing.
C. The Delphi technique.
D. Moving averages.
Correct Answer: C
Explanation
Explanation/Reference:
Explanation:
The Delphi technique is an approach in which the manager solicits opinions on a problem from experts, summarizes the opinions, and feeds the summaries back to the experts (without revealing any of the participants to each other). The process is reiterated until the opinions converge on an optimal solution. Thus, the Delphi technique is a qualitative, not a quantitative, method.
QUESTION 98
A company in the process of analyzing inventory safety stock levels is having difficulty because demand vanes widely from one week to the next. However, it has been discovered that demand occurs according to a probability distribution. Which of the following is a stochastic model that the company could use in this situation?
A. Markov process.
B. Linear programming.
C. Regression analysis.
D. Critical path network analysis.
400-351 pdf Correct Answer: A
Explanation
Explanation/Reference:
Explanation:
A stochastic model is probabilistic. Markov processes quantify the likelihood of a future event based on the current state of the process.
QUESTION 99
A company experiences both variable usage rates and variable lead times for its inventory items. The probability distributions for both usage and lead times are known. A technique the company could use for determining the optimal safety stock levels for an inventory item is:
A. Queuing theory.
B. Linear programming.
C. Decision tree analysis.
D. Monte Carlo simulation.
Correct Answer: D
Explanation
Explanation/Reference:
Explanation:
Simulation is a technique for experimenting with mathematical models using a computer. Monte Carlo simulation is a technique to generate the individual values for a random variable. A random number generator is used to produce numbers with a uniform probability distribution. The second step of the Monte Carlo process then transforms the random numbers into values consistent with the desired distribution. The performance of a model under conditions of uncertainty may be investigated by randomly selecting values for each of the variables in the model based on the probability distribution of each variable and then calculating the value of the solution. Advantages of Monte Carlo simulation are that time can be compressed, alternative policies can be considered, and complex systems can be analyzed.
QUESTION 100
A bank is designing an on-the-job training program for its branch managers. The bank would like to design the program so that participants can complete it as quickly as possible. The training program requires that certain activities be completed before others. For example, a participant cannot make credit loan decisions without first having obtained experience in the loan department. An appropriate scheduling technique for this training program is:
A. PERT/CPM.
B. Linear programming.
C. Queuing theory.
D. Sensitivity analysis.
400-351 vce Correct Answer: A
Explanation
Explanation/Reference:
Explanation:
PERT/CPM is a network technique for scheduling interrelated time series activities and identifying any critical paths in the series of activities The critical path is the longest path through the network.
QUESTION 101
A Gantt chart:
A. Shows the critical path for a project.
B. Is used for determining an optimal product mix.
C. Shows only the activities along the critical path of a network.
D. Does not necessarily show the critical path through a network.
Correct Answer: D
Explanation
Explanation/Reference:
Explanation:
The major advantage of a Gantt chart is its simplicity: It requires no special tools or mathematics. However, it depicts only the interrelationships between tasks in a limited way. Thus, trying to identify a project's critical path from a Gantt chart may not be feasible.
QUESTION 102
In the Gantt chart below, shaded bars represent completed portions of activities, bars depicted with broken lines represent uncompleted portions, and blank bars
represent activities notyet begun. As of week 8, the Gantt chart shows that the project is:
A. Complete.
B. Ahead of schedule.
C. On schedule.
D. Behind schedule.
400-351 exam Correct Answer: C
Explanation
Explanation/Reference:
Explanation:
Activities B and C are the only activities that should be underway during week 8. Since bothareunderway and on schedule, the project is on schedule.
QUESTION 103
When using PERT (Program Evaluation Review Technique), the expected time for an activity when given an optimistic time (a), a pessimistic time (b),andamostlikelytime(m) is calculated by which one of the following formulas?
A. (b-a) + 2
B. (a+b) + 2
C. (a+4m+b) + 6
D. (4abm) + 6
Correct Answer: C
Explanation
Explanation/Reference:
Explanation:
PERT was developed to aid managers in controlling large, complex projects. PERT analysis includes probabilistic estimates of activity completion times. Three time estimates are made: optimistic, most likely, and pessimistic. The time estimates for an activity are assumed to approximate a beta probability distribution. PERT approximates the mean of the beta distribution by dividing the sum of the optimistic time, the pessimistic time, and four times the most likely time by six.
QUESTION 104
The process of adding resources to shorten selected activity times on the critical path in project scheduling is called:
A. Crashing.
B. The Delphi technique.
C. ABC analysis.
D. A branch-and-bound solution.
400-351 dumps Correct Answer: A
Explanation
Explanation/Reference:
Explanation:
Crashing is the process of adding resources to shorten activity times on the critical path in project scheduling.
QUESTION 105
The network diagram and the corresponding activity cost chart for a manufacturing project at Networks, Inc., are presented below. The numbers in the diagram are the expected times (in days) to perform each activity in the project. The expected time of the critical path is:
A. 12.0 days
B. 13.0 days
C. 11.5 days
D. 11.0 days
Correct Answer: B
Explanation
Explanation/Reference:
Explanation:
The critical path is the longest path. The longest path in the diagram is A-D-E, which requires 13 days (5.5 + 7.5) based on expected times.
QUESTION 106
To keep costs at a minimum and decrease the completion time by 1-1/2 days, Networks, Inc. should crash activity(ies):
A. ADandAB
B. DE
C. AD
D. ABandCE
400-351 pdf Correct Answer: A
Explanation
Explanation/Reference:
Explanation:
The critical (longest) path is A-D-E, which has an expected time of 13 days (5.5 + 7.5). However, to decrease the project's completion time by 1.5 days, paths A-B C-E (4.5 + 1.0 + 6.5 = 12 days) and A- B-D-E (4.5 + .5 + 7.5= 12.5 days) as well as A-D-E must also be shortened. Hence, A-D-E must be reduced by 1.5 days. AB-C-E by .5 day, and A-B-D-E by 1.0 day. The only way to decrease A-D-E by 1.5 days is to crash activity AD (5.5 expected time - 4.0 crash time = 1.5 days). Crashing DE results in a 1.0-day saving (7.5-6.5) only. Crashing AB is theefficient way to reduce both A-B-C-E and A-B-D-E by the desired amount of time because it is part of both paths. The incremental cost of crashing AB is US $1,000 (US $4,000 crash cost - US $3,000 normal cost) to shorten the completion time by 1.0 day (4.5 - 3.5). The alternatives for decreasing both A-B-C-E and A-B-D-E are more costly.
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