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Decision Tree Analysis. You are considering the decision to purchase a machine for internal production or to subcontract the work to an external source. The following information has been provided by your financial managers:

Cost to purchase the machine$$$$35,000$

Cost to subcontract the work$$$$5,000$

Probability of a good market $=70\%$

Probability of a poor market $=30\%$

Reward if the prediction occurs:

In the purchase machine decision good market scenario$$$$80,000$;

in the poor market scenario$$$$30,000$

In the Subcontract decision good market scenario$$$$50,000$; in the poor market scenario$$$$15,000$

$1.$ What is the expected value of the decision to purchase the machine? Answer Question $1$

Purchase$$29,999\mathrm{.}99.$ Subcontract$$34,500\mathrm{.}00$

Question $2$

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You are the project manager for the KOY Project. This project requires quality that maps to federal guidelines. During a quality audit, you discovered that a portion of the project work is faulty and must be done again. The requirement to do the work is an example of which of the following?

Question $2$Answer

a$.$

Cost of adherence

b$.$

Cost of doing business

c$.$

Cost of nonconformance

d$.$

Cost of quality

Question $3$

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You are the project manager for a large manufacturer of wood furniture. Your new project is the Shop Table Project, which will be the creation and manufacturing of a new table for woodworkers to use in their wood shops. On this project you have elected to use JIT for scheduling. Which of the following is an advantage to using JIT?

Question $3$Answer

a$.$

Decreases the inventory investment.

b$.$

Allows for a broad range of deviation than other inventory solutions.

c$.$

Requires materials to be readily available.

d$.$

Allows the project team to have control over the materials.

Question $4$

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Mark is the project manager of the PMH Project. Quality audits of the deliverables show there are several problems. Management has asked Mark to create a chart showing the distribution of problems and their frequencies. Management wants which of the following?

Question $4$Answer

a$.$

Control chart

b$.$

Pareto diagram

c$.$

Ishikawa chart

d$.$

Flow chart

Question $5$

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Match each type of conflict management technique with the appropriate definition

Forcing

Answer $1$ Question $5$

Choose...

Smoothing $/$Accommodating

Answer $2$ Question $5$

Incorporating multiple viewpoints and achieving consensus

Collaborating

Answer $3$ Question $5$

Choose...

Withdrawing $/$avoiding

Answer $4$ Question $5$

Offers only win $/$ lose solutions

Compromising

Answer $5$ Question $5$

Emphasize areas of agreement instead of areas of disagreement

Confronting $/$ Problem Solving