Test Bank for Fundamentals of Financial Management 15th Edition by Brigham
Edition: 15th Edition
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Test Bank for Fundamentals of Financial Management 15th Edition by Brigham
Note that there is an overlap between the T/F and multiple-choice questions, as some of the T/F statements are used in multiple-choice questions.
Multiple Choice: True/False
|1. In most corporations, the CFO ranks under the CEO.
|2. The Chairman of the Board must also be the CEO.
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Solution Manual for Statistics for Management and Economics 11th Edition by Keller
Chapter 11.2 Statistics for Management and Economics Descriptive techniques summarize data. Inferential techniques draw inferences about a population based on sample data. 1.3 Statistics for Management and Economics a The population is the 25,000 registered voters. b The sample is the 200 registered voters. cThe 48% figure is the statistic 1.4 Statistics for Management and Economics a The population is the complete production run. b The sample is comprised of the 1,000 chips. c The parameter is the proportion of defective chips in the production run. d The statistic is the proportion of defective chips in the sample. e The 10% figure refers to the parameter. fThe 7.5% figure refers to the statistic. g We can estimate the population proportion is 7.5%. Statistical inference methods will allow us to determine whether we have enough statistical evidence to reject the claim.as the sample proportion. 1.5 Statistics for Management and Economics Draw a random sample from the population of graduates who have majored in your subject and a random sample of graduates of other majors and record their highest salary offers. 1.6 Statistics for Management and Economics a Flip the coin (say 100 times) and record the number of heads (assuming that you are interested in the number of heads). b The population is composed of the theoretical result of flipping the coin an infinite number of times and recording either “heads” or “tails”. cThe sample is comprised of the “heads” and “tails” in the sample. d The parameter is the proportion of heads (again assuming that your interest is the number of heads rather than tails) in the population. e The statistic is the proportion of heads (or tails depending on the choice made in part d). fThe sample statistic can be used to judge whether the coin is actually fair. 1.7 a We would conclude that the coin is not fair. b We may conclude that there is some evidence that the coin is not fair. 1.8 aThe population is made up of the propane mileage of all the cars in the fleet. b The parameter is the mean propane mileage of all the cars in the fleet. c The sample is composed of the propane mileage of the 50 cars. d The statistic is the mean propane mileage of the 50 cars in the sample. e We can use the sample statistic to estimate the population parameter.
Solution Manual for Operations Management 2nd Edition by CachonChapter 1 – Teaching Plan Introduction to operations management Specific Learning objectives LO1-1: Identify the drivers of customer utility LO1-2: Explaininefficiencies and determine if a firm is on the efficient frontier LO1-3: Explain the three system inhibitors LO1-4: Explain what work in operations management looks like LO1-5: Articulate the key operational decisions a firm needs to make to match supply with demand What Students Learn in this Chapter This chapter is the beginning of the book, and most likely the corresponding session is the first session in the student’s first exposure to operations management. The goal of the session is for students to gain some appreciation of the type of operational decisions that a business has to make and to provide them some idea of what it will take to make these decisions well. To achieve this goal, we like to start with a perspective the student is familiar with. In most undergraduate settings, students will have little or no work experience. So, rather than starting with the perspective of the business, we find it more engaging to start with the perspective of the consumer. Faculty and students alike, all of us have been in the role of the customer in consumer-facing industries, such as restaurants, travel, healthcare, entertainment, or education. We suggest using the example of restaurants. Even if students have work experience, a common experience/example is helpful for discussion and all of us have been in some form of a restaurant. The book chapter takes the example of “where do you want to go for lunch today?” to establish the different dimensions driving customer utility. Once we understand what consumers value, we can start talking about the dimensions of operational performance. Students will see that there are multiple dimensions of operational performance. Some operations focus on responsiveness, some on quality, some on efficiency, etc. Unlike the case of finance, where we all agree that more profits are better than fewer profits, students will appreciate that there exist trade-offs among the operational dimensions of performance. Subway is operationally not better or worse than a five-star restaurant. It simply has a different strategy. The presence of trade-off then sets up the efficient frontier framework. Some firms are better at multiple things, others are worse. Typically, students have services that they like a lot (e.g. Starbucks or Chipotle) and oftentimes, those are services that are also financially successful. This allows for a discussion of what makes these services successful, which allows the faculty to introduce concepts such as waste, variability, and inflexibility. Relationship to other Chapters This chapter is related to: Since this is the first chapter, it obviously does not build on other chapters. This chapter is the foundation for: The idea of the efficient frontier and the three system inhibitors is coming up throughout the book/the course. Introducing them on the first day of class is helpful, though not required. Proposed Time Line Any time line will depend on the context of teaching, including the class size, the choice of exercise or case, the level of prior knowledge of the students, and the teaching style of the faculty. We have used the following time line for various audiences. This includes academic settings (business students), but also professional development settings with participants that learnt this material not to prepare for a test but to advance their careers. 0:00 Opening exercise (Mortgage exercise) 0:20 Dimensions of performance 0:30 The efficient frontier/Pareto dominance 0:40 The three system inhibitors 1:00 Course overview and course logistics Preparation before class Set up exercise if you plan to use one. If mortgage exercise is used, send out an email to students ahead of time, announcing that (a) on time arrival is critical for the exercise (b) they should not touch any paper on the tables. If you plan to discuss the restaurant example, it might be helpful to do a quick Google news search on the big restaurant chains to have some current updates/examples.
Solution Manual for Strategic Brand Management Building Measuring 4th editionDesign a valuable brand star by building, measuring, and managing brand equity Kevin LeneKeller is one of the global leaders in strategic management and integrated marketing communications. In Strategic Brand Management: Creating, Managing, and Monitoring Buildings, 4thEdition by Kevin lane Keller flash at the browser from a consumer perspective and provides a framework that helps learners and managers identify brand quality, Define and measure. Using a gateway from the knowledge of both learning and industry experts, the text conveys on reputable examples and commercial studies of markets in the US and around the world. Strategic brand management by Kevin Lene Keller exposes Brand is basically a dimension differ in some way from other products designed to meet some needs. These differed encase may be tangible and non-tangible related to an item quality of brand—-or more symbolic and emotional, a customer this thing keep in mind before purchasing a product. It usually contains several examples on each topic, and 75 short branching’s of branding that recognizes successful series and explains why they are so. Case readers will get acquainted with real-life news with Leaky Dockers, Intel Corporation, Nivea, Nike, and Starbucks. Brand managers to industry professionals for market marketing executives. Strategic brand management by Kevin Lene Keller exposes Brand is basically a dimension differ in some way from other products designed to meet some needs. These differed encase may be tangible and non-tangible related to an item quality of brand—-or more symbolic and emotional, a customer this thing keep in mind before purchasing a product. Industry thinking and developments, brand genuine and strategic branding research combines a comprehensive theoretical foundation with this comprehensive ongoing and long-term best-practice decision. Long-term exclusive brand strategy. Generally focused on how and why, it provides specific strategic guidance for planning, building, measuring, and managing brand equity.
Solution Manual for Principles of Operations Management 10th Edition by HeizerC H A P T E R 1 Operations and Productivity DISCUSSION QUESTIONS 1. The text suggests four reasons to study OM. We want to understand (1) how people organize themselves for productive enterprise, (2) how goods and services are produced, (3) what operations managers do, and (4) this costly part of our economy and most enterprises. 2. Possible responses include: Adam Smith (work specialization/division of labor), Charles Babbage (work specialization/division of labor), Frederick W. Taylor (scientific management), Walter Shewart (statistical sampling and quality control), Henry Ford (moving assembly line), Charles Sorensen (moving assembly line), Frank and Lillian Gilbreth (motion study), Eli Whitney (standardization). 3. See references in the answer to question 2. 4. The actual charts will differ, depending on the specific organization the student chooses to describe. The important thing is for students to recognize that all organizations require, to a greater or lesser extent, (a) the three primary functions of operations, finance/accounting, and marketing; and (b) that the emphasis or detailed breakdown of these functions is dependent on the specific competitive strategy employed by the firm. 5. The answer to this question may be similar to that for question 4. Here, however, the student should be encouraged to utilize a more detailed knowledge of a past employer and indicate on the chart additional information such as the number of persons employed to perform the various functions and, perhaps, the position of the functional areas within the overall organization hierarchy. 6. The basic functions of a firm are marketing, accounting/ finance, and operations. An interesting class discussion: “Do all firms/organizations (private, government, not-for-profit) perform these three functions?” The authors’ hypothesis is yes, they do. 7. The 10 decisions of operations management are product design, quality, process, location, layout, human resources, supplychain management, inventory, scheduling (aggregate and short term), maintenance. We find this structure an excellent way to help students organize and learn the material. 8. Four areas that are important to improving labor productivity are: (1) basic education (basic reading and math skills), (2) diet of the labor force, (3) social overhead that makes labor available (water, sanitation, transportation, etc.), and (4) maintaining and expanding the skills necessary for changing technology and knowledge, as well as for teamwork and motivation. 9. Productivity is harder to measure when the task becomes more intellectual. A knowledge society implies that work is more intellectual and therefore harder to measure. Because the U.S. (and many other countries) are increasingly “knowledge” societies, productivity is harder to measure. Using labor hours as a measure of productivity for a postindustrial society vs. an industrial or agriculture society is very different. For example, decades spent developing a marvelous new drug or winning a very difficult legal case on intellectual property rights may be significant for postindustrial societies, but not show much in the way of productivity improvement measured in labor hours. 10. Productivity is difficult to measure because precise units of measure may be lacking, quality may not be consistent, and exogenous variables may change. 11. Mass customization is the flexibility to produce in order to meet specific customer demands, without sacrificing the low cost of a product oriented process. Rapid product development is a source of competitive advantage. Both rely on agility within the organization. 12. Labor productivity in the service sector is hard to improve because (1) many services are labor intensive and (2) they are individually (personally) processed (the customer is paying for that service—the hair cut), (3) it may be an intellectual task performed by professionals, (4) it is often difficult to mechanize and automate, and (5) often difficult to evaluate for quality. 13. Taco Bell designed meals that were easy to prepare; with actual cooking and food preparation done elsewhere; automation to save preparation time; reduced floor space; manager training to increase span of control.
ETHICAL DILEMMAWith most of the ethical dilemmas in the text, the instructor should generate plenty of discussion with this dilemma. The authors are hesitant to endorse a particular correct answer. And students may well be on both side of this dilemma. Many students will be inclined to accept the child labor laws of their home country. For instance, Americans accept teenagers working. But Germans (and others) are more likely to expect teenagers to be home studying or in an apprentice program; they frown upon teenagers working. Students raised in more affluent environments may not understand children working. However, those who had to scrape by in their youth or had parents that did may be more sympathetic to 10-year-olds working. From an economic and self-preservation perspective many 10-year-olds do work and need to work. There are still a lot of poor people in the world. Such a decision may endorse the moral philosophy perspective defined as a Utilitarianism decision. A utilitarianism decision defines acceptable actions as those that maximize total utility, i.e., the greatest good for the greatest number of people.
2 CHAPTER 1 OP E R A T I O N S A N D P R O D U C T I V I T Y6.6 (c) Increase in productivity = = 33.0% 20 From a U.S. corporate management perspective, companies cannot tolerate the publicity that goes with hiring 10-year-olds. These companies need to have standards that prohibit such actions by their subcontractors. The moral philosophy perspective might call this the virtue ethics position—the decision that a mature person with a good moral character would deem correct. END-OF-CHAPTER PROBLEMS 120 boxes (a) = 3.0 boxes/hour 40 hours 1.1 125 boxes (b) = 3.125 boxes/hour 40 hours (c) Change in productivity = 0.125 boxes/hour (d) 0.125 boxes Percentage change = = 4.166% 3.0 1.2 (a) Labor productivity is 160 valves/80 hours = 2 valves per hour. (b) New labor productivity = 180 valves / 80 hours = 2.25 valves per hour (c) Percentage change in productivity = .25 valves / 2 valves = 12.5% 1.3 So 57,600 L = = 200 (160)(12)(0.15) laborers employed 1.4 Bureau of Labor Statistics (stats.bls.gov) is probably as good a place to start as any. Results will vary for each year, but overall data for the economy will range from .9% to 4.8% and mfg. could be as high as 5% and services between 1% and 2%. The data will vary even more for months or quarters. The data are frequently revised, often substantially. Units produced 100 pkgs (a) = = 20 pkgs/hour Input 5 1.5 133 pkgs (b) = 26.6 pkgs per hour 5 [(1,000/4,850) (1,000/4,510)] (1,000/4,850) − = 0.206–0.222 –0.016 = = 0.078 fewer resources 0.206 0.206 ⇒ 7.8% improvement* * with rounding to 3 decimal places. Output Productivity = Input
Solution Manual for Managing Operations Across the Supply Chain 4th Edition by SwinkChapter 1 Introduction to Managing Operations Across the Supply Chain Suggested Answers to Discussion Questions