ma19 - Detailed Solutions to Spring 2009 Exam 1 1(A In...

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Detailed Solutions to Spring 2009 Exam 1 1. (A) In decision making under risk where the goal is to maximize, the decision maker makes the decision that maximizes the expected value – usually profits. 2. (C) A firm’s operations management strategy is a set of long-term plans for the production process that will help achieve the mission of the organization. It explains how operations management will help the firm, in the long term, get where it is going. 3. (D) The three functional areas of a firm are marketing, operations management, and account/finance. Layout design, quality management, and scheduling all fall in the domain of operations management. Advertising and sales fall under the domain of marketing. 4. (C) The three major drivers of U.S. productivity growth are labor, capital, and management. Of these, management is responsible for the majority of all U.S. productivity gains. 5. (A) Gantt charts are a decision-making tool that aid in sequencing and scheduling decisions.
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