QMB 3602 Exam 1

In which of the following does a decision maker give unbalanced weight to the first information they have received?

Anchoring trap

Who is an internal stakeholder?

Employee

Who is an external stakeholder?

Lenders

What is the ability to utilize many minds to develop a multitude of ideas, leading to a high quality solution?

Synergy

Which of the following best describes group decision making?

A group of individuals are selected to tackle a problem together on order to achieve a solution.

What is the correct definition of a stakeholder?

An individual or group that has active interest in a business or is affected bu the activities of the business

The time in minutes to travel from City A to City B is what type of variable?

Continuous numerical

A business engages in market research to improve their product, which stakeholder is this mainly beneficial for?

Customers

If the business decides to shut down due to finance, which stakeholders are mainly impacted?

Customers and managers

What objectives to different stakeholders have?

Different objectives

A business is running at a decline and they decide to decrease wages, which stakeholder is mostly impacting?

Employees

What is a good strategy for stakeholders who have high influence and interest in a project?

Engage and consult regularly

A business has decided to maker their products more environmentally friendly, which two stakeholders will this decision most likely appeal to?

Environment and social

Generally, all stakeholders agree that there is a problem and on what the problem is before beginning the DMAIC process.

False

In XML, tags are not case sensitive and are interchangeable. For example, <City> and <city> represent the same piece of information.

False

The anchoring trap can happen by seeking out evidence that supports our instinct or point of view while avoiding information that contradicts it.

False

Which of the following variables in numerical?

Height

What's the best explanation of a stakeholder in a business?

Individuals and organizations that are affected by the business and affect the business

Which term is used to describe the act of obtaining permission to survey prospects of customer?

Informed consent

What is the most important characteristic of a variable?

It must be measurable

Decision makers displaying a strong bias toward alternatives that perpetuates ___________.

Loss aversion

Which of the following broad categories is not a type of analytical technique?

Manipulative analytics

Which stakeholder is most interested in profit?

Owners

During the process of clarifying the research question, which ethical issue is of concern?

Participant's right of informed concept

If a researcher avoids using his or her personal bias to select the method for collecting data, this is one step toward achieving which standard of effective research?

Purpose clearly defined

A researcher who obtains written signed consent to using a video in her or his oral report is interested in what ethical issue?

Right to absence of sponsor deception

If a participant chooses not to answer a particular question on a survey, they are executing their __________.

Right to confidentiality

If a research sponsor is worried about competitors discovering the results of the research before the company can implement changes, it is worried about what ethical issue?

Right to quality research

Submitting your questionnaire for Institutional Review Board review is a process for ensuring that questionnaire complies with government guidelines to protect participants from harm. This addresses which ethical right?

Right to quality research

Which is LEAST likely to be a stakeholder in a partnership?

Shareholders

Which stakeholder is the largest source of finance to the company and has differing levels of control in the business?

Shareholders

Of the following numerical values, which is continuous?

Time in minutes

Status quo is staying safe with the way an individual makes decisions, and their decision process stays the same.

True

To avoid the anchoring trap, view problem from different perspectives.

True

When compiling data, it is important to know data comes in all forms, and granularity. This is known as __________.

Variety