A very risky initiative with high benefit should be considered an experiment for testing, while one with low benefit and low risk should be regarded cautiously. True False
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A very risky initiative with high benefit should be considered an experiment for testing, while one with low benefit and low risk should be regarded cautiously.
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- Company A has successfully launched its product in the market and has reaped rich dividends for the same. S is a top executive of the firm who is planning to move out to start the same business supported by a few investors. 6 months later, despite the product launch S has not been able to replicate the same success as in company A. Which of the following is a possible reason?Topford supplies X-Data DVDs in lots of 50, and they have a reported defect rate of 0.5% so the probability of a disk being defective is 0.005. It follows that the probability of a disk being good is 0.995. What is the probability of getting at least one defective disk in a lot of 50? Group of answer choices None of the above 0.0562 Approximately 0 0.0246You are the project manager of the NHQ Project, which is part of the HQQ Program to construct a condominium building. Samuel, the program manager, has required that you document any variances to costs, schedule, scope, and quality expectations as part of the program governance. You believe that your project team now has an internal failure cost that needs to be documented for Samuel. Which of the following is an example of internal failure cost? Group of answer choices Project team training Rework Random quality audits Quality audits
- A typical retail transaction consists of several smaller steps, which can be considered components subject to failure. A list of such components might include: Let the eight probabilities of success be .92, .94, .99, .99, .98, .97,.95, and .96. What is the reliability of the system; that is, the probabilitythat there will be a satisfied customer? If you were the storemanager, what do you think should be an acceptable value forthis probability? Which components would be good candidatesfor backup, which for redesign?a factory that produces a small number of items per day. In about 30% of working days the factory produces 7 units of the product, in 45% of working days it produces 8 units, and the rest of working days it produces 9 units. After production is completed, each unit is thoroughly inspected. Each unit fails inspection with probability ??. If two or more units fail inspection on the same day, the factory closes for a week to re-calibrate equipment. Say the factory opens today after being closed for a week, write a mathematical expression to calculate the probability that the factory will remain open at least 30 days before closing again.The risks that the consequences of them are acceptable and no extra costs should be incurred to reduce hazard probability are categorized as: Select one: a. Intolerable b. Intolerable, Acceptable, and As low as reasonably practical (ALARP) c. As low as reasonably practical(ALARP) d. Acceptable
- Thinking of a manufacturing company, how might probability be a part of their quality control? Which companies might consider more outcomes as “unusual” based on the sensitivity of what they produce? Why? short answer please1. Which of the following Risk Management Processes covers the determination of the likelihood and consequence of risks identified on the effective and efficient pursuit of business activities? Group of answer choices Risk mitigation and avoidance Risk monitoring None of the choices Risk identification Risk qualification and prioritizationAll of the following are correct about stress testing except: a. It is done under normal going concern environment. b. It is done to determine if the financial institution is able to survive a liquidity crisis under extreme stress conditions. c. It is done when needed such as in a company specific crisis. d. In volatile conditions, stress testing using at least one scenario is required.
- The Nitro Fertilizer Company is developing a newfertilizer. If Nitro markets the product and it is successful,the company will earn a $50,000 profit; if it is unsuccessful,the company will lose $35,000. In the past, similar productshave been successful 60% of the time. At a cost of $5,000,the effectiveness of the new fertilizer can be tested. If thetest result is favorable, there is an 80% chance that thefertilizer will be successful. If the test result is unfavorable,there is only a 30% chance that the fertilizer will besuccessful. There is a 60% chance of a favorable test resultand a 40% chance of an unfavorable test result. DetermineNitro’s optimal strategy. Also find EVSI and EVPI.17- According to a business plan for a startup, the break-even point was calculated at 12,000 units of sales. However, after launch, the average variable cost for the product has gone up. Which of the following is the effect on break-even point? Group of answer choices the effect on break-even point cannot be determined without more information the break-even point will remain the same the break-even point will be higher than 12,000 units the break-even point will be lower than 12,000 units 18- According to a business plan for a startup, the break-even point was calculated at 12,000 units of sales. However, after launch, the unit price for the product had to be lowered. Which of the following is the effect on break-even point? Group of answer choices the break-even point will remain the same the break-even point will be lower than 12,000 units the effect on break-even point cannot be determined without more information the break-even point will be higher than 12,000…A company is considering whether to develop and market a particular product. There is 40% probability that the research and development department will come up with a viable product, and a 60% probability that the product will be scrapped. The cost of undertaking the research and development is 200 000.