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MGMT 520 Final Exam Set 1

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1. TCO D Short Answer Question and Facts for Page 1 Questions:

A well known pharmaceutical company, Robins & Robins, is working through a public scandal. Three popular medications that they sell over the counter have been determined to be tainted with small particles of plastic explosive. The plastic explosives came from a Robins & Robins supplier named Casings, Inc., that supplies the capsule casings for the medication pills. Casings, Inc., also sells shell casings for ammunition. Over $8 million in inventory is impacted. The inventory is located throughout the Western United States, and it is possible that it has also made its way into parts of Canada.

Last fall, the FDA had promulgated an administrative proposed rule that would have required all pharmaceutical companies that sold over-the-counter medications to incorporate a special tracking bar code (i.e., UPC bars) on their packaging to ensure that recalls could be done with very little trouble. The bar codes cost about 35 cents per package.

Robins & Robins lobbied hard against this rule and managed to get it stopped in the public comments period. They utilized multiple arguments, including the cost (which would be passed on to consumers). They also raised “privacy” concerns, which they discussed simply to get public interest groups upset. (One of the drugs impacted is used for assisting with alcoholism treatment – specifically for withdrawal symptoms – and many alcoholics were afraid their use of the drug could be tracked back to them.) Robins & Robins argued that people would be concerned about purchasing the medication with a tracking mechanism included with the packaging and managed to get enough public interest groups against the rule. The FDA decided not to impose the rule.

Robins & Robins’ contract with Casings, Inc., states, in section 14 B.2.a., “The remedy for defects in supplies shall be limited to the cost of the parts supplied.” Casings, Inc., had negotiated that clause into the contract after a lawsuit from a person who was shot by a gun resulted in a partial judgment against Casings for contributory negligence.

List any bases Robins & Robins could sue Casings, Inc., under contract theory ONLY for the damages caused by the explosives in their drugs, over and above the cost of the capsule shells. (short answer question) (Points: 15)

2. TCO B. The FDA discovers that, during the public comment process, Robins & Robins bribed one of the members of the administrative panel that decided to pull the rule from consideration. The member of the panel was removed and is being charged criminally. As a result, the FDA immediately implements an emergency order that puts into effect the “tracking bar” requirement and makes the rule retroactive, but only to Robins & Robins. Provide two arguments Robins & Robins can make to have the rule determined to be invalid under the Administrative Procedures Act. Explain your answer. (Points: 30)

3. TCO C. Robins & Robins immediately issued a massive recall for the tainted medication upon learning of the situation. Despite the recall, 1,400 children and 350 adults have been hospitalized after becoming very ill upon taking the tainted medication. Each of them had failed to note the recall after having already purchased the medication. It is quickly determined that they will need liver transplants and many of them are on a waiting list. During the wait, to date, 12 children have died. Their families are considering suing for both 402A and negligence. The attorneys stated that but for the lobbying efforts, the recall process would have been automated and the people would not have gotten sick or died.

You are an employee with the FDA. You are drafting a memo to your boss analyzing the FDA’s liability and explaining why the FDA did the right thing in deciding not to pass the original tracking bar (UPC) rule. You are specifically being told to respond to the issue of the deaths and illnesses. What would you write? Include (and fully explain) any defenses you feel that the FDA could use against any negligence or public relation cases. Explain what liability (if any) the FDA could have to the victims and their families. (Points: 30)

4. TCO A. It is discovered that Robins & Robins knew about the tainted medication 2 months earlier than they announced the recall. They hid it and, in fact, sent out contract buyers to try to buy up all of the medication off the shelves. Their “fake” recall failed. Using the Blanchard and Peale method of analyzing ethical dilemmas, analyze the ethical dilemma faced by the CEO of Robins & Robins for the fact that they saved 35 cents/package and are now in the middle of a major, life-threatening recall. Analyze their “fake” recall as well. Show all of the steps of the model and give a recommendation to the CEO of what to do now that the deaths are escalating. What is the “right” thing for the CEO to do in this case? (Points: 30)

5. TCO I. A Canadian citizen whose child died from the medication sues the FDA for allowing the sale of dangerous medication in Canada. The lawsuit is filed in the International Court of Justice (ICJ). Is this the proper court to hear this case? Why or why not? (short answer question) (Points: 15)

Question 2 – 2 essays, 30 points each.

1. TCO E. Anna and Lisa both sue Pastor Forester and the school under Title VII. Analyze their Title VII lawsuit against the school and Pastor Forester. Explain whether you feel that the two injured teachers have cases for recovery (describe the theories and whether you feel they will be successful). Discuss whether the school being a religious, private school has any bearing on liability or protection from liability. Include all defenses available to the school and Pastor Forester. (Points: 30)

2. TCO H and E. In the discovery portion of the case, it is determined that Pastor Forester is really not a pastor. His real name is Jerry Birches, a parolee with convictions for child molestation. His parole agreement prohibits him being closer than 1,000 feet to any school. In order to cut costs, the school had stopped doing background checks on new employees, and this slipped through the cracks. The president of the board of directors immediately fires Pastor “Jerry Birches” Forester and notifies his parole officer of the violations. Pastor Forester claims the board knew about his background because one member of the board (his aunt Theresa) knew the truth. He claims her knowledge should be imputed to the entire board of directors. He then sues the school for firing him for being a convicted felon. He claims that is illegal, and he publicly attacks the church for their “less-than-Christian” behavior in firing him.

The board immediately convenes to discuss “damage control.” It knows you took a law and ethics course recently and asks you to write a news release to the local newspaper explaining the situation. Using ethical and legal considerations (including the fact you are in the middle of multiple lawsuits), write the brief news release. Then, explain why you wrote it the way you did. (Points: 30) –

Exact – XX

Page 3 – Two essays at 30 points each.

1. TCO F. Ellen DeGeneres sues Clean Clothes for the use of a look-alike model for the slacks advertisement. She includes Lanham Act, misappropriation, and “right of publicity” claims in her complaint. Clean Clothes countersues for product disparagement. Joseph A. Bank (JOSB) sues Ellen for impacting their men’s clothing sales with her unsolicited comment. What facts will Ellen use to support her cases, and why will those support her cases? What defenses will Ellen have against Clean Clothes’s and JOSB’s countersuits? Do you think any of the three will win their cases? Why or why not? (Points: 30)

2. 2. TCO G. It is discovered that 2 weeks before the Ellen show, she had sold $2 million in JOSB stock (at a gain of about $2,200). The morning after her show, Ellen sold JOSB short (which means she was betting the stock price would go down), and she made another $210,000 in the next week on that trade. The swing in the price was not directly tied to her comments but was suspected to be a result of a recall JOSB made on their entire line of men’s black and brown dress slacks when it was discovered that they had been sewn together with white thread. Ellen’s previous trading activity shows that she made it a normal practice to “vigorously trade” the stock of any company with which she did business. A review of her trading activity for the past year showed that she had bought and sold JOSB stock 25 different times, including short sales like this one. Her overall trading for JOSB stock for the last 12 months was a net loss of $82,000.00. Do you think the SEC will file anything against Ellen for her sales of JOSB? Is there any cause to do so? Analyze her transactions with respect to insider trading activity (based on what you know) and whether she should be concerned. Is her prior trading activity a defense? Should Ellen have avoided discussing JOSB publicly on her show because she typically trades their stock? (Points: 30)

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MGMT 303 Final Exam

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Page 1

1. (TCO 4) Which of the following is true regarding the evaluation of projects? (Points : 4)
sunk costs should be included
erosion effects should be considered
financing costs need to be included
opportunity costs are irrelevant

 

2. (TCO 4) There are several disadvantages to the payback method, among them: (Points : 4)

payback ignores cash flows beyond the cutoff.
payback can be used in conjunction with time adjusted methods of evaluation.
payback is easy to use and to understand.
none of the above is a disadvantage.

 

3. (TCO 3 and 4) You can ensure that an investment is expected to create value for (Points : 4)

have a PI equal to zero.
produce negative rates of return.
have positive AARs.
have positive IRRs.
have positive NPVs.

 

4. (TCO 3 and 4) Portman’s is considering adding a new product to its lineup. This product is expected to generate sales for three years, after which time the product will be discontinued. What is the project’s net present value, if the firm wants to earn a 12 percent rate of return?

Year 0 1 2 3
Cash flow -$62,000 $10,730 $20,190 $40,340 (Points : 4)
$7,611.08
$6,795.61
$1,084.41
$4,862.07
$9,682.26

 

5. (TCO 4) Leward Manufacturing is spending $115,000 to update its equipment. This is necessary if the firm wishes to be competitive in the marketplace and provide a wide array of product models. The company estimates that these updates will improve its cash inflows by $27,500 a year, for eight years. What is the payback period? (Points : 4)

4.18 years
5.82 years
6.62 years
7.79 years
This project never pays back

 

6. (TCO 4) Ignoring the option to expand: (Points : 4)

overestimates the internal rate of return on a project.
ignores the possibility that a negative net present value project might be positive, given changes over time.
ignores the possibility that one variable is the primary source of the forecasting risk associated with a project.
underestimates the net present value of a project.

 

7. (TCO 4) ____________, refers to the situation a firm faces when it has positive net present value projects, but cannot obtain financing for those projects. (Points : 4)

capital planning.
soft rationing.
capital rationing.
hard rationing.
a sunk cause.

 

8. (TCO 4) ABC Cameras is considering an investment that will have a cost of $10,000 and the following cash flows: $6,000 in year 1, $4,000 in year 2 and $3,000 in year 3. Assume the cost of capital is 10%. Which of the following is true regarding this investment? (Points : 4)

The net present value of the project is approximately $1,011
This project should be accepted because it has a negative net present value
This project’s payback period is 10 years or more
All of the above are true

 

9. (TCO 4) Assume Company X plans to invest $60,000 in new computers. Using Tables 9.6 and 9.7 of your textbook (Page 277), which is the second year depreciation amount under MACRS? (Points : 4)

$12,000
$19,200
$19,800
None of the above

 

10. (TCO 1 and 4) Assume a project has earnings before depreciation and taxes of $120,000, depreciation of $40,000, and that the firm has a 30 percent tax bracket. What are the after-tax cash flows for the project? (Points : 4)

$56,000
$96,000
a loss of $21,000
none of these

 

11. (TCO 8) Which of the following statements is true regarding systematic risk? (Points : 4)

is diversifiable
is the total risk associated with surprise events
it is measured by beta
it is measured by standard deviation

 

12. (TCO 8) Which statement is true regarding risk? (Points : 4)

the expected return is usually the same as the actual return
a key to assess risk is determining how much risk an investment adds to a portfolio
risks can always be decreased or mitigated by the financial manager
the higher the risk, the lower the return investors require for the investment

 

13. (TCO 8) The stock of Hobby Town has an expected return of 8.8 percent. Given the information below, what is the expected return on this stock if the economy is normal?

State of Economy Probability of State of Economy Rate of Return
Recession .10 -.09
Normal .70 ?
Boom .20 .26 (Points : 4)
3.86 percent
4.42 percent

6.43 percent
7.28 percent
8.21 percent

 

14. (TCO 8) You own a portfolio that consists of $8,000 in stock A, $4,600 in stock B, $13,000 in stock C, and $5,500 in stock D. What is the portfolio weight of stock D? (Points : 4)

17.68 percent
17.91 percent
18.42 percent
19.07 percent
19.46 percent

 

15. (TCO 8) Stock A has an expected return of 14 percent and a beta of 1.3. Stock B has an expected return of 10 percent and a beta of .9. Both stocks have the same reward-to-risk ratio. What is the risk-free rate? (Points : 4)

1.0 percent

Page 2

1. (TCO 8) If the financial markets are strong form efficient, then: (Points : 4)
only the most talented analysts can determine the true value of a security.
only company insiders have a marketplace advantage.
technical analysis provides the best tool to gain a marketplace advantage.
no one person has an advantage in the marketplace.
every security offers the same rate of return.

 

2. (TCO 5) Royal Petroleum Co. can buy a piece of equipment that can be financed with debt at an after-tax cost of 8 percent and common equity at a cost of 20 percent. Assume debt and common equity each represent 50 percent of the firm’s capital structure. What is the weighted average cost of capital? (Points : 4)

between 4% and 10%
between 11 and 12%
between 12 and 13%
exactly 14%
more than 14%

3. (TCO 5, 6 and 7) An issue of common stock’s most recent dividend is $3.75. Its growth rate is eight percent. What is its price if the market’s rate of return is 16 percent? (Points : 4)
$25.01
$46.88
$50.63
none of these

 

4. (TCO 5, 6 and 7) Which of the following is true regarding the cost of debt? (Points : 4)

It is the return that the firm’s creditors demand on new borrowing.
It is always equal to the weighted cost of capital.
An appropriate method to compute the cost of debt is using the coupon rate of current bonds outstanding.
All of the above are true.

 

5. (TCO 5) Which of the following is true regarding the cost of retained earnings? (Points : 4)

it is irrelevant to the WACC
requires new funds to be raised
need to be adjusted for the flotation costs
have a cost, which is the opportunity cost associated with stockholder funds

 

6. (TCO 4) A project has the following cash flows. What is the internal rate of return?

Year 0 1 2 3
Cash flow -$520,000 $112,900 $367,200 $204,600 (Points : 4)
less than 10%
approximately 14%
more than 16%
more than 18% but less than 20%

 

7. (TCO 5, 6 and 7) Which one of the following is a correct statement regarding a firm’s weighted average cost of capital (WACC)? (Points : 4)

the WACC can be used as the required return for all new projects.
the WACC of a leveraged firm will decrease when the tax rate decreases.
an increase in the market risk premium will tend to decrease a firm’s WACC.
the WACC is a starting point for the subjective approach to setting discount rates.
a reduction in the risk level of a firm will tend to increase the firm’s WACC.

 

8. (TCO 5, 6 and 7) The preferred stock of Blue Sky Air pays an annual dividend of $7.25 a share and sells for $54 a share. The tax rate is 35 percent. What is the firm’s cost of preferred stock? (Points : 4)

8.56 percent
9.32 percent
11.85 percent
13.43 percent
14.47 percent

 

9. (TCO 2) Which one of the following statements is true concerning a bankruptcy? (Points : 4)

a Chapter 7 bankruptcy is a reorganization proceeding.
a “prepack” is intended to shorten the time a firm spends in bankruptcy.
the absolute priority rule applies to both Chapter 7 and Chapter 11 bankruptcy proceedings, and must be adhered to by the courts.
creditors cannot force a firm into bankruptcy, even though they might like to do so.
a reorganization plan, can only be approved if the firm’s creditors all agree with the plan.

 

10. (TCO 5) Which of the following statements is true regarding the cost of capital? (Points : 4)

All other being equal, it is preferable to use market value weights than book value weights
The WACC is the most appropriate discount rate for all projects.
Should not include the cost of retained earnings.
Depends primarily on the source of the funds, not the use.

 

11. (TCO 2) Select any actions that do not affect the cash account. (Points : 4)

Goods are sold cash
An interest payment on a notes payable is made
A payment due is received from a client
Dividends are paid to shareholders
Inventory is purchased and paid for with credit

 

12. (TCO 2) Which of the following statements is true? (Points : 4)

The optimal credit policy minimizes the total cost of granting credit.
Firms should avoid offering credit at all cost.
An increase in a firm’s average collection period generally indicates that an increased number of customers are taking advantage of the cash discount.
Character, refers to the ability of a firm to meet its credit obligations out its operating cash flows.
The optimal credit policy, is the policy that produces the largest amount of sales for a firm.

 

13. (TCO 2) All else constant, a decrease in the accounts receivable period will: (Points : 4)

lengthen the accounts payable period.
shorten the inventory period.
lengthen the operating cycle.
shorten the cash cycle.
shorten the accounts payable period.

 

14. (TCO 2) Highland, Inc. has the following estimated quarterly sales for next year. The accounts receivable period is 30 days. How much does the firm expect to collect in the fourth quarter? Assume that each month has 30 days.

Q1 Q2 Q3 Q4
Sales $3,200 $4,500 $4,400 $2,900 (Points : 4)
$3,250
$3,400
$3,600
$3,750
$3,900

 

15. (TCO 1) Which one of the following actions best matches the primary goal of financial management? (Points : 4)

increasing the net, working capital while lowering the long-term asset requirements
improving the operating efficiency, thereby increasing the market value of the stock
increasing the firm’s market share
reducing fixed costs and increasing variable costs
increasing the liquidity of the firm by transferring short-term debt into long-term debt

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MATH 533 Final Exam

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1. (TCO A) The number of service calls made in the past 60 days by a sample of 20 technical representatives for AJ TECH is given below.

a. Compute the mean, median, mode, and standard deviation, Q1, Q3, Min, and Max for the above sample data on number of service calls made in the past 60 days.

b. In the context of this situation, interpret the Median, Q1, and Q3. (Points : 33)

2. (TCO B) Consider the following data on customers at an office supply store. These customers are categorized by their previous volume purchases and their age.

If you choose one customer at random, then find the probability that the customer

a. is a new customer.

b. is a high volume customer and is in the 40′s

c. is in the 20′s, given that the customer is low volume

3. (TCO B) DCW Chemical is planning to implement an acceptance sampling plan for raw materials. A random sample of 22 batches from a large shipment (having a large number of batches) is selected. If two or more of the 22 batches fail to meet specifications, then the entire shipment is returned. Otherwise, the shipment is accepted.

In a sample of 22 batches from a population that is 1% defective (1% of the batches fail to meet specifications), find the probability that

a. two or more batches fail to meet specifications.

b. exactly two batches fail to meet specifications.

c. fewer than two batches fail to meet specifications.

4. (TCO B) CJ Computer Disks stocks and sells recordable CDs. The monthly demand for these CDs is closely approximated by a normal distribution with a mean of 20,000 disks and standard deviation of 4,000 disks. CJ receives shipments from the supplier once per month (at the beginning of each month).

a. Find the probability that the demand for recordable CDs exceeds 30,000 for a particular month.

b. Find the probability that the demand for recordable CDs is between 12,000 and 18,000.

c. How large an inventory must CJ have available at the beginning of the month so that the probability of running out of recordable CDs (a stock out) during the month is no more than .05?

5. (TCO C) A tool manufacturing company wants to estimate the mean number of bolts produced per hour by a specific machine. A simple random sample of 9 hours of performance by this machine is selected and the number of bolts produced each hour is noted. This leads to the following results.

Sample Size = 9

Sample Mean = 62.3 bolts/hr

Sample Standard Deviation = 6.3 bolts/hr

a. Compute the 90% confidence interval for the average number bolts produced per hour.

b. Interpret this interval

c. How many hours of performance by this machine should be selected in order to be 90% confident of being within 1 bolt/hr of the population mean number of bolts per hour by this specific machine?

6. (TCO C) A clock company is concerned about errors in assembly of their custom made clocks. A random sample of 120 clocks from today’s production yields nine clocks with assembly errors.

a. Compute the 95% confidence interval for the percentage of clocks with assembly errors in today’s production

b. Interpret this confidence interval

c. How many clocks should be selected in order to be 95% confident of being within 2% of the population percentage of clocks with assembly errors in today’s production?

7. (TCO D) An article about women in business claims that 28% of all small businesses in the United States are owned by women. Sally Parks believes that this figure is overstated. A random sample of 2,000 small businesses is selected with 546 being owned by women. Does the sample data provide evidence to conclude that less than 28% of small businesses in the United States are owned by women (with a = .10)? Use the hypothesis testing procedure outlined below.

a. Formulate the null and alternative hypotheses

b. State the level of significance

c. Find the critical value (or values), and clearly show the rejection and nonrejection regions

d. Compute the test statistic

e. Decide whether you can reject Ho and accept Ha or not.

f. Explain and interpret your conclusion in part e.  What does this mean?

g. Determine the observed p-value for the hypothesis test and interpret this value. What does this mean?

h. Does the sample data provide evidence to conclude that less than 28% of small businesses in the United States are owned by women (with a = .10)?

8. (TCO D) Bill Smith is the Worthington Township manager. When citizens request a traffic light, the staff assesses the traffic flow at the requested intersection. Township policy requires the installation of a traffic light when an intersection averages more than 150 vehicles per hour. A random sample of 48 vehicle counts is done. The results are as follows:

Sample Size = 48

Sample Mean = 158.3 vehicles/hr.

Sample Standard Deviation = 27.6 vehicles/hr.

Does the sample data provide evidence to conclude that the installation of the traffic light is warranted (using a = .10)?  Use the hypothesis testing procedure outlined below.

a. Formulate the null and alternative hypotheses

b. State the level of significance

c. Find the critical value (or values), and clearly show the rejection and nonrejection regions

d. Compute the test statistic

e. Decide whether you can reject Ho and accept Ha or not

f. Explain and interpret your conclusion in part e. What does this mean?

g. Find the observed p-value for the hypothesis test and interpret this value. What does this mean?

h. Does this sample data provide evidence (with a = 0.10), that the installation of the traffic light is warranted?

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HRM 598 Final Exam

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. (TCO A) The new CEO of your company, who just came from a competitor, has just asked you to discuss the organization’s compensation system. As the compensation manager, you tell him about the organization’s nearly 500 employees in about 70 different job titles who are located in three locations in L.A. He asks you to describe the strategy used to guide compensation system decisions. You explain that ordinarily, pay models are guided by several strategic policies. Describe what goals a compensation system should have and how four strategic pay policies apply to the organization. (Points : 30)

2. (TCO B) The VP for HR met with you, the compensation manager, to go over the new strategies for attracting new employees for the offshore oil recovery division. The division works with oil production companies to help prevent oil spills and recover oil where leakages have occurred. The division employs many engineers and scientists with expertise in hydraulics, oil production, chemistry, etc. Employee assignments are often for three to six months in different countries around the world. The VP for HR indicates that you should use a job-based point method.

In creatinga job-based point evaluation plan for the organization, identify and discuss four compensable factors that you would incorporate in the job-based point evaluation plan. Please describe a job-based point evaluation plan. In addition, define each factor, justify why you selected it, and provide the weights or scales that you would assign to it. (Points : 30)

3. (TCO B) You are the Compensation Director for Forever-Green Plywood, Inc. The company buys timber, manufactures plywood sheets, and sells on the international market. The organization’s three major units are timber purchasing (with five employees), manufacturing plant (with 120 employees), and sales and management (with 12 employees).

You need to develop a job evaluation plan for the organization. Describe the difference between person-based plans and job-based plans. Explain which one you would use. What factors would you consider? What is one advantage and disadvantage of each? (Points : 30)

4. (TCO C) A high-tech start-up company has retained your services to assist them in determining a competitive market pay policy for the company to use as they staff up. In order to help them, what information would you need about the company? Describe four competitive market pay policies, and give an example of when an organization might want to use each policy. (Points : 30)

5. (TCO D) You are a consultant who specializes in compensation. You are working with Midwest Highway, Ltd., a road construction company housing five plants that produce materials for road building. The CEO of the company wants to know what type of performance measurement tool should be used in its production facilities in the future. The main production job in the five plants (about 85 out of the total of 125) involves operation of machines that mix and form the surfacing materials. The production lines are well established and product lines are consistent. The job appears to you to be a low-level one with prescribed routines.

The CEO asks you the following question: Should we consider a straight ranking approach, a rating system like a behavioral anchored rating scale (BARS), a management by objectives (MBO) format, or a 360-degree multi-rater approach? Describe the four types of performance assessment approaches. Recommend one and justify why you have chosen it.(Points : 30)

HR598 Final Exam Page 2

1. (TCO D) As the Compensation Manager of a large accounting firm, you have reviewed the results of the last performance appraisal cycle. It appears that supervisors and managers may be having difficulty in doing the appraisals. You are concerned about validity and reliability of the process.

In preparation for a training program for supervisors and managers, identify at least three common errors in the performance appraisal process and describe them. In addition, describe steps to minimize these errors. (Points : 30)

2. (TCO F) You are a Compensation Consultant working with a Top 100 bank on the East Coast of the U.S. The Board of Directors of the bank is in the process of hiring a new CEO. They indicate that they are concerned about public perception. You are invited to a Compensation Committee meeting to recommend an executive compensation strategy.

Describe the components of an executive compensation plan and explain how these components can help support the organizational strategy. (Points : 30)

3. (TCO G). The management team of the Fossety Iron Works has raised questions about compensation policies and procedures. They do not seem to understand the basic laws and regulations that affect compensation. The chairperson of the team has asked you, as Compensation Manager, to explain the most important laws to them. You selected Fair Labor Standards Act (FLSA) to start with because it is probably the most comprehensive and far-reaching legislation that affects compensation.

Describe the four key requirements and why they are important in compensation. (Points : 30)

4. (TCO E). As a Compensation Consultant, you have been asked by a client organization to brief their management group on incentive plans like gain-sharing and profit-sharing plans.

Briefly describe what gain-sharing and profit-sharing plans involve. What conditions should exist prior to implementation to make it easier to implement? What are the advantages and disadvantages of group incentives like gain-sharing and profit-sharing plans? (Points : 30)

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HRM 594 Final Exam Set 2

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1. (TCO B) Discuss the 13 strategic staffing decisions one must make when developing an organizational staffing strategy. Do you believe that some of them are more important to an organization than others? Which ones? Fully explain your reasoning, providing clear examples to illustrate your position. (Points: 25)

2. (TCO E) You are the staffing manager for your organization. Fully discuss the administrative issues that you would address in the planning stage of external recruiting. Explain the importance of each issue. (Points: 30)

3. (TCO G) You are a staffing manager. Recommend the steps your organization should take to develop and implement a policy regarding employment-at-will. Explain the importance of having an employment-at-will policy, and the consequences of not having one. (Points: 30)

Page 2

1. (TCO C) As an HR leader, how would you try to get individual managers to be more aware of the legal requirements of staffing systems and to take steps to ensure that they themselves engage in legal staffing actions? (Points: 30)

2. (TCO F) You are a staffing professional. Describe how you might go about determining scores for applicants’ responses to: a. interview questions, b. letters of recommendation, and c. questions about previous work experience. (Points: 25)

3. (TCO H) You are an HR Manager for ABC Corporation. Your strategic staffing plan indicates that in the next five years, your 500 Customer Service Representatives will need specific computer skills to utilze a new technology that is planned. None of the reps currently have this skill. Other than terminating all of the employees and hiring new employees with the required skills, discuss two possible alternatives the company might consider. (Points: 30)

Page 3

1. (TCO A) Imagine an organization that has a staffing process in which vacancies are filed (a) on a lottery basis from among job applicants, or (b) on a first-come, first-hired basis among job applicants. Predict the potential problems associated with these scenarios. (Points: 30)

2. (TCO D) You are the HR Manager of your organization. Your task is to perform job analysis on all of the jobs within your organization. What are the advantages and disadvantages to using multiple methods of job analysis for a particular job? Multiple sources? (Points: 30)

3. (TCO I) Which of the costs and benefits of voluntary turnover are most likely to vary according to the type of job? Give specific examples. (Points: 20)

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MGMT 340 Final Exam

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1. (TCO 1) When developing information systems, an organization could use:

2. (TCO 1) The practice of turning over responsibility of some or all of an organization’s information systems applications and operations to an outside firm is referred to as

3. (TCO 2) Identifying, assessing, and managing the risks and day-to-day changes that occur during a project best defines which of the following project manager activities?

4. (TCO 2) Which of the following is NOT a project management phase?

5. (TCO 2) Which of the following would be classified as an intangible cost?

6. (TCO 2) The primary deliverable from the project identification and selection phase is:

7. (TCO 3) The term that refers to systems development projects bogged down in an abundance of analysis work is:

8. (TCO 3) Good interview guidelines consist of:

9. (TCO 3) The search for, and implementation of, radical change in business processes to achieve breakthrough improvements in products and services best defines

10. (TCO 3) The purpose of requirements structuring is to:

11. (TCO 4) The diagram that shows the scope of the system, indicating what elements are inside and outside the system, is called a

12. (TCO 5) The number of instances of entity B that can (or must) be associated with each instance of entity A refers to:

13. (TCO 6) Shaping alternative system design strategies involves

14. (TCO 7) Which of the following are general guidelines for displaying tables and lists?

15. (TCO 7) Which of the following is a guideline for displaying text?

16. (TCO 7) Reversing the sequence of one or more characters in a field is called:

17. (TCO 8) A notation that allows the modeler to specify, visualize, and construct the artifacts of software systems, as well as business models, best defines:

18. (TCO 8) Benefits of the object-oriented modeling approach include:

19. (TCO 9) System documentation that is part of the program source code or is generated at compile time best defines:

20 (TCO 9) User testing of a completed information system using simulated data refers to:

1. (TCO 1) Describe the role of a systems analyst.

2. (TCO 2) Discuss the six major categories of feasibility.

3. (TCO 3) Identify and describe the traditional methods for determining requirements.

4. (TCO 4) What is gap analysis? Why is gap analysis useful?

5. (TCO 5) Contrast data modeling to process modeling and logic modeling

6. (TCO 6) Suppose that an analysis team did not generate alternative design strategies for consideration by a project steering committee or client.  What might the consequences be of having only one design strategy?  What might happen during the oral presentation of project progress if only one design strategy is offered?

7. (TCO 7) Describe the three-step process for designing dialogues

8. (TCO 8) What is meant by Agile Methodologies? Identify the three key principles that the Agile Methodologies share.

9. (TCO 9) Describe four types of installation

10. (TCO 9) Describe four types of maintenance.

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MATH 533 Final Exam (Set 2)

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1. (TCO A) Seventeen salespeople reported the following number of sales calls completed last month

a. Compute the mean, median, mode, and standard deviation, Q1, Q3, Min, and Max for the above sample data on number of sales calls per month

b. In the context of this situation, interpret the Median, Q1, and Q3

2. (TCO B) Cedar Home Furnishings has collected data on their customers in terms of whether they reside in an urban location or a suburban location, as well as rating the customers as either “good,” “borderline,” or “poor.” The data is below.

If you choose a customer at random, then find the probability that the customer

a. is considered “borderline.”

b. is considered “good” and resides in an urban location

c. is suburban, given that customer is considered “poor.”

3. (TCO B) Historically, 70% of your customers at Rodale Emporium pay for their purchases using credit cards. In a sample of 20 customers, find the probability that

a. exactly 14 customers will pay for their purchases using credit cards

b. at least 10 customers will pay for their purchases using credit cards

c. at most 12 customers will pay for their purchases using credit cards

4. (TCO B) The demand for gasoline at a local service station is normally distributed with a mean of 27,009 gallons per day and a standard deviation of 4,530 gallons per day.

a. Find the probability that the demand for gasoline exceeds 22,000 gallons for a given day

b. Find the probability that the demand for gasoline falls between 20,000 and 23,000 gallons for a given day

c. How many gallons of gasoline should be on hand at the beginning of each day so that we can meet the demand 90% of the time (i.e., the station stands a 10% chance of running out of gasoline for that day)?

5. (TCO C) An operations analyst from an airline company has been asked to develop a fairly accurate estimate of

the mean refueling and baggage handling time at a foreign airport. A random sample of 36 refueling and baggage handling times yields the following results.

Sample Size = 36
Sample Mean = 24.2 minutes
Sample Standard Deviation = 4.2 minutes

a. Compute the 90% confidence interval for the population mean refueling and baggage time

b. Interpret this interval

c. How many refueling and baggage handling times should be sampled so that we may construct a 90% confidence interval with a sampling error of .5 minutes for the population mean refueling and baggage time?

6. (TCO C) The manufacturer of a certain brand of toothpaste claims that a high percentage of dentists recommend the use of their toothpaste. A random sample of 400 dentists results in 310 recommending their toothpaste.

a. Compute the 99% confidence interval for the population proportion of dentists who recommend the use of this toothpaste.

b. Interpret this confidence interval

c. How large a sample size will need to be selected if we wish to have a 99% confidence interval that is accurate to within 3%?

7. (TCO D) A Ford Motor Company quality improvement team believes that its recently implemented defect reduction program has reduced the proportion of paint defects. Prior to the implementation of the program, the proportion of paint defects was .03 and had been stationary for the past 6 months. Ford selects a random sample of 2,000 cars built after the implementation of the defect reduction program. There were 45 cars with paint defects in that sample. Does the sample data provide evidence to conclude that the proportion of paint defects is now less than .03 (with = .01)? Use the hypothesis testing procedure outlined below.

a. Formulate the null and alternative hypotheses

b. State the level of significance

c. Find the critical value (or values), and clearly show the rejection and non-rejection regions

d. Compute the test statistic

e. Decide whether you can reject Ho and accept Ha or not

f. Explain and interpret your conclusion in part e.  What does this mean?

g. Determine the observed p-value for the hypothesis test and interpret this value. What does this mean?

h. Does the sample data provide evidence to conclude that the proportion of paint defects is now less than .03 (with = .01)?

8. (TCO D) A new car dealer calculates that the dealership must average more than 4.5% profit on sales of new cars. A random sample of 81 cars gives the following result.

Sample Size = 81
Sample Mean = 4.97%
Sample Standard Deviation = 1.8%

Does the sample data provide evidence to conclude that the dealership averages more than 4.5% profit on sales of new cars (using  = .10)? Use the hypothesis testing procedure outlined below.

a. Formulate the null and alternative hypotheses

b. State the level of significance

c. Find the critical value (or values), and clearly show the rejection and nonrejection regions

d. Compute the test statistic

e. Decide whether you can reject Ho and accept Ha or not

f. Explain and interpret your conclusion in part e. What does this mean?

g. Determine the observed p-value for the hypothesis test and interpret this value. What does this mean?

h. Does the sample data provide evidence to conclude that the dealership averages more than 4.5% profit on sales of new cars (using  = .10)?

9. (TCO E) Bill McFarland is a real estate broker who specializes in selling farmland in a large western state. Because Bill advises many of his clients about pricing their land, he is interested in developing a pricing formula of some type. He feels he could increase his business significantly if he could accurately determine the value of a farmer’s land. A geologist tells Bill that the soil and rock characteristics in most of the area that Bill sells do not vary much. Thus the price of land should depend greatly on acreage. Bill selects a sample of 30 plots recently sold. The data is found below (in Minitab), where X=Acreage and Y=Price ($1,000s).

a. Analyze the above output to determine the regression equation

b. Find and interpret in the context of this problem.

c. Find and interpret the coefficient of determination (r-squared).

d. Find and interpret coefficient of correlation

e. Does the data provide significant evidence (= .05) that the acreage can be used to predict the price? Test the utility of this model using a two-tailed test. Find the observed p-value and interpret

f. Find the 95% confidence interval for mean price of plots of farmland that are 50 acres. Interpret this interval

g. Find the 95% prediction interval for the price of a single plot of farmland that is 50 acres. Interpret this interval

h. What can we say about the price for a plot of farmland that is 250 acres?

10. (TCO E) An insurance firm wishes to study the relationship between driving experience (X1, in years), number of driving violations in the past three years (X2), and current monthly auto insurance premium (Y).  A sample of 12 insured drivers is selected at random.  The data is given below (in MINITAB):

a. Analyze the above output to determine the multiple regression equation

b. Find and interpret the multiple index of determination (R-Sq).

c. Perform the t-tests on  and on  (use two tailed test with (= .05). Interpret your results

d. Predict the monthly premium for an individual having 8 years of driving experience and 1 driving violation during the past 3 years. Use both a point estimate and the appropriate interval estimate

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HRM 599 Final Exam

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1. Question : (TCO A) What are some of the legal and regulatory influences on discretionary benefits?

2. Question : (TCO B) Give a brief overview of the main provisions of HIPAA.

3. Question : (TCO C) Discuss the two forms of employer-sponsored disability coverage. Analyze the potential advantages of each for the employee and for the employer.

4. Question : (TCO D) Your company’s CEO is interested in implementing a new dental plan for employees and has asked you to do some research. The CEO wants you to report back to him in 3 weeks with the following information: What are the three main types of dental care plans? Discuss each plan and make a recommendation for your company.

5. Question : (TCO E) Discuss the various FASB rulings associated with retiree health insurance.

6. Question : (TCO F) You have recently been hired as an employee benefit consultant and have been asked to recommend the establishment of either a defined contribution or a defined benefit plan. Given the following employer objectives, which type of plan would you recommend? Specify the type of retirement plan you would recommend. Explain how your recommendation would handle the employer’s objectives.

Employer objectives include majority of employees are young would like to encourage long potential service concerned about providing retirement income, capital accumulation, and/or estate benefits concerned about limiting their funding costs and administrative expenses

7. Question : (TCO G) Discuss the concept of “good business sense” of benefits communication and the primary objectives of an organization’s benefits communication program.

8. Question : (TCO H) Family assistance programs help employees with caring for loved ones, both young and old. Briefly describe the three types of family assistance programs and their benefits.

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HRM 595 Final Exam

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1. Joe McDonald is the HR manager of ACME chemicals. His boss, Bill Jacobs, is concerned that the interactions between the various departments of the company are inconsistent and that there is too much competition between departments rather than cooperation. Bill has asked you about ways to improve the negotiations between business units. In your explanation to Bill, you need to explain the following: What are the three primary reasons that negotiations occur? What is the difference between bargaining and negotiation? Why must successful negotiations involve both tangible and intangible components? Do you think that ACME needs to pursue an integrative or a distributive approach to their future interdepartmental negotiations? (Points : 20)

2. Define the term “conflict” and describe how it impacts the negotiation process. Your explanation should include the 4 levels of conflict and the dysfunctions that conflict can create. In your response, you need to also provide your opinion as to whether conflict is always a negative component in negotiations. If not, why? (Points : 15)

3. Jack Johnson owns a 1998 Ford Mustang that he is looking to sell. He advertises in the Auto Trader. Mary Smith responds to his ad and expresses interest in purchasing the vehicle. Jack is asking $3500 for the car. Mary is looking to pay no more than $2500 for the vehicle. Would you describe this negotiation as a distributive or an integrative negotiation? Why? Jack has set $3500 as the price of his car but is willing to take $3000 for the vehicle. Anything under $3000 will not be accepted. Mary wants to pay $2500 for the car, but is willing to go up to $3000. Anything over $3000 will cause the deal to fail. Define and contrast the Walkaway Points, Target Points and Asking Price/Initial Offer of the parties. What are some of the strategies that could be used by each party to achieve the outcome they desire? (Points : 30)

4. What makes an integrative negotiation different from a distributive negotiation? Define the key steps in the integrative negotiation process. How does establishment of a BATNA aid the parties in realizing their integrative outcome? (Define the term BATNA in your response). If a win-win outcome is beneficial to both parties, then why is it so difficult to achieve? (Points : 30)

5. Often there are other parties to a negotiation that can add great complexity to the process. Define the following terms: Negotiating Dyad; Agent; Constituency; Bystander; Audience. What are some of the reasons that an individual might engage the services of an agent to represent him/her in a negotiation? (Discuss at least three) What are the three distinct relationships that an Agent has to maintain in the negotiation process? (Points : 30)

6. Marie Smith is the head of Marketing for Jones Construction. Harry Brown is the on-site project manager for all major construction projects. Marie is interested in expanding the budget for general marketing activities. Harry wants these resources reserved for existing projects. Marie comes to you for advice on the key steps she should use in preparing for her negotiation with Harry. Discuss the 7 steps to an ideal negotiation process. (Points : 15)

7. As Marie and Harry enter into their negotiations, their perceptions of each other will be an important component to the negotiation process. Define perception and the role it plays in the negotiation process. What are the four major perceptual errors that tend to occur? What does the term “framing” mean and how does it relate to the issue of perceptions? How can we counter these perceptual errors? (Points : 30)

8. We have discussed the importance of communication in the negotiation process. We reviewed the concept of communication as a sender encoding a message to a receiver who decodes the message and then responds back to the sender – thus creating the feedback process important to every negotiation. What are the major sources of distortion that can interfere with communication? (Name and define at least 3) What are the three key questions we need to ask regarding communication in negotiations? What role does listening play in the communications process (Describe the 3 types of listening). What are some of the ways that a negotiator can improve his/her communication skills? (Points : 30)

9. When we look at the complexities of the negotiation process, there are many situations where a negotiator might consider the use of questionable tactics to accomplish his/her goals. This brings up the important question of ethics in negotiation. Define the 4 types of ethical reasoning. Why do people use deceptive/ambiguous tactics in negotiation? What are some of the factors that shape a predisposition to the use of unethical tactics? How can we effectively respond to the use of unethical practices? (Points : 20)

10. Barney and Marilyn have been married for six months. They engage in negotiations consistently as a way to improve their understanding of each other and to build a loving relationship. How does this “relationship” negotiation differ from the negotiation practices that we have discussed involving business relationships? Research has uncovered 4 fundamental types of relationship forms. Define and contrast them. Which of the four types represent the relationship between Barney and Marilyn? What are the three key elements necessary for managing negotiations within relationships? Which do you think is the most important? Why? (Points : 30)

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HRM 594 Final Exam Set 1

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(TCO B) Review the 13 strategic staffing decisions that organizations must make when developing a staffing strategy. Provide an example of an organizational business strategy, and explain how each decision might be impacted by the given business goals. (Points: 25)

(TCO E) You are the staffing manager for your organization. Fully discuss the administrative issues that you would address in the planning stage of external recruiting. Explain the importance of each issue. (Points: 30)

(TCO G) If you were the HR staffing manager for an organization, what guidelines might you recommend regarding oral and written communication with the job applicants by members of the organization? (Points: 30)

(TCO C) As an HR leader, how would you try to get individual managers to be more aware of the legal requirements of staffing systems and to take steps to ensure that they themselves engage in legal staffing actions? (Points: 30)

(TCO F) Assume you gave a general ability test, measuring both verbal and computational skills, to a group of applicants for a specific job. Also assume that because of severe hiring pressures, you hired all of the applicants, regardless of their test scores. How would you investigate the criterion-related validity of the test? (Points: 25)

(TCO H) There are numerous negative organizational consequences to firing employees, including the discomfort of the supervisor who delivers the termination information, conflict or sabotage from the departing employee, and the potential for a lawsuit. In response, many supervisors provide problem employees unpleasant work tasks, reduced working hours, or otherwise negatively modify their jobs in hopes that the problem employees will simply quit. What are the ethical issues raised by this strategy? (Points: 30)

(TCO A) Imagine an organization that has a staffing process in which vacancies are filed (a) on a lottery basis from among job applicants, or (b) on a first-come, first-hired basis among job applicants. Predict the potential problems associated with these scenarios. (Points: 30)

(TCO D) It has been suggested that “ethical conduct” be formally incorporated as a general competency requirement for any job within the organization. Debate the pros and cons of this suggestion. (Points: 30)

(TCO I) Consider a circumstance where your organization is doing exit interviews and has promised confidentiality to all who respond. Your supervisor has asked you to give the name of each respondent so she can assess the information in conjunction with the person’s supervisor. What obligation do corporate HR employees have to keep information confidential in such circumstances? (Points: 20)

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