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Scenario 9.2 Calendar "R" Us Ltd. Is a Small Firm That Manufactures

question 25

Multiple Choice

Scenario 9.2
Calendar "R" Us Ltd. is a small firm that manufactures yearly calendars with a specific focus on middle and high schools in Alberta. They started operations back in 2006 with just 12 employees, two machines, and a small warehouse that served as an office and production and storage facilities. Today, Calendar "R" Us has roughly 60 employees and supplies its calendars to most middle and high schools in Alberta. When employees join they are paid based on their relationship with the owners. Given the rapid growth in its staff complement, and the arbitrary way in which it normally compensates employees, payroll has proven to be quite a challenge for the company as management looks to expand into other provinces.
-Refer to Scenario 9.2. Calendar "R" Us wants to develop a set of compensation policies that are internally fair. Which of the following is helpful in making this decision?

Understand how simulation can include real-world complications in models.

Learn how to set up and interpret probability distributions for simulation.

Differentiate between the requirements and applications of simulation versus other operations management models.

Understand the characteristics and applications of the normal distribution in analyzing security returns.

Definitions:

Depth of Processing

A theory suggesting the depth (shallow to deep) of mental processing affects memory recall; deeper processing leads to better recall.

Retroactive Interference

The phenomenon where newly learned information interferes with the recall of information learned previously.

Proactive Interference

The phenomenon where old memories interfere with the recall of new memories.

Encoding Specificity Principle

The principle that recall is most effective when information available at the time of recall is similar to the information available at the time of encoding.