All of the Following Statements Are TRUE About the Benefits

question 76

Multiple Choice

All of the following statements are TRUE about the benefits to using Microsoft Excel to create digital dashboards EXCEPT:

• A)Because companies can get free copies of the full version of Excel for all of their employees, leveraging the capabilities of Microsoft Excel is a very cost-effective solution.
• B)People will spend less time learning how to use the dashboard and more time getting value from what is displayed.
• C)With the appropriate know-how, Excel can be much more flexible in the variety of analytics it can provide in a dashboard than many off-the-shelf solutions.
• D)Having the capability of creating your own reporting mechanisms in Excel can reduce your reliance on the IT department's resources.

Understand the financial evaluation tools like Net Present Value for investment decisions.

Comprehend various approaches to demand management in service sectors.

Assess how capacity expansion strategies vary in response to demand.

Grasp the calculation and implications of process times and cycle times within operations.

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Definitions:

Multidepartment Process

A workflow or operation that involves multiple departments within a business, often requiring cross-functional collaboration to achieve a common goal.

Transferred In Costs

Costs related to products that have been partially produced in one department and then moved to another department for further processing.

Weighted Average Method

An inventory costing method that calculates the cost of ending inventory and the cost of goods sold based on the average cost of all units available for sale during the period.

Equivalent Units

Equivalent units are units of production expressed in terms of fully completed units, recalculated to account for partially completed units based on their completion percentage.