A Vice President of Operations Wants to Evaluate the Impact

question 4

Multiple Choice

A vice president of operations wants to evaluate the impact of reducing manufacturing expenses on the firm's return on assets.A measurement approach that he might consider for this is the:

• A)Strategic profit model.
• B)Balanced scorecard model.
• C)SCOR model.
• D)None of these.

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Definitions:

Trial and Error

A problem-solving method involving repeated, varied attempts which are continued until success is achieved or the agent stops trying.

Heuristic

A simple thinking strategy that often allows us to make judgments and solve problems efficiently; usually speedier but also more error-prone than algorithms.

Heuristics

Mental shortcuts or rules of thumb that simplify decision making, often used in problem-solving and judgment situations.

Algorithms

Step-by-step procedures or formulas for solving problems or completing tasks, often used in mathematics and computer science.