MAT 543 WEEK 4 EXAM 1
Which is an example of how people in management can best operate according to science?
developing skills and tools in quantitative analysis
developing qualitative analysis skills for less pertinent situations
developing systematic approaches to eliminate the need for questioning variances
developing a system of operations driven by and focusing on numerical data
How is efficiency measured?
through formulaic cost analyses
as a ratio of output over input
by the number of healthcare patients served over a period of time
through financial expenditures
According to a core managerial competency viewpoint, how is analyzing defined?
the ability to formulate new ideas
the ability to assess new outcomes
the ability to evaluate current situations
the ability to discover what is
Which management theory are general managers and health administrators most likely to use?
Classical Management Theory
Human Relations Theory
Neo-Human Relations Theory
General Systems Theory
According to a core managerial competency viewpoint, how is implementing defined?
the ability to defend current policies
the ability to construct organizational plans
the ability to change organizations
the ability to critique organizational changes
Why would a healthcare organization shift its definition of a desired or needed management competency?
Because of resulting shifts in characteristics in their environment.
Because of a manager’s personal opinions altered in the face of stress.
Because of technology setbacks that cause company repositioning.
Because of anticipated economic change.
What is the correct test to use to examine the relationship between two continuous but different variables?
The appropriate graph for time series data is:
Calculate the mean of the following data set: [34, 45, 55, 43, 21, 55, 19, 60, 62]. What is the answer rounded to the nearest whole number?
Which number represents the mode in the following data set: [22, 18, 17, 22, 18, 22, 18, 54, 97, 18, 7]?
Derive the median from the following data set: [32, 38, 39, 50]. What is the exact number?
A Chi-square test is used to relate differences between which of the following?
two data sets
What does a general systems flow chart permit one to do?
showcase a system’s efficiency
quantitatively communicate system changes
analyze and redesign a system
resolve conflict using images
Which general systems flow chart symbol represents a decision?
How might a health care manager introduce simplicity to a general systems flow chart?
by adding levels to the flow chart
by splitting the flow chart into two different charts
by providing written descriptions to a flow chart
by drawing a diagonal line to the flow chart for processes that need clarity
Which type of answer to a decision is an indicator that a general systems flow chart has been created incorrectly?
an answer of yes
an answer of no
an answer of maybe
an answer of never
What are two primary methods an analyst uses to gather the needed information to construct a general system flow-chart?
interviewing and observation
directing and production
delegating and observation
interviewing and participation
In what way could a health care manager wrongly interpret a general systems flow chart?
by reading the flow chart from the bottom upward
by reading the flow chart from the top downward
by reading the flow chart from the left to right sides
by reading the flow chart based on preset conventions
An initial deposit of $2,570 is made into a money market bank account that promises to pay 2% interest annually. At the end of 12 months, how much interest on the initial deposit is earned?
What nominal rate is equivalent to an effective annual rate (EAR) of 7.77% assuming quarterly compounding?
What effective annual rate (EAR) is equivalent to a nominal rate of 14% assuming monthly compounding?
As the number of compounding periods increases, all else being equal, what happens to the future value (FV) of any given sum of money?
The FV maintains its current dollar value.
The FV can either increase or decrease in value given market fluctuations.
The FV decreases in value.
The FV increases in value.
Issues related to the time value of money become more critical as the period of time in question does what?
How much up-front money must you provide to a program that will in turn guarantee to pay you $750 every six months for 12 years, with the first payment scheduled for 6 months from now? Assume investments such as this earn returns of 3.5%.
Your investment has grown from an initial deposit of $400 to $1500. The investment pays a nominal rate of 9.5%, but interest is compounded semi-annually. Approximately how many years have you had your money in the account?
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