A Network Diagram of Precedence Relationships
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A Network Diagram of Precedence Relationships
Traditional risk management is concerned primarily with:
A firm is planning to set up an assembly line to assemble 40 units per hour, and 57 minutes per hour are productive. The time to perform each task and the tasks which precede each task are:
Task Preceding Task Time to perform (min.)
A .69
B A .55
C B .92
D B .59
E B .70
F B 1.10
G C, D, E .75
H G, F .43
I H .29
- Draw a network diagram of precedence relationships.
b. Compute the cycle time per unit in minutes.
c. Compute the minimum number of workstations required to produce 40 units per hour.
d. Balance this line using longest processing time.
e. What is the efficiency of the line obtained in part d?
- (TCO 1) Traditional risk management is concerned primarily with: (Points : 3)
dynamic risks.
pure risks.
fundamental risks.
speculative risks.
particular risks.- (TCO 1) Many of the risks facing businesses today: (Points : 3)
represent new liability exposures that did not previously exist.
result from advances in technology.
reflect increased capital investment and dependence on technology.
are the same as those that have existed in previous eras.
all of the above.- (TCO 2) Risk avoidance should be used in those instances in which: (Points : 3)
no other alternative is available.
the exposure has catastrophic potential and the risk cannot be reduced or transferred.
the frequency of loss is low.
the probability or frequency cannot be determined.
more than one of the above.- (TCO 2) The two broad approaches to dealing with risk are: (Points : 3)
risk retention and risk transfer.
risk avoidance and risk transfer.
loss prevention and risk transfer.
risk control and risk financing.
insurance management and risk management.- (TCO 2) The term enterprise risk management refers to: (Points : 3)
risks related to derivatives and futures.
financial risk management.
combining pure, speculative, and operational risks into a single portfolio.
risks or profit-making organizations.
none of the above.- (TCO 3) Probability may be defined as: (Points : 3)
a measure of the likelihood of an occurrence.
similar to risk.
a measure of the degree of uncertainty.
the number of losses that occur annually.
all of the above.- (TCO 3) The combination of a large number of exposure units by an insurer is important for the operation of insurance because: (Points : 3)
it reduces uncertainty in the aggregate.
it allows the insurer to make accurate predictions.
it spreads losses among the members of the group.
it makes the insurer’s aggregate risk less than a summation of the risks of the individuals.
all of the above.- (TCO 3) There are two basic approaches to the interpretation of probability. In insurance, we are primarily concerned with: (Points : 3)
the subjective interpretation.
the a priori interpretation.
the relative frequency interpretation.
the Bayesian interpretation.
none of the above.- (TCOs 1-3) What are the key steps in the risk management process? (Points : 6)
A Network Diagram of Precedence Relationships
RUBRIC
Excellent Quality
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The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.
Literature Support
91-84 points
The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.
Methodology
58-53 points
Content is well-organized with headings for each slide and bulleted lists to group related material as needed. Use of font, color, graphics, effects, etc. to enhance readability and presentation content is excellent. Length requirements of 10 slides/pages or less is met.
Average Score
50-85%
40-38 points
More depth/detail for the background and significance is needed, or the research detail is not clear. No search history information is provided.
83-76 points
Review of relevant theoretical literature is evident, but there is little integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are included. Summary of information presented is included. Conclusion may not contain a biblical integration.
52-49 points
Content is somewhat organized, but no structure is apparent. The use of font, color, graphics, effects, etc. is occasionally detracting to the presentation content. Length requirements may not be met.
Poor Quality
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37-1 points
The background and/or significance are missing. No search history information is provided.
75-1 points
Review of relevant theoretical literature is evident, but there is no integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are not included in the summary of information presented. Conclusion does not contain a biblical integration.
48-1 points
There is no clear or logical organizational structure. No logical sequence is apparent. The use of font, color, graphics, effects etc. is often detracting to the presentation content. Length requirements may not be met
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