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100 Cards in this Set
- Front
- Back
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113 ______is the value of an item at the end of its physical life.
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Salvage Value
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114 seeks to determine the true cost of an object.
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Activity based costing
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115 are those that are expressed in the value of the year in which a cost is expected to occur and therefore reflects the effects of inflation.
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Current dollars
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116 _______is a line graph that is formed by connecting the frequencies of the values.
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Frequency polygon
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117 An item is expected to have a $10,000 a year cash flow for a period of 3 years. Using the chart information below, compute the net present value of the cash flows using a 12% discount rate. Discount Rates are: 10% .909 (year 1): .826 (year 2) and .751 (year 3)12% .893 (year 1) .797 (year 2) and .712 (year 3) and 15% .870 (year 1) .756 (year 2) and .658 (year 3)
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$24,020.00
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118 Assets that may result when systems or organizations phase out and release personnel, equipment, and facilities that are available for use by new or existing systems or organizations are called
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Inherited.
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119 DoD 5000.2 requires that the program office prepare a life cycle cost estimate for all ACT 1 and ACAT 1A programs, which should cover all costs from initiation through disposal this is called the
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Program Office Estimate.
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120 If fixed costs are $1,000,000.00, the selling price is $125,000.00, and the cost to produce the item is $100,000.00 the Economic Order Quantity would be
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40.
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121 If fixed costs are $100,000.00, the selling price is $22,500.00 and the cost to produce the item is $17,500.00 the Economic Order Quantity would be:
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20.
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122 If Project A had an actual cost of work performed that was greater than the budgeted cost of the work performed the project would be _
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Over Budget.
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123 If the curve shows a majority of values on the RIGHT side of the mean this indicates a
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negatively skewed curve.
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124 If the distribution of a curve is drawn away from the majority of values and the peak is to the RIGHT side, this indicates a
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negatively skewed curve.
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125 In ________cost estimating, the cost is based on a physical attribute of a performance characteristic and their relationship to highly aggregated costs.
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Parametric approach
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126 The ______divides a sample of data in half and selects that number in the "middle" of the sample.
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Median
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127 The ________had a significant impact on the performance appraisal process. It: Established standards that permit accurate evaluation of job performance on basis of objective criteria and also specified that critical job elements must be in writing at the beginning of each appraisal period and that they must be appraised annually.
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Civil Service Reform Act of 1978
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128 The decrease in the amount of time to produce an item would be termed as a_______benefit and is a _________
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Quantifiable / Productivity Improvement.
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129 The development costs of a program were $120,000.00 and 5 items were developed as prototypes. There were subsequently 4 items procured at an additional $150,000.00. The Program Acquisition Unit Cost (PSUC) for this program would be:
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$30,000.00.
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130 The Economic Analysis Process does all of the following EXCEPT?
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Determining appropriate cost accounting methodology and account classification.
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131 The Mode of the following number set is 2. 2, 2, 2, 3, 4, 5, 5
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2
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132 The number of items in a category on one date minus the number of items in the category on the second date X 100 divided by the number of items on the second date is
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Percentage change.
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133 The payback period is the number of years it will take to recover the
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Initial investment of a project.
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134 The three most common types of descriptive statistics are measure of central tendency, measure of dispersion
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frequency distribution.
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135 The two steps to achieve systematic evaluation employs the two principles of
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Consider all feasible alternatives and adjust costs and benefits to "present value".
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136 True or false? The payback period for an item with an initial investment of $100,000.00 and expected annual cash flow increase of $10,000 would be 10 years.
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TRUE
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137 ______of the population lies within plus or minus 1 standard deviation under a normal curve.
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68%
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138 ______enables users to draw inferences or correlations from small group called samples or larger groups called population.
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Inferential statistics |
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139 A perfect linear relationship exists a
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+ or minus 1.
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140 An increase in the morale of a unit would be termed a
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Non-Quantifiable benefit.
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141 An item is expected to have a $20,000 a year cash flow for a period of 3 years. Using the chart information below, compute the net percent value of the cash flows using a 15% discount rate. Discount Rates are: 10% .909 (year 1): .526 (year 2) and .751 (year 3) 12% .893 (year 1) .797 8(year 2) and .712 (year 3) and 15% .870 (year 1) .756 (year 2) and .658 (year 3)
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$45,680.
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142 Costs that are considered equal no matter what alternative is selected are called
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Common Costs.
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143 Each service agency has a cost analysis agency that prepares a separate and distinct estimate on programs. This is called the
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Component Cost Analysis.
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144 If fixed costs are $50,000.00, the selling price is $12,000.00, and the cost to produce the item is $1,500.00 the Economic Order Quantity would be
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4.76.
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145 If Project A had a budgeted cost of work scheduled (BCWS) that was greater than the budgeted cost of the work performed (BCWP) the project would be
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Behind Schedule.
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146 The __________is the number that appears most frequently in the data.
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Mode
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147 The __________to cost estimating is based on historical information of similar existing systems or components.
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Analogy approach
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148 The development costs of a program were $100,000.00 and 2 items were developed as prototypes. There were subsequently 3 items procured at an additional $175,000.00. The Program Acquisition Unit Cost (PAUC) for this program would be:
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$55,000
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149 The Mean of the following set is approximately 2, 2, 2, 3, 4, 5, 5
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3.3.
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150 The number of items in a category X 100 divided by the number of items in all categories is the
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Percentage.
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151 True or False? Explaining specific assumptions and the rationale underlying each assumption, and identifying sensitivity, risk and uncertainty to expose the unknowns are not components of effective economic analysis.
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FALSE
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152 True or false? Linear Relationships can never be greater than 1.
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FALSE
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153 The ________is a type of bar graph in which frequencies are represented by the lengths of the bar.
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Histogram
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154 ______are the standards used to determine whether a program meets or exceeds expectations.
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Criteria
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155 _______is the estimated future value of assets that well be available for alternative uses at a later date when the system will phase out of the force or out of use.
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Residual Value
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156 __________is a bottom up cost analysis that is the most detailed of all of the techniques and the most costly.
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Engineering approach
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157 ______of the population lies within plus or minus 2 standard deviation under a normal curve.
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95.40%
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158 ______is a series of processes that relate technical performance with schedules and budgets. It serves to measure performance against baselines previously established.
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Earned Value Management
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159 _______is a means to translate resource requirements associated with programs, projects, and processes into estimated dollars.
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Cost estimating
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160 ____________enables you to describe precisely a collection of quantitative information in a way that is easy to understand and interpret. They are the methods used to characterize and summarize sets of numeric data.
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Descriptive statistics
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161 A ________is a type of Economic Analysis that documents the review of an entire process such as supply or maintenance. It requires a risk assessment of each alternative requesting high and low estimates for each cost element and subsequent probability distribution of expected costs.
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Functional Economic Analysis
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162 A formula that takes the square root of the sum of the squares from the mean is called.
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Standard Deviation
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163 If fixed costs are $1,000.00, the selling price is $50.00, and the cost to produce the item is $25.00 the Economic Order Quantity would be
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40.
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164 If fixed costs are $2,200.00, the selling price is $150.00 and the cost to produce the item is $55.00 the Economic Order Quantity would be:
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23.
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165 If Project A had an actual cost of work performed that was less than the budgeted cost of the work performed the project would be
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Under Budget.
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In preparation for a milestone review, the program office prepares the ___________for ACT 1 and ACT 1A programs.
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Cost Analysis Requirements Description (CARD)
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167 Objectives in the Economic analysis process should be
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Measurable, achievable, realistic, and result oriented.
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168 The ______are measures that tell you whether the majority of values fall close or far from the mean.
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Standard deviation and variance
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169 The law prescribing rules and procedures under which the President may withhold appropriated amounts from obligation is called:
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Impoundment Control Act of 1974 |
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170 The ______is the arithmetic average of a distribution of sources. This is useful for spotting trends.
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Mean
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171 The calculation used to determine the optimal amount that should be ordered in an organization is called the
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Economic Order Quantity.
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172 The DoDs primary means of collecting data on the cost that DoD contractors incur in performing DoD programs are called
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Contractor Cost Data Report.
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173 The equation to find the line which "best" predicts y from a given x is called
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Least squares regression.
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174 The mean of the set 2, 3, 4, 4 is
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3.25.
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175 The number of items in a category divided by the number of items in all categories is the
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Proportion.
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176 The OSD Cost Analysis Improvement Group is an organization outside the service acquisition community chain. The CAIG prepares a separate and distinct cost estimate on ACAT 1 programs known as the
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Independent Cost Estimate.
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177 The type of distribution in which data is evenly distributed forming a "bell shaped polygon is called a
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Normal Curve.
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178 Which of these is not a component of an effective economic analysis?
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Identification of feasible alternatives, excluding the status quo.
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179 Which of these items is NOT a criteria for assessing benefits?
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Comparability.
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180 ______of the population lies within plus or minus 3 standard deviation under a normal curve.
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99.70%
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181 _________are those that are the result of having the effects of inflation removed and are associated with the base year.
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Constant dollars
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182 ___________uses extrapolation from costs that were contracted for or incurred on that system during an earlier period.
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Actual Cost approach
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183 A formula that takes the mean of a set, subtracts the individual amounts in the set from the mean, squares the sums of those amounts and divides by the number of items in the set is called
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Variance.
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184 A (n) __________is a systematic approach to choosing the best method for allocating scarce resources.
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Economic analysis
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187 If Project A had a budgeted cost of work scheduled (BCWS) that was less than the budgeted cost of the work performed (BCWP) the project would be
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Ahead of Schedule.
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188 If the distribution of a curve is drawn away from the majority of values and the peak is to the LEFT side, this indicates a
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Positively skewed.
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189 In determining the level of effort to expend on the Econimic Analysis Process
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Efforts expended must be commensurate with the benefits to be gained from performing the EA. Common sense must be used to determine the appropriate level of effort.
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190 Querying the expert opinion from a group, summarizing results and sending it to the experts and continuing this until there is a consensus are traits of the
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Delphi Technique.
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191 The _________is used when it is desirable to cover costs quickly and it is desirable to generate economic or political benefits quickly.
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Break Even Analysis
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192 The degree of relationship between two or more variables is called
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Correlation.
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194 The Economic Order Quantity is calculated by dividing the
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Fixed Expenses/(sell price-unit costs).
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195 The simplest measure of dispersion is _______which measures the highest value minus the lowest value + 1.
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Range
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196 Which of these items is NOT a criteria for assessing benefits?
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Affordability.
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197 Accomplishment of deeds that convert resources into products or services delivered to customers is called
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Performance.
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198 Commercial Bids must be at least ____ percent below the in house cost of performing the function with no degradation in quality.
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10
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199 Installations having suitable land and water areas are required to establish a ______________with emphasis on the restoration of habitats for indigenous wildlife.
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Fish and Wildlife Conservation Program
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200 True or false? The Reengineering team composition should be kept to under 10 members, include a mixture of competencies and experiences such as members who know the process inside and out, some technology gurus and some who don't know the process at all.
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TRUE
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201 Assessment of the results of a program activity when compared to its intended purpose is called
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Outcome measures.
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202 The __________provides guidance to the Federal Manager on improving accountability and effectiveness of Federal programs and operations by establishing assessing, correcting and reporting management controls
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OMB Circular A-123
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203 The use of funds from ____________may be used to cover administrative expenses and to finance the improvement of land not used and for items such as erosion control, and wildlife habitat improvement.
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Agriculture and Grazing Leases
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204 ________defines when the government entity remaining fully responsible for the provision of affected services and maintains control over management decisions, while another entity operates the function or performs the services.
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Outsourcing
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205 _________ is the process of measuring and comparing one's performance against "world class" or "best in class” organization’s and identifying, understanding, and adapting the best practices of those organizations to achieve new levels of those organizations to achieve new levels of organizational performance.
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Bench Marking
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206 ______is all processes and resources used to accomplish short-term goals and outcomes. Usually can be evaluated in monetary terms.
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Input
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207 ______________is defined as an approach to dramatically improve operating effectiveness by redesigning critical business systems, as opposed to incremental improvement.
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Business Process Innovation or Business Process Reengineering
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208 Anything produced by an organization that can be tabulated calculated or recorded and can be expressed in a quantitative or qualitative measure is called
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Output measures.
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209 The _________establishes specific requirements with regard to management controls. The agency head must establish controls that reasonably ensure that: obligations and costs comply with applicable law
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assets are safeguarded against waste, loss, unauthorized use or misappropriation and revenues and expenditures are properly recorded and accounted for.
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210 Under the _________all expenditures must be tied to annual performance goals and objectives. Every 3 years a 5-year strategic plan must be submitted by each agency detaining goals objectives and how they will be met.
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Government Performance and Results Act
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211 ____________is the assessment, through objective measurement and systematic analysis, of the manner and extent to which Federal program achieve intended objectives.
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Program Evaluation
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212 ____________has generally been defined as any process aimed at shifting functions and responsibilities in part or whole to the private sector.
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Privatization
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213 A __________states that the technical, functional and performance characteristics of the work to be performed and serves as a scope of work for making cost comparisons.
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Performance Work Statement
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214 In addition to other requires the states that ___________the agency head annually must evaluate and report on the control and financial systems that protect the integrity of Federal programs.
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Federal Managers Financial Integrity Act
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215 No later than ____of each year each agency head will submit to the President and Congress a report on performance for the previous fiscal year.
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31-Mar
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