Final exam review

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Final exam review

• Yippee, yahoo, Im a survivor!!!

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General approaches to preparing for exams

• Dont disrupt your regular sleep patterns if
  youre going to have early exams, start
  transitioning your body NOW to be awake for
  them!!!
• Dont change your exercise routine (that means,
  dont start now if you didnt do it before)
  schedule studying around it
• Dont change eating habits (now is not the time
  to realize you need more fiber!!!)
• Dont eat a huge meal before an exam eat a
  light snack so your stomach doesnt distract your
  brain!!!
• Come up with a weekly study plan (what when ON
  PAPER hey, how about using a Gantt chart!!!)
• Break up studying two hours on, 15 minutes off
• Break up studying between subjects (less boring)
• Learn from your mistakes on the last exam you
  wrote in that subject what were your problems?
  What did you have trouble with?
• Million dollar study tool? Cue cards!!! Questions
  on front, answers on back
• Carry them around review in spare time (no, you
  wont look like a nerd)
• Draw pictures for visual cues
• Develop jingles, acrostics or acronyms to
  remember answers

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Tips for multiple choice questions

• Attempt to answer without looking at the options
• Use common sense and reason through the answer
  rather than trying to recall it
• If the first option is correct, look at the last
  one to see if it says, all of the above
• If options appear similar, one of them is
  probably correct (this includes numbers)
• Look for extreme words such as ALWAYS, NEVER,
  RARELY - if you can think of an exception, then
  the answer is wrong!!!
• Answer the questions you now first
• Eliminate the distractors analyze each option
  as T/F and choose from those that are possible
• Answer all questions when theres no penalty
• When guessing, dont change your first answer
  unless you have good reason to

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Sometimes when pricing you attempt to get into
customers' heads using
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Price skimming is a strategy that is often used
for
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Sufficient net working capital is determined by
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Short-Answer Questions

• Overstudy (cant know too much!!)
• Predict the questions and practice the answers
  (look carefully at your notes and think back to
  lectures, we profs arent good at keeping secrets
  and have probably given many hints about what you
  can expect)
• Focus on facts and keywords
• Emphasize them in your study notes
• Use charts to summarize advantages/disadvantages,
  differences, or compare/contrast between concepts
• Break down the question, and answer all its parts

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Acrostics

• Identify the first letter of a key word in a key
  phrase, and develop a sentence to remember it by
• For example - order of planets
• My Mars,
• Very - Venus
• Elegant - Earth
• Mother Mercury
• Just - Jupiter
• Sat - Saturn
• Upon - Uranus
• Nine - Neptune
• Porcupines Pluto

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Develop acrostics for the following

• Personal selling why use it decision factors
• Advantages disadvantages of using an indirect
  channel of distribution
• Disadvantages/shortcomings of interviews
• Recruitment methods/sources decision factors
• Format of EBIT analysis
• Advantages abuses of budgeting

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Tackling short answer questions

• Break the question down into parts
• Make sure you answer all the parts
• Be aware of mark values assume half marks or
  whole marks for all parts of an answer
• Provide more detail, more items, and more
  examples than what was asked for just to be
  sure!!!

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Short Answer Question Example

• The head of your production department, Colleen
  Stuart, has come to you complaining that she does
  not have sufficient staff to satisfy the
  production schedule because staff are leaving
  (some temporarily, some permanently) to join a
  local bus company that organizes tours. What
  options do you have for satisfying this staffing
  shortage, and what criteria will you use to
  determine which option you will pursue?
• (6 marks)

(a)
(b)
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Your answer should consist of

• Options for satisfying temporary shortages
• (a) Options for satisfying permanent shortages
• (b) Decision criteria

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Another example

• TQM is an important element of Operations
  Improvement. Explain what TQM stands for, who
  pioneered it,
• and three important principles of this pioneers
  system. (5 marks)

(a)
(b)
(c)
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• (a) Explain what TQM stands for
• (b) who pioneered it
• three important principles of this pioneers
  system.
• You have 5 to choose from here

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Its been a pleasure teaching youbest of luck on
your exams and in your studies in general