Hi all,
I will also be taking this test on December 19th. I have an additional comment.
DO NOT BUY THE ISTUDYSMART COURSE FOR THIS!!!
In fact, I don't think I'll ever buy an iStudySmart course ever again. First, the lessons don't include any instructional material. They are only questions with page numbers in a text book (that you have to buy separately) where the answer supposedly can be found. There is no feedback on the questions. Just a question and a block where you can type in your answer. Also, the answers aren't fill in the blank either. They are short answer questions like "Define operations management".
The computer program also includes about 480 multiple choice questions in an exam format. However, some of the answers are wrong and some of the questions don't provide enough detail in order to answer them. For example, question 97 reads
What is the break-even quantity (produced and sold)?
A. 25,000 units
B. 30,000 units
C. 40,000 units
D. 42,000 units
E. None of the above
Nowhere is there a chart or additional information to be referenced in order to answer that question!
Question 108 is a minimax regret problem that is just plain wrong.
They provide a table:
Alternative High Low
Buy 80 0
Rent 70 30
Lease 30 50
The question is: The minimax regret strategy would be...
A. Buy
B. Rent
C. Lease
D. High
E. Low
High and Low aren't alternatives. They are states so they are obviously wrong. When determining minimax regret, you are trying to choose the alternative that has the least of the worst regrets. To do this, you subtract every payoff in each column from the best payoff in that column. This will create a table of regrets.
Alternative High Low
Buy 0 50
Rent 10 20
Lease 50 0
The next step is to identify the worst regret for each alternative, which is the highest value from each row of your table of regrets.
Alternative Regret
Buy 50
Rent 20
Lease 50
Rent obviously has the lowest regret and should be the right answer. However, the iStudySmart material says Lease is the right answer.
Based on these and others, DON'T BUY THE ISTUDYSMART MATERIAL. It will only make you dumber.