management science
Activities H, I, and K are the immediate predecessors for activity X. If the earliest finish times for the three are 12, 16, and 14, then the earliest start time for X...
16
The options from which a decision maker chooses a course of action are...
All of the alternatives are true.
For the EOQ model, which of the following relationships is incorrect?
As the order Quantity increases, annual ordering cost increases.
The EOQ model
Considers total cost
Which of the following is always true about a critical activity?
EF = LF
True or False, At the optimal order quantity for the EOQ model with planned shortage, the annual holding and ordering costs are equal.
False
True or False, At the optimal order quantity for the quantity discount model or the optimal order quality, the annual holding and ordering costs are equal
False
True or False, It is logical to order an amount from the highest when discount category quantity discounts are available.
False
True or False, Lead time is the time between placing orders.
False
True or False, The expected value of a decision alternative is always positive
False
True or False, on a critical path, one activity may have zero slack time...
False
which cost would not be considered part of a holding cost?
Shipping cost
Inventory position is defined as...
The amount of inventory on hand plus the amount of inventory on order
For inventory systems with constant demand and a fixed lead time
The reorder point = lead-time demand
It is possible to have more than one critical path at a time.
True
True or False, Constant demand is a key assumption of the EOQ model.
True
True or False, For questions with payoff measured in profit, EVwPI is always greater than or equal to EVwoPI.
True
True or False, Regret is the difference between the payoff associated with a particular decision alternative and the payoff associated with the decision that would yield the most desirable payoff for a given state of nature.
True
True or False, Shortening activity times, which is usually accomplished by adding resources to the project, is called crashing...
True
True or False, States of nature should be defined so that one and only one will actually occur.
True
A critical activity is...
an activity with zero slack.
Decision tree probabilities refer to the probability of...
an uncertain event occurring
States of nature...
are the possible outcomes for a chance event.
In deciding which activities to crash, one must...
crash activities that are critical.
Inventory models for which the rate of demand is constant or nearly constant are called
deterministic models
A Payoff...
exists for each pair of decision alternative and state of nature.
Activities E, G, and H immediately follow activity D, and their latest start times are 14, 17, and 10. The latest finish time for activity D...
is 10
Which cost would not be considered part of a holding cost?
manufacturing cost
For a maximization problem, the conservative approach is often referred to as the...
maximin approach.
The expression Q* refers to the...
optimal order quantity.
For the EOQ model, cycle time is the time between...
placing successive orders
Arcs in a project network indicate..
precedence relationships.
Making a good decision...
requires a clear understanding of decision alternatives, states of nature, and payoffs
For an activity with more than one immediate successor activity, its latest-finish time is equal to the...
smallest latest-start time among its immediate successors.
Inventory position is...
the amount of inventory on hand plus the amount of inventory on order.
Annual purchase cost is included in the total cost in...
the quantity discount model.
