Operations Management Study Notes

Topics: Decision making, Decision theory, Decision making software Pages: 3 (1323 words) Published: October 12, 2014
 Forecasts for groups of items tend to be less accurate than forecasts for individual items because forecasts for individual items don’t include as many influencing factors. (T/F) F The Delphi approach involves the use of a series of questionnaires to achieve a consensus forecast. (T/F) T In order to compute seasonal relatives, the trend of past data must be computed or known, which means that for brand-new products this approach cannot be used. (T/F) T MAD is equal to the square root of MSE, which is why we calculate the easier MSE and then calculate the more difficult MAD. (T/F) F Capacity decisions often involve a long-term commitment of resources which, when imple- mented, are difficult or impossible to modify without major added costs.(T/F) T Increasing capacity just before a bottleneck operation will improve the output of the process. (T/F)F 7. Design capacity refers to the maximum output that can possibly be attained. (T/F)T Among decision environments, risk implies that certain parameters have probabilistic out- comes. (T/F) T 9. The maximax approach is a pessimistic strategy. (T/F) F A job-shop processing system generally requires less-skilled workers than a continuous pro- cessing system. F In cellular manufacturing, machines and equipment are grouped by type (e.g., all grinders are grouped into a cell). (T/F) T 12. ”Balance delay” is another name for the percentage of idle time...
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