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28 Cards in this Set
- Front
- Back
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What is production? |
Production is the creation of goods and services |
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What is operations management? |
Operations Management is a set of activities that makes value from goods and services by turning it into an output from an input |
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M/M/1 is a multichannel system. T of F |
False. M/M/1 is a single channel system |
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Two cashiers at the end of one lineup is called what? a) Two M/M/1's b) M/M/multi c) M/M/2 d) b & c |
c) M/M/2 ; one lineup with two channels |
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Reneging means to see a long lineup and decided not to bother with it. T or F. |
False. Reneging means to wait in a long line before deciding to leave. |
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What is Balking? |
Balking is seeing a long lineup and deciding not to bother with it. |
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The 3 essential functions of organization are; marketing, operations, & production. T or F. |
False. The 3 essential functions of organization are; marketing, operations/production & accounting/finance. |
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One difference between goods and services is that goods are tangible and inventoried, while services are not. T or F. |
True. Goods can be held and stored whereas services cannot be thrown out or stocked. |
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While services have a consistent definition, goods do not. T or F. |
False. Goods have a consistent definition and services do not.
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A restaurant is an example of what, good or service? |
Both. A restaurant services their goods. |
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What are the 3 product variables? |
The 3 product variables are labor, capital and management. |
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What is the formula for productivity and labor productivity? |
(labor) productivity= output (units produced)/input |
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What extra variables are summed in the denominator of the formula for multi-factor productivity? |
labor, material, energy, capital and miscellaneous |
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The formula for expected time estimate in PERT is 1+(4m)+b/ 6 . T or F. |
True. 1 is the optimistic time, m is the most likely time and b is the pessimistic time. 4 and 6 are constants. |
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The order of formulas needed to fully complete a PERT question (deciding if a project will take a certain length of time), is as follows; 1) expected time 2) variance 3)project variance 4) project deviation 5) probability of project completion T or F. |
True. Once each formula is solved it must be substituted into the next equation. |
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What is the formula for variance? |
[(b-a)/6] ^2 (^2 equals to the power of 2) |
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O^2p is equal to the sum of all variances. T or F. |
False. O^2p is the formula for project variance but you only sum the variances of the critical activities. |
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How do we find the project deviation once we have our project variance? |
To find project deviation you must square root the project variance. |
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When we complete the formula for probability of project completion, what is the score we are left with? a) T b) Z c) standard deviation d) alpha |
Z score. This then correlates with a number in Appendix 1. |
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What does AON stand for and what is the difference from AOA? |
AON stands for activity on nodes rather than on arrows like AOA. |
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What 3 aspects must a project have for us to determine CPM must be used? |
We use CPM if the project has activities, predecessors, and duration |
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Which uses 3 time estimates? CPM or PERT? |
PERT uses 3 time estimates; optimistic, most likely and pessimistic. |
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What is the difference between balanced and unbalanced problems? |
Balanced problems has a supply and demand that are equal whereas unbalanced do not. |
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What are the 3 stages of management ? |
Planning , scheduling and controlling |
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In CPM, if ACEGH has a slack time of 0, it is not the critical path. T or F. |
False. Slack time of 0 means it is the critical path. |
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What does critical path mean? |
Critical path is the longest path to complete the most activities and if one activity were not to get completed, the whole project wouldn't get finished. |
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For North West Corner method, you send the first units to the top left factory from the top left warehouse. T or F. |
True. |
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How do we calculate the transportation cost in both north west and intuitive lowest cost methods? |
Multiply each number of units by the price for each single unit, and sum all the answers. |
