EM T2 Methods Flashcards
consist of several types all designed to help the engineer manager make decisions regarding inventory.
inventory models
this one is used to calculate the number of items that should be ordered at one time to minimize the total yearly cost of placing orders and carrying the items in inventory.
Economic order quantity model
this is an economie order quantiy technique applied to production orders.
Production order quantity model
an inventory model used to minimize the total cost when quantity discounts are offered by suppliers.
Quantity discount model
determine the number of service units that will minimize both customer waiting time and cost of service.
Queuing theory
These are models where large complex tasks are broken into smaller segments that can be managed independently.
Network models
the collection of past and current information to make predictions about the future.
forecasting
i aforecasting method that examines the association between two or more variables.
Regression analysis
model constructed ot represent reality, on which conclusions about real-life problems can be used.
simulation
quantitative technique that is used to produce an optimum solution within the bounds imposed by constraints upon the decision.
linear programming
quantitative technique where samples of populations are statistically determined to be used for a number of processes, such as quality control and marketing research.
Sampling theory
rational way to concept– ualize, analyze, and solve problems in situations in- volving limited, or partial information about the decision environment.
Statistical Decision-Theory
Bayesian analysis
to revise and update the initial assessments of the event probabilities generated by the alternative solutions.
selects the decision alternative having the maximum expected payoff, or the minimum expected los fi he si working with a loss table.
Bayes criterion
