Exam 1 Flashcards
In the US, ____ is credited with introducing parts interchangeability in manufacturing.
Eli Whitney
T/F: Operations management started out in the management sector.
True
A partial decision tree is shown. What is the expected value at chance node F?
21
A rectangle in a decision tree represents a…?
decision
Does the decision remain optimal if the profit per unit of C changes to $150?
False
An LP routine is run fir a business production plan. The goal is to maximize profit. One of the resources used is time on an expensive machine, and each additional hour of machine time costs $350. In the LP solution which maximizes profit, the shadow price for an hour of time on this machine is $200 per hour?
Do not acquire additional units of the resource for this production plan
3D printing is widely used in _____
-making unique shapes that cannot be produced easily using conventional techniques
-making prototypes for new products
The Shouldice Hospital case describes the delivery of varied and highly customized service to patients with a wide range of illnesses
False
T/F: The pricing of products in the marketplace is not an Operations Management decision.
False
The cost of moving products between work areas us used in ___?
Layout Plan for the Business
What is the EVPI, i.e. the Expected Value of Perfect Info.
22,000(0.3)+10,000(0.5)+5,000(0.2) = 12,600
MI= 15,000
15,000-12,600 = 2,400
Calculate the Expected Value of the N option for the Quality program?
24,000* 0.25+18,000* 0.75= 6000 +13,500 =
19,500
What is the value of one additional hour of finishing time?
0
Does this decision remain optimal if the profit per unit of C changed to $80?
Yes
T/F: It is more difficult to measure the quality of a physical good (auto) than a service (tutoring)
False
Data on the cost of placing a order is used in _____
Economic Order Quantity to re-order inventory for the Business
A time estimate for performing a task is used in ____
Job Scheduling Dispatch Rule for the Business
What is the expected value for High Inventory?
Is this a valid decision tree?
False
A decision tree must start with a decision node (rectangle) not a chance node (circle).
Linear Programming has 3 advantages in solving for the optimal operations decision. They include ____
-the simplicity of formulating a linear relationship
-the efficiency of optimization algorithms for linear programs
-when feasible and solved, the solution can be guaranteed to be the optimal decision.
T/F: The optimal decision for a linear program can be mathematically proven to lie at a corner point, i.e., the intersection of two or more constraints of the LP. Hence the solution algorithm is simple, and merely checks corner points.
True
Important technologies used in Cobots, collaborative robots, is/are _____
-sensors that can detect the presence if humans and stop/change operation
- ability to respond to spoken commands from humans
-learning by doing, i.e., humans can hold the cobot’s arms and train it
T/F: The cost for mass producing a product is less than for producing a customized product.
True
Setting the sale price of a product is an operations management decision.
False
Price setting is a marketing task
Adam Smith, in his second book, The Wealth of Nations, presents arguments for the value of division of labor in the workplace. A good example is ____
None of the other choices
Which equation is correct for the Finishing constraint?
1.5A+3B+1.25C ≤ 240
T/F: The optimal decision for a linear program can be mathematically proven to lie at a corner point, i.e., the intersection of two or more constraints of the LP. Hence the solution algorithm is simple, and merely checks corner points.
True
One difference between goods production (cars) and service production (salon) is that goods ca be inventoried. It is easier to inventory gods than services.
True
