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Operations Research > Finals > Flashcards

Finals Flashcards

1
Q

these are goods that a company handles with the intention of selling

A

inventory

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2
Q

for most this is tangible but it also could be intangle (software, database, etc)

A

Inventory

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3
Q

is the overall approach of handling imventories through reports, analysis, and stock facilitation

A

Inventory management

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4
Q

Is a sub-activity of inventory management that focuses on governing stocks on hand, making sure that the levels of inventory meets the demand and schedule

A

Inventory control

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5
Q

Elements of inventory control

A

inventory planning
Establishing order cycles
Balancing stock
Tracking inventory

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6
Q

Setting up streamline where the new inventory comes in while the old stocks depletes. This includes up to date ahipping and receibing data

A

inventory planning

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7
Q

Demand is unpredictable, so is inventory. In order to avoid shortage, inventory control methods to use must fit the operation type of a business

A

establishing order cycle

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8
Q

Inventories should be balanced in order To avoid surplus or shortage and lead to even higher cost

A

balancing stock

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9
Q

the most important component of inventory control is keeping an Accurate count of the inventory that is accessible as projected such data

A

tracking inventory

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10
Q

Challenges of inventory control

A

Setting up systems to track and record inventory
Receiving
Reconciliation of inventory records and others
Costing prepared or processed items
Cost associated with maintaining inventory

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11
Q

Other factors affecting inventory controls

A

production control
Purchasing methods
Purchasing order chart with par levels

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12
Q

Listing the details od inventory needed such as names of items, unit, and required quantitiy

A

production control

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13
Q

It depends on the ownership ans size of the organization

A

Purchasing policies and procedures

(Purchasing methods)

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14
Q

Basically working with suppliers to identify the appropriate products, ordering the correct quantity, and then receivibg and storing the products

A

informal purchasing

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15
Q

getting the best price price for the quality of the product desired is just as it’s called - informal

A

formal purchasing

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16
Q

An arrangement is made with a supplier to purchase all of a certain kind of supply at a specific percentage mark-up over the supplier’s cost

A

cost-plus buying

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17
Q

Is a term used to describ the amount of a particular item required to meet an operations needs during a specific period of time

A

Par stock

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18
Q

3 main things you need to know in par stock

A
  1. Amount required (par level(
  2. Amount on hand
  3. Amount to order
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19
Q

Using inventory control system

A

periodic inventory control system
Perpetual inventory control system
Inventory control techniques

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20
Q

System pertains to recurring count of goods at specific intervals

A

Perciodic inventory control system

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21
Q

It provides an accurate count on inventory level in real time

A

perpetual inventory control system

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22
Q

It classifies stocks based on their importance, price, sales volume.

It allows business to minimize cost if carrying the products while miximizing their stock returns

A

ABC Analysis

A-high class
B-medium class
C-low class

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23
Q

Using this method, the warehouse puts out the most recent batch of items to the customer’s first.

A

LIFO

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24
Q

This technique, the warehouse prioritizes oldest stocks for processing and shipping.

A

FIFO

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25
Q

Is a great way of organizing stock items in warehouse facility.
In this method, goods of the same production date and materials are grouped together.

A

Batch tracking

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26
Q

It involves having additional set of goods on hand as a preventive measure for the market’s volatility.

A

Safety stock

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27
Q

General formula guide of inventory

A

Average monthly inventory
Stock turn or inventory turnover ratio
Safety stock

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28
Q

In order to estimate how much inventory you have on hand in a month, quarter or year.

A

Average monthly inventory

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29
Q

A measure of how many times you have entirely replaced your existing stock with new ones.

A

Stock turn or inventory turnover ratio

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30
Q

It subtract the highest and the lowest number of product sold in a month.

A

Safety stock

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31
Q

Associated with limited resource delivery.

A

Queue

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32
Q

Operations research contributes to designing an efficient queuing system for a business.

A

Queuing theory

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33
Q

Guides the professionals to systematically explore the finest method and arrange the setup.

A

Queuing theory

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34
Q

It gives primary importance to balancing efficient service and system’s economic viability.

A

Queuing theory

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35
Q

Refers to mathematical study of the formation, function, and congestion of waiting lines, or queues.

A

Queuing theory

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36
Q

Usually referred to as the customer, job, or request.

A

Someone or something that requests a service

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37
Q

Usually referred to as the server

A

Someone or something that completes or delivers the services.

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38
Q

It uses by queuing theory to classify the diffferent types of queuing systems, or nodes.

A

Kendall notation

39
Q

Kendall notation

A

A - is the arrival process
S - is the mathematical distribution of the service time
c - is the number of servers
K - is the capacity of the queue, omitted if unlimited
N - is the number of possible customers, omitted if unlimited
D - is the queuing discipline, assumed first-in-first-out if omitted

40
Q

Connects the capacity of queuing system , the average time spent in the system, and the average arrival rate into the system without knowing any other features of the queue.

A

Little’s law

41
Q

When queues involve humans, it is important to understand the queue experience.

A

Queue psychology

42
Q

Used for decision making under conflicting situations where there are one or more opponents

A

Game theory

43
Q

A modelling behaviour in situations where the outcome of your decision depends on decisions of others.

A

Game theory

44
Q

In what year game theory were born

A

1944

45
Q

Classification of game theories

A
  1. Classical game theory
  2. Combanitorial game theory
  3. Dynamic game theory
46
Q

It focuses on optimal play in situations where one or more people must make decision.

A

Classical game theory

47
Q

It focuses on optimal play in tow-player games in which each player takes turns changing in pre-defined ways.
In other words, it does not consider games with chance (no randomness).

A

Combanitorial game theory

48
Q

It focuses on analysis of games in which each players must make decisions over time and in which those decisions will affect the outcome at the next moment in time.

A

Dynamic game theory

49
Q

Key elements of game theory

A

Player
Strategies
Pay-offs
Information/beliefs
Rationality

50
Q

Types of strategis

A

Pure strategy
Mixed strategy

51
Q

A strategy where you’re always making the same choice

A

Pure strategy

52
Q

A strategy where you randomly choose which strategy youre going to make

A

Mixed strategy

53
Q

The gains to one player is equally to the sum of losses to another player

A

Zero sum game

54
Q

refers to a range of econometric and statistical tools for analyzing an individual’s choices

A

Decision theory

55
Q

Primarily concerned with helping people and organizations in making decisions.

A

Decision theory

56
Q

Types of decision theory

A
  1. Normative decision theory
  2. Optimal decision theory
57
Q

This decision analysis theory analyzes the repercussions of ideal logical decisions based on a set of values

A

Normative decision theory

58
Q

This quantitative and qualitative method, often known as descriptive decision theory, examines the decisions made by irrational people

A

Optimal decision theory

59
Q

Basic elements in decision making

A
  1. Decision maker
  2. Acts or courses of actions
  3. Events (or states of nature)
  4. Pay-off
60
Q

Refers to individual or a group of individual responsible for making the choice of an appropriate course of action amongst the available course of action

A

decision maker

61
Q

Refers to two or more alternative courses that occur in a situation or in a problem

A

acts or courses of action

62
Q

This basic element in decision making identify the occurrences, which are outside of the decision makers’ control and which determine the level of success for a given act

A

Events (or states of nature)

63
Q

The result of combinations of an act with each of the states of nature is the outcome and monetary gain or loss of each such outcome.

A

Pay-off

64
Q

two types of decision making

A
  1. Decision making under certainty
  2. Decision making under uncertainty
65
Q

In this case the decision maker has the complete knowledge of consequence of every decision choice with certainty.

A

Decision making under certainty

66
Q

This type of decision making only pay-offs are known and nothing is known about the likelihood of each state of nature

A

Decision making under uncertainty

67
Q

This criterion is the decision to take the course of action which maximizes the minimum possible pay-off

A

Maximin criteria

68
Q

Also known as a pessimistic decision criterion

A

Maximin criteria

69
Q

This criterion is the decision to take the course of action which minimizes the maximum possible pay-off.

A

Minimax criteria

70
Q

What is the goal of decision theory and how it affect business

A

To indicate the best decision from a varied list of possible alternatives. And to understand consumer’s behaviour.

71
Q

It minimize or maximize a nonlinear objective function subject to bound constraints, linear constraints, or nonlinear constraints, where the constraints can be inequalities or equalities.

A

Nonlinear programming

72
Q

Is a useful tool for financial investments, and now extensions and variations of the model exist, e.g., by using diffrent ways of measuring risk.

A

Markowitz model

Portfolio optimization

73
Q

These parameters represent a flexibility of the model, and they may be adjusted so that the model explains the phenomenon best possible

A

fitting a model

74
Q

It is parameter estimation and leads to optimization

A

Maximun likelihood

75
Q

This is not an application, but rather a special case of the general nonlinear optimization problem where all functions are linear.
It is also called linear programming.

A

Linear optimization

76
Q

Is the mathematical problem of finding a vector xx that is a local minimun to the nonlinear scalar function f(x)f(x)

A

Unconstrained nonlinear programming

77
Q

Algorithms commonly used for unconstrained nonlinear programming

A
  1. Quasi-newton
  2. Nelder-mead
  3. Trust-region
78
Q

Uses a mixed quadratic and cubic line search procedure and the Broyden-Fletcher-Goldfarb-Shanno (BFGS) formula fot updating the approximation of the Hessian matrix

A

Quasi-newton

79
Q

Uses a direct-search algorithm thst uses only function values (doesnot require derivatives) and handles nonsmooth objective functions

A

Nelder-mead

80
Q

Used fir unconstrained non linear optimization problems and is especially useful for large-scale problems where sparsity or structure can be exploited

A

Trust-region

81
Q

Is the mathematical problem of finding a vector of xx that minimizes a nonlinear function f(x)f(x) subject to one or more constraints

A

constrained nonlinear programming

82
Q

algorithms for solving constrained nonlinear programming problems include:

A
  1. Interior-point
  2. Sequencial quadratic programming (sqp)
  3. Trust-region reflective
83
Q

Is especially usefull for large-scale nonlinear optimization problems that have sparsity or structure

A

Interior-point

84
Q

solves general nonlinear problems and honors bound at all iterations

A

Sequential quadratic programming

85
Q

soles bound constrained nonlinear optimization problems or linear equalities only

A

trust-region reflective

86
Q

What is PERT

A

Program (project)
Evaluation
And Review
Technique

87
Q

It is generally a visual project management tool that is used in project planning.

A

PERT

88
Q

It involves planning, organizing, integrating, and authorizing uncertain activities. Provides detailed information regarding the project’s tasks, the minimuz time required for completing individual tasks, and the average time required to complete the whole project.

A

PERT

89
Q

What is CPM

A

Critical path method

90
Q

Is generally used to ascertain every activity’s earliest possible starting time.

This also helps in reducing time

A

Critical path method (cpm)

91
Q

what year is critical path method (cpm) developed

A

1950s

92
Q

who developed critical path method (cpm)

A

morgan r.

93
Q

Advantage and disadvantage of PERT

A

Advantage: helps you create endpoints and milestones of the project. Can also identify any possible obstacles and quickly address them.

Disadvantage: the absence of time focus

94
Q

Advantage and disadvantage of CPM

A

Advantage: gives a precise graphical form of projects. Saves time and helps us compare our current position with the planned one.

Disadvantage: really hard to estimate the completion time and critical path for huge projects.

Operations Research (2 decks)

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