Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

OR > finalsss > Flashcards

finalsss Flashcards

1
Q

These are goods that a company handles with the intention of selling.

A

Inventory

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

This comes in tangible or intangible form.

A

Inventory

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

types of inventory

A
  • raw materials
  • works-in-process,
  • finished goods,
  • maintenance,
    -repair, and
  • operations (MRO) goods.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

it is the overall approach of handling inventories through reports, analysis, and stock facilitation.

A

Inventory management

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

it 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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

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

A

Inventory Planning:

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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 Cycles

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

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

A

Balancing Stock

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

The most important component of inventory control is keeping an accurate count of the inventory that is accessible as projecting such data is difficult without routinely maintained inventory counts.

A

Tracking Inventory

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Challenges of Inventory

A
  • Setting Up Systems to Track and Record Inventory
  • Receiving
  • Reconciliation of Inventory records and orders
  • Costing Preparation or Processed Items
  • Costs Associated with Maintaining Inventory
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Listing the details of inventory needed such as names of item, unit, and required quantity.

A

Production Control

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

it vary depending on the ownership and size of the organization. In health care facilities and large school districts, it is common to have centralized purchasing of all materials and supplies—including food—done by one department.

A

Purchasing policies and procedures

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Basically working with suppliers to identify the appropriate products, ordering the correct quantities, and then receiving and storing the product.

A

Informal purchasing

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Getting the best price for the quality of the product desired is just as it’s called – informal.

A

Formal purchasing

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

is a term used to describe the amount of a particular item required to meet an operation’s needs during a specified period of time.

A

Par stock

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Three (3) main things you need to know under par stock

A

1.Amount required (par level)
2.Amount on hand
3.Amount to order

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

it pertains to a recurring count of goods at specific intervals. In this system, warehouse managers manually count their inventory on a monthly, quarterly, or annual basis.

A

periodic inventory control system

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

it provides an accurate count of inventory levels in real-time. It utilizes technology, such as barcodes and Radio Frequency Identification (RFID) tags, for tracking products.

A

perpetual inventory control system

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

in inventory control classifies stocks based on their importance, price, and sales volume.

A

ABC analysis

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Just as its name suggests, it consists of the following categories:
A class=
B class=
C calss=`

A

A class – expensive, high-class items with tight controls and small inventories
B class – average-priced, mid-priority items with medium sales volume and stocks
C class – low-value, low-cost items with high sales and huge inventories

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

the warehouse puts out the most recent batch of items to the customers first. Doing so prevents products from going bad when delivered to the market.

A

LIFO method

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

the warehouse prioritizes older stocks for processing and shipping. This way, they can keep the products fresh when the customer receives them.

A

FIFO technique

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

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

A

Batch tracking

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

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

A

Safety stock

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

Its application enables the managers to explore the optimal supply of finite resources necessary to meet consumer demands in various instances.

A

Queuing Theory

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

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

A

Queuing theory

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

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

A

Queuing Theory

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

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

A

Queuing theory

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

Queuing theory also known as

A

waiting line theory.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

Why is queuing theory important?

A
  • Waiting in line is a part of everyday life because as a process it has several important functions.
  • Queues are a fair and
    essential way of dealing with the flow of customers when there are limited resources.
  • Negative outcomes arise if a queue process isn’t established to deal with overcapacity.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

it is powerful because the ubiquity of queue situations means it has countless and diverse applications.

A

Queuing theory

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
33
Q

it connects the capacity of a 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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
34
Q

Queuing theory has been applied, just to name a few, to:

A
  • Telecommunications
  • Transportation
  • Logistics
  • Finance
  • Emergency services
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
35
Q

it is helpful in explaining the math behind how queues run.

A

Queuing theory

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
36
Q

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

A

GAME THEORY

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
37
Q

a modelling behavior in situations where the outcome of your decisions depends on the decisions of others.

A

GAME THEORY

38
Q

a branch of applied mathematics that provides tools for analyzing situations.

A

GAME THEORY

39
Q

game theory was all created by one the greatest Hungarian-born American mathematician of the century - And the
German-born American
economist ____ a Princeton University collegeau.

A

John von Neuman
Oskar Morgenstren

40
Q

theory of Games were
born in ___ and with publication of ??

A

1944 with the publication of Theory of Games and Economic Behaviour.

41
Q

It focuses on optimal play in situations where one or more people must make a decision and the impact of that decision and the decisions of those involved is known.

A

CLASSICAL GAME THEORY

42
Q

does not consider games with chance (no randomness).

A

combinatorial game theory

43
Q

It focuses on optimal play in two-player games in which each player takes turns changing in pre defined ways.

A

combinatorial game theory

44
Q

It focuses on the analysis of games in which 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

45
Q

It often relies on differential equations to model the behaviour of players overtime.

A

dynamic game theory

46
Q

KEY ELEMENTS Of GAME THEORY

A

Player: “who is interacting?”

Strategies: “what are the options of each player?

Pay-offs: “How do strategies translate into outcomes?” “What are players’ preferences over possible outcomes?”

Information/Beliefs: “What do players know/believe about the situation and about one another?” “What actions do they observe before making decisions?”

Rationality: “How do players think?”

47
Q

means that you are always making the same
choice.

A

pure strategy

48
Q

is one where you randomly choose which
strategy you are going to make.

A

mixed strategy

49
Q

If in a game sum of the gains to one player is exactly equal to the sum of losses to another player, so that sum of the gains and losses equal zero, the corresponding game is said to be

A

zero sum game.

50
Q

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

A

Decision theory

51
Q

is primarily concerned with helping people and organizations in making
decisions.

A

Decision theory

52
Q

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

A

Normative Decision Theory

53
Q
  • This quantitative and qualitative method, often known as descriptive decision theory.
A

Optimal Decision Theory

54
Q

-refers to individual or a group of individual responsible for making the choice of an appropriate course of action amongst the available courses of action.

A

Decision Maker

55
Q

It refers to two or more alternative courses that occur in a situation or in a problem.

A

Acts or Courses of Action

56
Q

-Acts may be also represented in the following matrix form.

A

Acts or Courses of Action

57
Q

identify the occurrences, which are outside of the decision maker’s control and which determine the level of success for a given act.

A

Events (or States of Nature)

58
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

59
Q

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

A

DECISION MAKING UNDER CERTAINTY

60
Q

only pay-offs are known and nothing is known about the likelihood of each state of nature.

A

DECISION MAKING UNDER UNCERTAINTY

61
Q

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

A

Maximin Criteria

62
Q

Maximin Criteria also known as

A

pessimistic decision criterion.

63
Q

criterion is the decision to take the course of action which minimizes the maximum possible pay-off. Since this decision criterion locates the alternative strategy that has the greatest possible gain.

A

Minimax Criteria

64
Q

is to indicate the best decision from a varied list of possible alternatives.

A

main goal of decision theory

65
Q

is minimizing or maximizing a nonlinear objective function subject to bound constraints, linear constraints, or nonlinear constraints, where the constraints can be inequalities or equalities.

A

Nonlinear programming

66
Q

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

A

The Markowitz model

67
Q

applications one has a mathematical model of some phenomenon where the model has some parameters.

A

FITTING A MODEL

68
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

69
Q

A linear optimization
problem, also called

A

linear programming

70
Q

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

A

QUASI-NEWTON

71
Q

uses a direct-search algorithm that uses only function values (does not require derivatives) and handles nonsmooth objective functions

A

NELDER-MEAD

72
Q

used for unconstrained nonlinear optimization problems and is especially useful for large- scale problems where sparsity or structure can be exploited

A

TRUST-REGION

73
Q

is especially useful for large-scale nonlinear optimization problems that have sparsity or structure

A

INTERIOR-POINT

74
Q

solves general nonlinear problems and honors bounds at all iterations

A

SEQUENTIAL QUADRATIC PROGRAMMING (SQP)

75
Q

solves bound constrained nonlinear optimization problems or linear equalities only

A

TRUST-REGION REFLECTIVE

76
Q

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

A

PERT

76
Q

PERT refers

A

Program (Project) Evaluation and Review
Technique.

76
Q

chart helps you to create endpoints or milestones
of the project.

A

PERT

77
Q

It involves planning, organizing, integrating, and authorizing uncertain activities.

A

PERT

78
Q

It provides detailed information regarding the project’s tasks, the minimum time required for completing individual tasks, and the average time required to complete the whole project.

A

PERT

79
Q

CPM stands for

A

Critical Path Method.

80
Q

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

A

CPM

81
Q

This also helps in reducing time.
Any activity can be treated as a critical activity if any delay of such can delay the whole process.

A

Critical Path Method.

82
Q

is a visual project management technique where we plan, schedule, organize, coordinate and control uncertain activities.

A

PERT

83
Q

is a statistical technique where we plan, schedule, organize, coordinate and control well-defined activities.

A

CPM

84
Q

is a method used to control cost and time.

A

CPM

85
Q

it is a technique used for
planning and controlling time.

A

PERT

86
Q

chart helps you to create endpoints or milestones
of the project.

A

PERT

87
Q

it can also identify any possible obstacles
and quickly address them.

A

PERT

88
Q

chart gives a precise graphical form of projects.

A

CPM

89
Q

It saves time and helps us compare our current position with the planned one.

A

CPM

90
Q

Optimal Decision Theory also known as

A

descriptive decision theory

OR (2 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions