Midterm

Question 1

Is a scientific approach to execute decision making

Answer 1

Operations Research

Question 2

it is the art of mathematical modeling of complex situations

Answer 2

Operations research

Question 3

it is the science of the development of solution techniques used to solve these models

Answer 3

operations research

Question 4

It has the ability to effectively communicate the result to the decision maker

Answer 4

operations research

Question 5

Terminology

British/europeans

Answer 5

Operational research

Question 6

terminology

Americans

Answer 6

operations research

Question 7

Models that assume all data are known with CERTAINTY

Answer 7

Deterministic models

Question 8

Explicity represent UNCERTAIN data via random variables

Answer 8

stochastic models

Question 9

It involve optimization

Answer 9

Deterministic models

Question 10

Characterize / estimate system performance

Answer 10

Stochastic models

Question 11

OR is the application of math in real-life/ real worl

Answer 11

True

Question 12

It is a way to solve problems in which one seeks to achieve the best outcome

Answer 12

optimization

Question 13

It allows you to try out different approaches by simulating events numerous times and anwser the “what if” question

Answer 13

simulation

Question 14

It is used to approximate a real querimg situation or system, so the queuing behavior can be analyzed mathematically

Answer 14

queuing theory

Question 15

it is a profession where initiative, creativity, and enthusiasm are equally as importatnt as technical ability.

Answer 15

Operations research

Question 16

are involved in projects which involve a wide range of business skills and have dealings with anyone from shop floor to boardroom

Answer 16

operations research teams

Question 17

familiaries the 7 steps of problem asolving

Answer 17

Identify and define the problem
Determine the set of alternative solution
Determine the criteria for evaluating the alternatives
Evaluate the alternatives
Choose an alternatives

Implement the chosen alternative
Evaluate the result

Question 18

Familiarize

Potential reasons for Quantitatives analysis and approach ti decision making

Answer 18

the problem is:
complex
Very important
New
Repetiitve

Question 19

it ia not a trival step, due to the time required and the possibility of data collection errors

Answer 19

data preparation

Question 20

Data presentation often needed a fairly large data base

Answer 20

true

Question 21

In data presentation, information system specialist might be needed

Answer 21

true

Question 22

in constructing a model, problem MUST be translated from verbal

Answer 22

true

Question 23

Is a series of rules, usually embodied in a comouter program

Answer 23

logical model

Question 24

Is a collection of functional relationships by which allowable actions are delimited and evaluated

Answer 24

Mathematical model

Question 25

3 forms of model

Answer 25

Iconic models Analog models Mathematical models

Question 26

Are representations of real objects or situations

Answer 26

models

Question 27

Are physical replicas (scalar representations) of real objects

Answer 27

iconic models

Question 28

Are physical in form, but do noy physically resemble the object being modeled

Answer 28

analog model s

Question 29

represent real world problems through a system of mathematical formulas and expressions based on key assumptions, estimates, or statistical analyses

Answer 29

mathematical models

Question 30

The advantage of models. It requires less time, less expensive, involves less risk

Answer 30

true

Question 31

A model consisting of linear relationships representing a firm's objective and resource constrains or limitations

Answer 31

Linear programming

Question 32

it is a mathematical modeling technique used to determine a level of operational activity in order to achieve an objective, subjec to restrictions called constraints

Answer 32

linear programming

Question 33

determine the resource capacity needed to meet demand over an immediate time horizon, including units produced, workers hired, and inventory Forecasting how many employees, production

Answer 33

aggregate production planning

Question 34

Mix of different products to produce that will maximize profit or minimizing cost given resources constraints such as materials, labor, budget, etc

Answer 34

Product mix

Question 35

Logical flow of items from sources to destinations

Answer 35

Transportations

Question 36

flow of items from sources to destinations with intermediate points

Answer 36

transshipment

Question 37

Assigns work to limited resources, called "loading"

Answer 37

assignments

Question 38

Schedules regular and overtime production, plus inventory to carry over, to meet demand in future periods

Answer 38

multiperiod scheduling

Question 39

determined recipe requrements

Answer 39

Blend

Question 40

menu of food items that meets nutritional or other requirements

Answer 40

diet

Question 41

Financial model that determined amount to invest in different alternatives given return objectives and cinstraints for risk

Answer 41

investmentd/Capital Budgeting

Question 42

Compares service units of the same types, base on their resiurces and outputs to see wich units are less productive or inefficients

Answer 42

data envelopment analysis (DEA)

Question 43

Shortest routes form sources to destinations

Answer 43

shortest routes

Question 44

maximizes the amount of flow from sources to destinations

Answer 44

Maximal flow

Question 45

determines patterns to cut sheet items to minimize wast

Answer 45

Trim-loss

Question 46

selects facility location based on constrains such as fixed operating, and shipping costs, production capacity

Answer 46

facility location

Question 47

Selection of facilities that can service a set of other facilities

Answer 47

Set covering

Question 48

A mathematical technique to help plan and make decisions relative to the trade-offs necessary to allocate resources

Answer 48

linear programming

Question 49

will find the minimum or maximum value of the objective

Answer 49

linear programming

Question 50

Guarantees the optimal solution to the model formulated

Answer 50

LP

Question 51

mathematical symbols representing levels of activity of a firm

Answer 51

Decision variables

Question 52

A linear mathematical relatiinships deacribing an objective of the firm, in terms of decision variables - this function is to minimized to miximized

Answer 52

Objective funtion

Question 53

requirements or the restrictions placed on the firm by the operationg environment

Answer 53

Constraints

Question 54

the selection of the appropriate order in which a number of jobs are to be peroformed

Answer 54

sequencing

Question 55

Refers to a structured approach of framework used to organize task, steps, or events in a specific order

Answer 55

sequencing model

Question 56

it plays a crucial role in ensuring efficiency, accuracy, and thr successful completion of tasks or processes

Answer 56

sequencing models

Question 57

They are quite common in real life. They arises whenever ther is a choice of determining the order in which a number of jobs can be performed

Answer 57

sequencing problems

Question 58

It undergoes in many processes before it taken to the market for sale

Answer 58

final product

Question 59

Type of failure that is progressive deterioration or operational efficiency of an item

Answer 59

Gradual failure

Question 60

Failure that occurs after some period of desired service rather than deteriorating while in services

Answer 60

sudden failure

Question 61

Represent the present value of money spent in futre years

Answer 61

present worth factor

Question 62

Discount rate is the present worth factor of the spending one unit of currency after one year

Answer 62

Discount rate/depreciation value

Question 63

an important statistical measures for estimation the average on a longrun basis

Answer 63

expected value

Question 64

Estimate rate of failure in a specific period of time

Answer 64

probability of failure

Question 65

A replacement policy that replace items one by one when they fail

Answer 65

individual replacement

Question 66

A replacement policy that replace items in cluster if they fail

Answer 66

group replacement

Question 67

a statistical model that predicts the probability of an employee tranitioning between different employment states

Answer 67

markov model

Question 68

Focuses on predicting staff deoartures due to retirement based kn age demographics and historical data

Answer 68

Age-replacement model

Question 69

Consider the specific skills and knowledge required for different roles to identify potential skill gaps when employees leave

Answer 69

skill-based model