Module 2 Flashcards
may be defined as the process of identifying and choosing alternative courses of actioninamanner appropriate to the demands of the situation.
Decision making
THE DECISION-MAKING PROCESS
- Diagnose problem
- Analyze environment
- Articulate problem or opportunity
- Develop viable alternatives
- Evaluate alternatives
- Make a choice
- Implement decision
- Evaluate and adapt decision results
this term refers to evaluation of alternatives using intuition and subjective judgment
Qualitative Evaluation
This term refers to the evaluation of alternatives using any technique in a group classifiedas rational and analytical.
Quantitative Evaluation
this one is used to calculate the number of items that should be orderedat
one time to minimize the total yearly cost of placing orders and carrying the items in inventory.
Economic order quantity model
this is an economic order quantity technique applied to production order.
Production order quantity model
this is an inventory model used for planned shortages
Back order inventory model
an inventory model used to minimize the total cost when quantity discounts areoffered be suppliers.
Quantity discount model
s one that describe how to determine the number of service units that will minimizebothcostumers waiting time and cost of service.
Queuing Theory
These are models where large complex tasks are broken into smaller segments that can be managedindependently
Network Models
a techniques which enables engineer managers to schedule, monitor, and control large and complex projects by employing three time estimates for each activity.
The Program Evaluation Review Technique (PERT)
this is a network technique using only one time factor per activity that enablesengineer managers to schedule, monitor, and control large and complex projects.
The Critical Path Method (CPM)
may be defined as “the collection of past and current information to make predictions about the future.”
Forecasting
l is a forecasting method that examines the association between two or more variables.
It uses data from previous periods to predict future events.
The regression model
Whenone independent variable is involved,
simple regression
