Sammanfattningar boken Andersson del 2 Flashcards
What is the main objective of inventory management? -
To balance having enough inventory to meet demand while minimizing inventory costs.
What are the three key inventory costs?
Ordering costs, holding costs and backorder costs (in some situations).
What does the Economic Order Quantity (EOQ) model determine?
The optimal order quantity that minimizes total inventory costs.
How can the EOQ model be adapted?
It can be modified to handle economic production lot sizes and quantity discounts.
What types of inventory models exist for uncertain demand?
Models for probabilistic demand and multi-period situations.
What are the two key factors in a queuing system?
Arrival rate and service rate.
Which probability distribution is often used to model arrival patterns in queuing theory?
The Poisson distribution.
Which probability distribution is used to model service rates?
The exponential distribution.
What do operating characteristics of a queuing system describe?
Performance measures like time spent in the system, waiting time, and probability of queuing.
How can an economic analysis of a queuing system be performed?
By developing a total cost model.
What is the purpose of decision analysis?
To evaluate alternative decisions under uncertainty.
What is a payoff table?
A table showing possible payoffs or outcomes for a decision problem.
What is a decision tree?
A graphical representation of a decision problem.
What are the three approaches used when probability information is not available?
Maximax (optimistic), maximin (conservative), and minimax regret.
What method is used when probability information is available?
The expected value approach.
What is a risk profile in decision analysis?
A probability distribution of possible payoffs, used to assess risk.
When is the expected utility approach used?
When monetary value is not the only measure of performance.
What makes a decision problem a multicriteria decision problem?
The need to consider multiple criteria when making a decision.
How does goal programming work?
It solves problems with multiple goals within a linear programming framework.
What do scoring models do?
Identify the best decision alternative using subjective weights and assessments.
How does the analytic hierarchy process rank decision alternatives?
By using a series of pairwise comparisons of different elements in a hierarchy.
Why is reliable forecasting important?
It is critical for both strategic and operational decision-making.
What are the two main approaches to forecasting?
Qualitative and quantitative approaches.
What are the two main types of quantitative forecasting methods?
Time series methods and causal methods.
