Question 1

Describe how a person might use a Gantt chart to plan an office party for 2,000 people. Use a diagram of a Gantt chart in your answer.

Accepted Answer

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Question 2

Describe scenario planning.

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The answer of Describe scenario planning....

Question 3

A decision tree is a graphic illustration of the alternative solutions available to solve a problem.

Accepted Answer

A decision tree is a visual representation of various alternatives available for solving a problem, showing the possible consequences and outcomes of each choice.

Question 4

The just-in-time system emphasizes that customer demand is the most important factor in determining how much product to manufacture.

Accepted Answer

The just-in-time system is focused on meeting customer demand by producing only what is needed, when it is needed. Therefore, customer demand is the most important factor in determining how much product to manufacture.

Question 5

Under just-in-time inventory control, an ample safety stock is accumulated to deal with emergencies such as supplier problems and labor strikes.

Accepted Answer

Under just-in-time inventory control, the goal is to minimize excess inventory and waste, so accumulating an ample safety stock would contradict this approach. Instead, JIT focuses on maintaining a lean inventory and relying on efficient supply chain management to quickly address any disruptions or emergencies that may arise.

Question 6

The economic-order quantity (EOQ) is the inventory level that minimizes ordering and carrying costs.

Accepted Answer

The economic-order quantity (EOQ) is a formula used to identify the optimum inventory level that minimizes the total cost of ordering and holding inventory. Therefore, the statement is true.

Question 7

The Delphi Technique is a form of group decision making designed to provide group members with one another's ideas and feedback while avoiding some of the problems associated with interacting groups

Accepted Answer

The statement is true. The Delphi Technique is a consensus-building method that aims to achieve a convergence of opinion without face-to-face interaction. It involves a facilitator who collects and summarizes the individual opinions of participants through a series of questionnaires or rounds, and then provides the group with a feedback report that includes statistical data, summaries of responses, and themes emerging from the discussion. This process continues until a consensus is reached, or a predetermined endpoint is reached. The Delphi Technique is particularly useful in situations where conflicting opinions must be reconciled or when individuals need to contribute their ideas without being influenced by others.

Question 8

Maintaining the right level of inventory is a major factor influencing the financial health of an organization.

Accepted Answer

Maintaining the right level of inventory is crucial for managing cash flows, avoiding stockouts, and reducing carrying costs. Therefore, it directly impacts the financial health of an organization.

Question 9

The 80/20 (Pareto) Principle is a general guide as to what percent activities are likely to cause most of the results in a given situation.

Accepted Answer

The 80/20 (Pareto) Principle states that roughly 80% of the effects come from 20% of the causes, which is a general guide as to what percent activities are likely to cause most of the results in a given situation.

Question 10

Suppose a small-business owner wants to repaint the walls inside the office. The office manager suggests buying a premium brand of paint because such paint stays fresher looking
longer and does not chip as readily. What would a data-driven manager say?

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Question 11

Just in time is applicable only to highly repetitive manufacturing operations such as car or residential furnace manufacturing.

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Question 12

Explain the basics of a just-in-time (JIT) inventory system.

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Question 13

The inventory management system called LIFO, refers to selling your oldest inventory first.

Accepted Answer

LIFO stands for Last-In-First-Out, meaning that the newest inventory is sold first, not the oldest.

Question 14

Break-even analysis assumes that unit costs vary in relation to sales volume.

Accepted Answer

Break-even analysis assumes that fixed costs remain constant regardless of sales volume, while variable costs change in direct proportion to sales volume.

Quiz 6: Quantitative Techniques for Planning and Decision Making