Operations Management

To determine the longest sequence of dependent tasks in a project, known as the __________, which dictates the minimum project duration

• Earned Value Management (EVM)

• Critical Path Method (CPM

• Program Evaluation and Review Technique (PERT)

• Resource Leveling and Smoothing

The components of PERT is the most probable time in which a task can be completed

• Pessimistic Time

• Optimistic Time

• Mostly Like Time

Which of the following best describes the objective function in linear programming?

• A function that must be maximized or minimized

• A set of decision variables

• A method for solving queuing problems

• Lower quality of goods and services

Which of the following represents an advantage of outsourcing in operations management?

• Increased time to market

• Reduced control over the production process

• Access to specialized expertise and technology

• Lower quality of goods and services

What is the primary advantage of using a simulation model for inventory management?

• It allows experimentation with different policies under varying conditions

• It eliminates uncertainty in demand

• It is simpler than analytical models

• It provides exact solutions

Which inventory management strategy is most suitable for products with high carrying costs

and low demand variability?

• Economic order quantity (EOQ)

• Just-In-Case (JIC) inventory

• Vendor-managed inventory

• ABC analysis

To measure project performance by comparing the planned progress with the actual progress and forecast future performance.

• Program Evaluation and Review Technique (PERT)

• Critical Path Method (CPM

• Resource Leveling and Smoothing

• Earned Value Management (EVM)

To analyze data points collected or recorded at specific time intervals to identify trends, seasonal patterns, and cyclical behaviors.

• Monte Carlo Simulation

• Program Evaluation and Review Technique (PERT)

• Pareto Phenomenon

• Time Series Analysis

Strategic capacity planning is crucial in operations management because:

• It minimizes the need for outsourcing

• It helps forecast consumer behavior

• It reduces marketing costs

• It ensures resources are utilized efficiently

To model and analyze the impact of risk and uncertainty on project outcomes using probabilistic simulations.

• Monte Carlo Simulation

• Earned Value Management (EVM)

• Critical Path Method (CPM

• Program Evaluation and Review Technique (PERT)