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Final

# Prod. and Op.'s Final Exam Review

Department
Course Code
BUS-2501
Professor
Brian Rodger
Study Guide
Final

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Final review (basic requirements)
Transportation model (basic model and transshipment problem):
.Understand the problem
. Be able to use LP to formulate the problem
Decision variables, Objective function and Constraints
. Be able to use a given empty worksheet to build excel model
Decision Tree
.Understand the problem
.Be able to draw a decision tree (decision nodes, chance nodes, payoffs)
.Understand and know how to calculate expected values
.Recommendation/decision
Project management
. Concepts:
.What is project
.Project life cycle
.Critical path
. Path slack
.ES, EF, LS, LF
. Requirements
.Understand Gantt charts and be able to draw a Gantt chart and determine how long a
project can be complete
.Understand and be able to draw a precedence network diagram
.Determine critical path and project duration time using ES, EF, LS, and LF
.Understand slack time
Forecasting
Concepts
.Forecasting: long term, intermediate term and short term
.Forecasting process
.Forecasting error, MAD, MSE, s, track signal
. Forecasting methods
. Judgemental: sales estimate, executive opinion, market research, and Delphi method
. Time series: (understand model and know how to choose an appropriate forecasting model)
Naive
Simple average
Simple moving average and weighted moving average
Exponential smoothing
. Tracking signal: understand how to test a forecasting model
Inventory management
.Understand ABC system
.Understand basic EOQ model, EOQ with quantity discount model, and EPQ model
Basic EOQ
Basic assumptions