Exam 6: Quantitative Techniques for Planning and Decision Making

Janet is supervising the construction of an animal hospital. An example of a milestone in her project would the installation of the operating room.

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.

CEO Maria is so convinced that company sales will triple, that she commits the company to lavish new expenses without making contingency plans if the sales growth does not take place. Maria might be falling into the

A major reason that forecasting is so important in business is that

Brett is a data-driven manager so he relies more on facts than human impressions when making decisions.

With a more refined application of PERT, the optimistic, pessimistic, and most probable times should be based on

A decision tree graphically depicts

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

The just in time system of inventory control relies on

Under a just-in-time inventory system, inventory is moved into a plant as soon as

A technological forecast predicts what types of technological changes will take place.

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.

The numbers in a PERT network refer to the

In addition to estimating the time required for activities, advanced applications of PERT estimate the

The break-even point occurs when

The data-driven decision maker relies mostly on intuition when making decisions.

The information compiled in a Gantt chart is well suited as a control device.

Break-even analysis indicates the ____ that will be necessary to justify a new expense.

With scenario planning, you prepare for what the future might look like.

Under the inventory system, FIFO, you sell