Exam 6: Quantitative Techniques for Planning and Decision Making

The results of a time-series analysis are best represented by a(n)

The critical path is the path through the PERT network with the

The overconfidence trap in making forecasts leads a person to overestimate the accuracy of his or her forecasts.

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

A decision tree is considered particularly useful in

A Pareto diagram is

The economic-order quantity (EOQ) suggests the

An expected value for a decision tree is the value you would expect if

The two major variables considered by Gantt charts and milestone charts are

Juanita is a data-driven manager, so she

Data-driven management is more of an attitude and approach than a specific technique,

The World Future Society predicts that 100 million people with telecommute by the year 2015, illustrating a(n) ____ forecast.

To speed up the completion of a project, the manager should attempt to give top priority to all activities not on the critical path.

Much of the accuracy of a PERT chart depends upon estimates of the time necessary to complete each activity.

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

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

Time-series analysis is an historical approach to making forecasts.

If a manager recalls success stories from global expansion to Singapore, he might overestimate the chances of succeeding in that country. This is an example of the recallability trap.

The prudence trap in making forecasts leads a person to make overly optimistic forecast so as not to appear too conservative.

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