L20_Review_II - Lecture 20 Review II The Uncertain World...

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Slide 1 Lecture 20 Review II: The Uncertain World
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Slide 2 O bje c tive s Establish what the material for the midterm is. Practice midterms
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Slide 3 Mate rials Text book Chapters 6.4-6.6, 7, 8, 11, 12.1, 12.2, 12.4 Class notes Lecture 11 -19  Homework P87– P14 Note: You will be provided a formula sheet (also available on blackboard)
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Slide 4 Be s t Way to  S tudy fo r the  Exam Go over the slides Go over the homework assignments Do the practice midterm Read the sections in the textbook Do the problem sets in the book (with solutions at the end)
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Slide 5 Exam 3 Parts Part I: True/False (10 @ 2pts = 20 pts) Part II: Multiple Choice (10 @ 4pts = 40 pts) Part III: Problem Solving (2 @ 20pts = 40 pts) Closed book, closed notes Duration: 1 hour 10 minutes You will be given a copy of the formula sheet Bring a calculator (no computer)
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Slide 6 Part I 1. One way to reduce process variability is to eliminate buffers  2. Pooling resources of independent queuing systems leads to reduced  average waiting time  3. Shortest processing time rule should always be used since it leads to the  shortest average waiting time 4. A process involving multiple sequential recourses can be blocked and  starved at the same time 5. A process is stationary when its implied utilization is less than 100%
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Slide 7 Part I 6. Within the EOQ model, the average inventory level and the number of  orders per year are inversely related: As one increases, the other  decreases  7. In newsvendor model, an increased order quantity leads to an increased  expected sales   8. Type I service level measures the percentage of demand satisfied. 9. Implementing quick response strategy leads to an increased maximum  profit.   10. In EOQ model, the in-stock probability and the fill rate are always 100%
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Slide 8 Part II 1. What could cause an increase in the Economic Order Quantity (EOQ)? a) A decrease in the holding cost h b) A decrease in the setup cost K c) An increase in the purchasing cost P d) All of the above    3.
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