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L28_Review_III - Lecture 28 Review Final Exam Slide 1 O b...

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Slide 1 Lecture 28 Review: Final Exam
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Slide 2 O bje c tive s Practice exam Answer your questions about the final exam
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Slide 3 Be s t Way to  S tudy fo r the  Exam Follow the Review Guideline handout Review all related homework assignments Focus on the powerpoint If needed go back to corresponding book chapters
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Slide 4 Exam 3 Parts Part I: True/False (22 @ 1.5pts = 30 pts + 3 bonus) Part II: Multiple Choice (22 @ 2pts = 40 pts + 4 bonus) Part III: Problem Solving (2 @ 15pts = 30 pts) Closed book, closed notes Duration: 3 hours You will be given a copy of the formula sheet Bring a calculator (no computer)
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Slide 5 Part I 1. To produce good quality products, a process should be both in control and  capable. 2. The goal of line balancing is to assign tasks to workstations/steps in such a way  that the workstations/steps have approximately equal time requirements. 3. When all samples are within the control limits, the process should have absolutely  no assignable variations. 4. Cycle inventory is used to smooth the seasonality of the supply pattern. 5. Delayed differentiation achieves lower inventory and lost sales through product  pooling. T T F F F
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Slide 6 Part I 6. Implementing Quick Response with unlimited but expensive reactive capacity  leads to zero lost sales and reduced leftover inventory. 7. The goal of statistical process control is to detect assignable variations and make  sure the process is random for future outputs. 8. The presence of bullwhip effect is always due to inefficiencies in the channel  partner s process design. 9. Benefit of risk pooling is subject to economy of scales. Thus, unless the system is  improved close to full flexibility, the benefit of pooling will not be significant.  10. If the underage and overage costs in the newsboy problem both double, the  optimal quantity will double too. T T F F F
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Slide 7 Part I 11. In playing the beer game, on-hand inventory and backorders may both be positive  in a given week. 12. The bullwhip effect only exists for products which have a seasonal demand  pattern. 13. Achieving  six sigma quality  means that the control limits are 6 standard  deviations away from the mean on the control charts. 14. As a general rule, continuous processing systems produce products for inventory  rather than for customer order. 15. (In the Goal) Alex s plant had problems of meeting the shipping date committed to  the customer. However, Stacy was against extending the customer lead times.  This is because by Little s law, a longer flow time leads to a higher inventory  level if throughput is unchanged.
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