MGT 302 Final Exam

MGT 302 Final Exam - MGT 302 Final Exam Coverage: The Goal...

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MGT 302 Final Exam Coverage: The Goal Project scheduling (Ch.14) Inventory management (Ch.15) MRP system Supply chain management Chapter 14: Project Scheduling -Distinguishing characteristics of project -Output -Precedence relationships -Temporary -Objectives and tradeoffs in project management -cost -tradeoff: stay within the budget -performance -tradeoff: meet the specifications -schedule -tradeoff: meet the deadline -Gnatt chart (in notes) -precedential relationships -Network methods -immediate predecessor/successor -allows for precise determination of the critical path and slack, and they allow the rapid evaluation of proposed schedule changes Forward pass analysis -Early start/Early finish -Early start time is zero for all starting activities -ES time is the Max[EF(all predecessors of x)] -EF time is the ES time plus the duration of the activity -project completion time is the Max EF time of all ending activities Backward pass analysis -Late start/late finish -LF= Min[LS(all successors of a)] -LS=LF-duration -the critical path is the path with the longest time path (path that takes the longest time to complete) -there is no total slacks or free slacks for activities on the critical path
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Slack: - total slack : the amount of time that an activity can be delayed without affecting the project completion time -mathematical difference between LS and ES, or LF-EF -total slack shows impact on the finish date of the entire project - free slack : the amount of time an activity can be delayed without affecting the early start of the very next activity -for ending activities: (Project completion time-EF) -for non-ending: Min[ES of follower (s)]- EF(the activity) -free slack shows impact on early start time for the immediate successor NOTE: an activity will only have free slack when its immediate successor (next activity) has more than one immediate predecessor (more than one activity before it) For a given activity, free slack cannot exceed the total slack Crashing projects: -reducing project duration time for the least cost -start with the critical path -look for possible crash (cheapest activity) -note: what if multiple critical paths exist? Look for common activities and choose the cheapest -when do we stop crashing? -when ALL critical paths=< desired length Chapter 15: Inventory Management Types of inventories : -raw material (dep.) -WIP (dep.) -Finished goods (ind.) Purposes of inventory : -to protect against uncertainties -to allow economic production and purchase (economies of scale) -to cover anticipated changes in demand or supply -to provide for transit Cost of inventory : -item cost (cost of buying or producing)—C
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-ordering cost (or setup cost)—S -carrying cost (or holding) -cost of capital, storage, obsolescence, deterioration, and loss -stockout cost—consequence of running out of stock Demand types: -Independent demand—demand for various items are unrelated to each other -set by market -requires forecasting -Dependent demand -the need for any one item is a direct result of the need for some other items
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MGT 302 Final Exam - MGT 302 Final Exam Coverage: The Goal...

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