Learn about decision-making, process layouts, and automation in manufacturing with this business management review.
Added on 2023-05-12
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BLACKBOARD REVIEW – OPMAN
Statement incorrect - Working forward
through the decision tree, the expected
monetary value of each event mode is
computed by first weighting possible payoffs
by their change occurrence
Statement incorrect – The maximax
approach is a pessimistic strategy
Fixed-position Layout - Type of layout in
which workers, materials, and equipment
are moved to the product as needed
Sub-optimization - result of individual
departments making the best decisions for
their own areas.
Online Banking – example of automated
services
Not common to product layout – ability to
adjust to changes in demand
Job Shop – processing system tend to
produce the most product variety
Maximin – worst payoff for each alternative
and choosing the alternative with the “best
worst”
Process control – computer-aided
manufacturing refers to the use of
computers
Repetitive production – operation likely to
see, at most, only minor variations in the
product or service being produced using the
same process and the same equipment
Laplace – average payoff for each alternative
and choosing with the highest average in the
approach
Concept of the expected value of perfect
information – expected value of perfect
information means knowing in advance
what state of nature will occur
Bounded rationality – limit imposed on
decision-making by costs, time and
technology
Continuous – type of processing system
would gasoline be produce from crude oil
Decision Tree – not an approach from
decision-making under certainty
Statement incorrect – Bounded rationality
refers to the limits imposed on decision-
making because of costs, human abilities,
time, technology, and/or availability of
information
Job Shop – estimation of cost generally most
difficult when this process has been chosen
Flexible manufacturing system – group of
machines supervisory computer control,
automatic material handling and possibly
robot
Process – type of layout which features
departments or other functional groupings
in which similar activities are performed
Line Balancing – process of assigning tasks to
workstations in such a way that the
workstations have approximately equal time
requirements
Flexibility is not always the best choice –
should recognize when an operation
strategy for process selection
Statement incorrect - Working forward
through the decision tree, the expected
monetary value of each event mode is
computed by first weighting possible payoffs
by their change occurrence
Statement incorrect – The maximax
approach is a pessimistic strategy
Fixed-position Layout - Type of layout in
which workers, materials, and equipment
are moved to the product as needed
Sub-optimization - result of individual
departments making the best decisions for
their own areas.
Online Banking – example of automated
services
Not common to product layout – ability to
adjust to changes in demand
Job Shop – processing system tend to
produce the most product variety
Maximin – worst payoff for each alternative
and choosing the alternative with the “best
worst”
Process control – computer-aided
manufacturing refers to the use of
computers
Repetitive production – operation likely to
see, at most, only minor variations in the
product or service being produced using the
same process and the same equipment
Laplace – average payoff for each alternative
and choosing with the highest average in the
approach
Concept of the expected value of perfect
information – expected value of perfect
information means knowing in advance
what state of nature will occur
Bounded rationality – limit imposed on
decision-making by costs, time and
technology
Continuous – type of processing system
would gasoline be produce from crude oil
Decision Tree – not an approach from
decision-making under certainty
Statement incorrect – Bounded rationality
refers to the limits imposed on decision-
making because of costs, human abilities,
time, technology, and/or availability of
information
Job Shop – estimation of cost generally most
difficult when this process has been chosen
Flexible manufacturing system – group of
machines supervisory computer control,
automatic material handling and possibly
robot
Process – type of layout which features
departments or other functional groupings
in which similar activities are performed
Line Balancing – process of assigning tasks to
workstations in such a way that the
workstations have approximately equal time
requirements
Flexibility is not always the best choice –
should recognize when an operation
strategy for process selection
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