Question

True or false

For inventory management, we could use deterministic models if the demand is uncertain, but can be described by a probability distribution.

With Normally distributed demand, there is a 50% chance that the lead time demand is higher than expected.

With inventory management, the concern for capacity planning is to find bottlenecks in the operations around stocks, and making sure that this does not constrain broader operations.

Master schedules expand the aggregate plans to give more details of the weekly activities of the production schedule.

Under agile strategy, every operation with the least possible resource –space, people, stock, equipment, time, money, etc

Answer 1

For inventory management, we could use deterministic models if the demand is uncertain, but can be described by a probability distribution.

Anwer= False

Reason= In deterministic models, it is important to have a certain demand and the different parameters and associates variables must be known

With Normally distributed demand, there is a 50% chance that the lead time demand is higher than expected

Answer = true

Reason= In case of normally distribued demand, the demand is 50% higher thaan expected

With inventory management, the concern for capacity planning is to find bottlenecks in the operations around stocks, and making sure that this does not constrain broader operations.

Answer= true

Reason= In case of inventory management, the focus is on finding the bottlenecks created by the stocks of the materials and to ensure that this does not have any negative impact on the overall operations

Under an agile strategy, every operation with the least possible resource –space, people, stock, equipment, time, money, etc

Answer= False

Reason= In lean strategy every operation with the least possible resource –space, people, stock, equipment, time, money, etc