Project #54142 - Decision Analysis Questions

1. 1.   Figure 3 on page 202 shows inventory costs versus order quantity with emphasis on the total cost, ordering cost, and the carrying cost. Discuss the significance of the shape of each curve and how it can be described in “plain language.” The curves also provide a graphical representation of the optimal order quantity. Discuss the significance of this point and why it coincides with the point of minimum total cost. 

 

2.   2. Many project managers use critical path analysis to minimize slack time in projects and ensure tasks are completed in a timely manner. Briefly discuss what is meant by critical path analysis. What are critical path activities and why are they important? 

 

 

3.   3, Why must the service rate be greater than the arrival rate in a single-channel queuing system? 

 

 

4.   4. Give an example of how you might use (or have used) Linear Programming in the "real world".                               

       BOOK: GBA 334   ISBN-13: 978-1-269-23601-0                                Responses need to include supporting information from the text.                2 paragraphs per answer

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Due By (Pacific Time) 01/21/2015 12:00 am
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