Production and Operations Management Test Bank
Course Introduction
Production and Operations Management explores the strategies, techniques, and tools used to design, operate, and improve the systems that create and deliver an organizations goods and services. The course examines topics such as process analysis, capacity planning, quality control, inventory management, supply chain coordination, and lean operations. By integrating theoretical frameworks with real-world applications, students learn how to optimize productivity and efficiency while balancing cost, quality, and responsiveness in both manufacturing and service environments. The course also considers current trends such as sustainability and the impact of technology on operations management.
Recommended Textbook
Practical Management Science 5th Edition by
Wayne L. Winston
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14 Chapters
421 Verified Questions
421 Flashcards
Source URL: https://quizplus.com/study-set/2228
Page 2
Chapter 1: Introduction to Modeling
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30 Verified Questions
30 Flashcards
Source URL: https://quizplus.com/quiz/44310
Sample Questions
Q1) Which of the following is not one of the desired conditions for a successful model implementation?
A)The people who will run the model understand how to enter appropriate inputs
B)The people who will run the model are able to run what-if analysis
C)The people who will run the model are able to modify it
D)The people who will run the model are able to interpret the model's outputs correctly
Answer: C
Q2) As models become larger and more complex, heuristic solutions are often adequate, even though they are not necessarily optimal solutions.
A)True
B)False
Answer: True
Q3) Data are often not in the required form, in which case it is the analysts' job to gather the right data and put it into an appropriate format.
A)True
B)False
Answer: True
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Chapter 2: Introduction to Spreadsheet Modeling
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Sample Questions
Q1) To evaluate which of a set of curves fits the data best, we can use:
A)APE
B)MAPE
C)R2
D)NPV
Answer: B
Q2) The Excel tool for solving one equation with one unknown is:
A)Solver
B)Goal Seek
C)Trend function
D)NPV function
Answer: B
Q3) Estimating the relationships between variables in a spreadsheet model can be done using:
A)data tables
B)Goal Seek
C)the VLOOKUP function
D)curve fitting
Answer: D
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Page 4
Chapter 3: Introduction to Optimization Modeling
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30 Flashcards
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Sample Questions
Q1) [Part 2] Refer to Exhibit 3-2. Obtain a sensitivity report for the solution reported in Part 1. Which constraints are binding?
Answer: Adjustable Cells
11ecfb88_2c84_b05d_afbb_5101065d030a_TB6344_11
Constraints
11ecfb88_3371_9b8e_afbb_0b1618cc4d6b_TB6344_11 Steel available, Aluminum available, Assembly SS, and Market Deluxe SS all have nonzero shadow prices, so they are binding.
Q2) If the objective function has the equation {4x + 2y}, then the slope of the objective function line is 2.
A)True
B)False
Answer: True
Q3) If a constraint has the equation 5x + 2y 60, then the constraint line passes through the points (0,12) and (30,0).
A)True
B)False
Answer: False
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Chapter 4: Linear Programming Models
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31 Verified Questions
31 Flashcards
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Sample Questions
Q1) Refer to Exhibit 4-2. Suppose the bonus for completing the project three months early is $250,000. What would be the net bonus to the company, after adjusting for any difference in personnel costs under the accelerated schedule?
Q2) Integer programming (IP) models are optimization models in which all of the variables must be integers.
A)True
B)False
Q3) In aggregate planning models, we can model backlogging of demand by allowing a month's inventory to be negative.
A)True
B)False
Q4) Refer to Exhibit 4-1. Suppose the hospital has 40 nurses and is not allowed to hire or fire any employees, and cannot temporarily schedule nurses on their on call days. Determine a schedule that maximizes the number of weekend days off received by the nurses.
Q5) Refer to Exhibit 4-4. Assuming that all fertilizer produced can be sold, determine the optimal blending plan for the company. What is the maximum profit?
Q6) Refer to Exhibit 4-1. Use Solver to formulate and solve the hospital's problem.
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Chapter 5: Network Models
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30 Flashcards
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Sample Questions
Q1) The objective in transportation problems is typically to:
A)maximize profits
B)maximize revenue
C)minimize costs
D)maximize feasibility
Q2) Refer to Exhibit 5-2. Suppose Tech 2 will not be available during the next month. Keeping the same number of design and construction plan projects, how many survey projects would the firm be able to do? What would be the revised assignment plan in that case?
Q3) In transportation problems, shipments between supply points or between demand points are possible.
A)True
B)False
Q4) In a typical network model representation of the transportation problem, the nodes indicate
A)roads
B)rail lines
C)geographic locations
D)rivers
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Chapter 6: Optimization Models With Integer Variables
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Sample Questions
Q1) During the solution of a problem with the branch and bound algorithm, an incumbent solution represents an upper bound on the solution.
A)True
B)False
Q2) In a linear model, the target cell and constraints are ultimately:
A)a product of changing cells
B)a sum of products of changing cells
C)a product of constants and changing cells
D)a sum of products of constants and changing cells
Q3) Fixed costs imply that the divisibility assumption of linear models no longer holds.
A)True
B)False
Q4) The higher the upper bound produced in the branch and bound solution process, the faster the algorithm will be.
A)True
B)False
Q5) Refer to Exhibit 6-1. This problem is an example of what type of integer programming model?
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Chapter 7: Nonlinear Optimization Models
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Sample Questions
Q1) As an objective, minimizing the sum of squared errors is equivalent to minimizing the A)root mean square error
B)weighted sum of squared errors
C)sum of absolute errors
D)maximum absolute error
Q2) Refer to Exhibit 7-1. How many units of each product should the company produce? What prices should it charge, to maximize profit?
Q3) In advertising response models, a typical source of nonlinearity is a decreasing marginal effect, where each extra ad gains fewer exposures than the previous ad.
A)True
B)False
Q4) A function is concave if:
A)its slope is always nondecreasing
B)a line drawn connecting two points on the curve never lies below the curve
C)its slope is always nonincreasing
D)it is always positive
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Chapter 8: Evolutionary Solver: An Alternative Optimization
Procedure
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Sample Questions
Q1) Refer to Exhibit 8-4. Formulate and solve a shortest-path model using Evolutionary Solver. What is the shortest distance Steve can travel and visit all cities? What is the route?
Q2) Refer to Exhibit 8-1. This is an example of what type of optimization problem?
Q3) The initial set of chromosomes generated by a genetic algorithm is called the population.
A)True
B)False
Q4) Which of the following is not one of the Excel functions that necessitate the use of Evolutionary Solver to obtain solutions?
A)SUM
B)IF
C)MAX
D)MIN
Q5) If you let a genetic algorithm run long enough, it is guaranteed to find the solution to any optimization problem.
A)True
B)False
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Chapter 9: Decision Making Under Uncertainty
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Sample Questions
Q1) Refer to Exhibit 9-1. Construct a decision tree to help the farmer make his decision. What should he do? Explain your answer.
Q2) Which of the following statements is true concerning decision tree conventions?
A)Time proceeds from right to left.
B)The trees are composed of circles, triangles and ovals.
C)The nodes represent points in time.
D)Probabilities of outcomes are shown to the right of the end nodes.
Q3) Refer to Exhibit 9-1. Suppose the farmer is not risk-neutral, but instead his behavior can be modeled using an exponential utility function with a risk tolerance parameter of 100,000. What is the most he would be willing to pay for insulation in that case?
Q4) Bayes' rule is used for updating the probability of an uncertain outcome after observing the results of a test or study.
A)True
B)False
Q5) Refer to Exhibit 9-1. Suppose the farmer is uncertain about the reliability of the National Weather Service forecast. If he thinks the probability of a freeze occurring could be anywhere between 40% and 80%, would that change his decision?
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Page 11
Chapter 10: Introduction to Simulation Modeling
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Sample Questions
Q1) A common guideline for constructing a 95% confidence interval is to place upper and lower bounds one standard error on either side of the mean.
A)True
B)False
Q2) Discrete distributions are sometimes used in place of continuous distributions:
A)because they are more accurate
B)because they are more simple
C)when we don't know the mean and variance of the distribution
D)when we need to generate a histogram
Q3) Which of the following statements is true regarding the Triangular distribution?
A)It is a discrete distribution with a minimum, maximum and most likely value
B)It is more flexible and intuitive than the normal distribution
C)It is a symmetric distribution
D)All of these options
Q4) The RAND() function in excel models which of the following probability distributions?
A)Normal(0,1)
B)Uniform(0,1)
C)Normal( 1,1)
D)Uniform( 1,1).
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Chapter 11: Simulation Models
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Sample Questions
Q1) A common distribution for modeling product lifetimes is the normal distribution
A)True
B)False
Q2) Which of the following functions is not an @RISK statistical function?
A)RISKMIN
B)RISKMAX
C)RISKPERCENTILE
D)RISKSIMTABLE
Q3) The value at risk (VAR) is typically defined as the:
A)5th percentile of NPV distribution
B)10th percentile of NPV distribution
C)90th percentile of NPV distribution
D)95th percentile of NPV distribution
Q4) In bidding models, the simulation output variable is the number of competitors who will bid.
A)True
B)False
Q5) [Part 1] Refer to Exhibit 11-1. What is the deterministic next present value (NPV) of the project, including the required investment, assuming a 10% discount rate?
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Chapter 12: Inventory and Supply Chain Models
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Sample Questions
Q1) Which of the following is not one of the assumptions in an economic order quantity (EOQ) model?
A)Orders can be placed at any time
B)Demand is constant
C)Lead time for delivery of the product from the supplier is constant
D)Annual holding cost is constant
Q2) Refer to Exhibit 12-3. Formulate a Solver model and find the optimal order quantity for the cotton sweaters. What is the optimal order? How much, if any, is the maximum backlog?
Q3) Any particular service level constraint in a probabilistic inventory model can be equivalently formulated with an appropriate unit holding cost
A)True
B)False
Q4) In specifying an (R,Q) ordering policy, the choice of R depends largely on:
A)How shortage costs are measured
B)Fixed ordering costs
C)Nonfinancial holding costs
D)Financial holding costs
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14
Chapter 13: Queuing Models
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Sample Questions
Q1) The two basic modeling approaches for queuing systems are optimization and simulation.
A)True
B)False
Q2) Refer to Exhibit 13-4. Use the M/M/s template to find the expected number of busy servers, and the expected fraction of time each server is busy
Q3) Refer to Exhibit 13-2. What is the server utilization?
Q4) In an Erlang loss model, customers who arrive when all servers are busy are lost to the system.
A)True
B)False
Q5) Refer to Exhibit 13-3. What percentage of all customers have to spend at least some small amount of time waiting in line?
Q6) [Part 2] Refer to Exhibit 13-1. Assuming an exponential distribution with the parameter you obtained in Part 1, what is the probability that a customer interarrival time will be less than 2 minutes?
Q7) Refer to Exhibit 13-2. How many of the servers are busy on average?
Q8) Refer to Exhibit 13-3. What is the average length of the waiting line?
Page 15
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Chapter 14: Regression and Forecasting Models
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Sample Questions
Q1) In reference to the equation , the value 0.10 is the expected change in Y per unit change in X.
\[\hat { Y } = - 0.70 + 0.10 X\]
A)True
B)False
Q2) Refer to Exhibit 14-1. How does the R2 value for this multiple regression model compare to that of the simple regression model estimated above? Interpret the adjusted R2 values for the two models.
Q3) When using the moving average method, you must select ____ which represent(s) the number of terms in the moving average.
A)a smoothing constant
B)the explanatory variables
C)an alpha value
D)a span
Q4) The adjusted R2 is used primarily to monitor whether extra explanatory variables really belong in a multiple regression model.
A)True
B)False
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