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Apeejay Institute of Technology *

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MISC

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Management

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Nov 24, 2024

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Question 1: What operations management function is most important to complete prior to inventory management? Correct Answer: C. Location analysis Explanation: Explanation: Location analysis is the most crucial operations management function to complete before inventory management because the location of a facility can significantly impact inventory management decisions. The choice of location affects transportation costs, lead times, supply chain efficiency, and customer service levels. It determines how accessible suppliers and customers are, which in turn affects demand forecasting, stock levels, and overall inventory strategies. Facility layout (Option A) deals with the internal arrangement of the facility and, while important, is not as directly tied to inventory management as location analysis. Total quality management (Option B) is primarily focused on improving product and service quality, which, while important, is not the most critical factor before addressing inventory management. Forecasting demand (Option D) is essential for inventory management but relies on data that can be influenced by the location of the facility. Therefore, location analysis takes precedence. Step 2 of 3 Question 2: What is the term for a procedure or set of rules to solve a problem as an alternative to mathematical optimization? Correct Answer: C. Heuristic Explanation: Explanation: A heuristic is a problem-solving approach that uses rules of thumb or practical guidelines to find a solution that may not be guaranteed to be optimal but is often good enough in practice. Heuristics are employed when mathematical optimization methods are too complex, time- consuming, or impractical. Decision trees (Option B) and linear programming (Option D) are mathematical optimization techniques, whereas multiobjective procedures (Option A) typically involve optimization rather than serving as an alternative to it.

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