[Q5]: Choose the most suitable answer from the options given. (12Mark) 1. A job with a critical ratio less than 1.0 indicates that the job is: a) c) On schedule Ahead of schedule b) Falling behind schedule e) Requires additional setup time d) Completed on time f) Has a very short processing time 2. In the CR example, what is the implication of a negative critical ratio? b) Job is ahead of schedule. c) Job is significantly behind schedule. a) Job is on schedule. d) Insufficient data to determine. e) Job requires immediate attention g) Job has low priority. 3. What is the first step in applying the SPT rule? a) Calculate the flow time for each job c) Sort jobs by due date, earliest first Determine the total flow time for all jobs d) Sort jobs by processing time, shortest first 4. Which performance indicates the percentage of time a facility is actively processing jobs? a) Average completion time b) Average number of jobs in the system c) Average job lateness d) Utilization e) Total Flow Time f) Total Late Days 5. Which priority sequencing rule processes jobs in the order they arrive? a) (SPT) b) (EDD) c) (CR) e) Average Completion Time f) Total Flow Time g) First Come, First Served Average Number of Jobs 6. A key property of a game in game theory is: a) Infinite number of players. b) Players are unaware of their own strategies. c) The strategies and their effects are unknown to players. d) Games always have a clear winner and loser. f) Each player has a finite number of possible courses of action. 7. A "two-person, zero-sum game" implies: a) There are two players, and the loss of one player is equivalent to the gain of the other b) There are two players, and the sum of their net gains is non-zero. c). Two players are involved, and one player's gain is not necessarily the other's loss. d) It is an infinite game with uncertain outcomes. 8. A mixed strategy in game theory involves: a) Choosing among pure strategies with fixed probabilities. b) The player always choosing the same action. c) A deterministic approach to the game. d) Only using a limited range of available strategies. 9. The graphical method for solving games is applicable to: a) Only 2x2 games. b) Games involving more than two players. c) 2xn and nx2 games. d) Games with only pure strategies. e) Games involving continuous payoffs. 10. What is the primary disadvantage associated with the periodic inventory system? (a) The high cost of continuous inventory monitoring. (b) The inability to identify an EOQ. (c) The potential for increased stock-outs due to infrequent review and lack of real-time inventory information. (d) The inability to accurately forecast future demand for products. 11. The Economic Order Quantity (EOQ) model assumes all of the following EXCEPT: (a) Annual demand is known and remains constant. (c) Each order is received in a single delivery. (e) Only one product is involved in the calculation. (b) Lead time is variable and unpredictable. (d) There are no quantity discounts. 12. Which cost is NOT directly considered in the basic EOQ model? (a) Ordering cost (b) Holding cost (c) Annual demand (d) Order size (e) Shortage cost Page 2 of 3

[Q5]: Choose the most suitable answer from the options given. (12Mark) 1. A job with a critical ratio less than 1.0 indicates that the job is: a) c) On schedule Ahead of schedule b) Falling behind schedule e) Requires additional setup time d) Completed on time f) Has a very short processing time 2. In the CR example, what is the implication of a negative critical ratio? b) Job is ahead of schedule. c) Job is significantly behind schedule. a) Job is on schedule. d) Insufficient data to determine. e) Job requires immediate attention g) Job has low priority. 3. What is the first step in applying the SPT rule? a) Calculate the flow time for each job c) Sort jobs by due date, earliest first Determine the total flow time for all jobs d) Sort jobs by processing time, shortest first 4. Which performance indicates the percentage of time a facility is actively processing jobs? a) Average completion time b) Average number of jobs in the system c) Average job lateness d) Utilization e) Total Flow Time f) Total Late Days 5. Which priority sequencing rule processes jobs in the order they arrive? a) (SPT) b) (EDD) c) (CR) e) Average Completion Time f) Total Flow Time g) First Come, First Served Average Number of Jobs 6. A key property of a game in game theory is: a) Infinite number of players. b) Players are unaware of their own strategies. c) The strategies and their effects are unknown to players. d) Games always have a clear winner and loser. f) Each player has a finite number of possible courses of action. 7. A "two-person, zero-sum game" implies: a) There are two players, and the loss of one player is equivalent to the gain of the other b) There are two players, and the sum of their net gains is non-zero. c). Two players are involved, and one player's gain is not necessarily the other's loss. d) It is an infinite game with uncertain outcomes. 8. A mixed strategy in game theory involves: a) Choosing among pure strategies with fixed probabilities. b) The player always choosing the same action. c) A deterministic approach to the game. d) Only using a limited range of available strategies. 9. The graphical method for solving games is applicable to: a) Only 2x2 games. b) Games involving more than two players. c) 2xn and nx2 games. d) Games with only pure strategies. e) Games involving continuous payoffs. 10. What is the primary disadvantage associated with the periodic inventory system? (a) The high cost of continuous inventory monitoring. (b) The inability to identify an EOQ. (c) The potential for increased stock-outs due to infrequent review and lack of real-time inventory information. (d) The inability to accurately forecast future demand for products. 11. The Economic Order Quantity (EOQ) model assumes all of the following EXCEPT: (a) Annual demand is known and remains constant. (c) Each order is received in a single delivery. (e) Only one product is involved in the calculation. (b) Lead time is variable and unpredictable. (d) There are no quantity discounts. 12. Which cost is NOT directly considered in the basic EOQ model? (a) Ordering cost (b) Holding cost (c) Annual demand (d) Order size (e) Shortage cost Page 2 of 3

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter9: Applications Of Cost Theory

Section: Chapter Questions

Problem 2.1CE

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