Dynamic Modelling: Certainty Case

<p>Deterministic.</p> Signup and view all the answers

<p>External shocks or unforeseen events.</p> Signup and view all the answers

<p>A predictable increase in sales in a stable market environment.</p> Signup and view all the answers

<p>It has precisely known parameters and variables.</p> Signup and view all the answers

<p>It is free from unexpected changes.</p> Signup and view all the answers

<p>It does not consider uncertainty.</p> Signup and view all the answers

<p>The system is deterministic and predictable.</p> Signup and view all the answers

<p>Because many systems are subject to uncertainty due to various factors.</p> Signup and view all the answers

<p>Managing WIP levels to maintain a smooth and efficient flow through the system</p> Signup and view all the answers

<p>Identifying and addressing constraints in the production process</p> Signup and view all the answers

<p>To determine the quantity and timing for the acquisition of dependent demand items</p> Signup and view all the answers

<p>Reduced inventory levels and lower carrying costs</p> Signup and view all the answers

<p>To ensure that materials are available for production and that production resources are appropriately scheduled</p> Signup and view all the answers

<p>To manage WIP levels and maintain a smooth flow through the system</p> Signup and view all the answers

<p>The P-System manages production rates and capacities, while the Q-System manages WIP levels</p> Signup and view all the answers

<p>To identify and address constraints in the production process</p> Signup and view all the answers

<p>To ensure that materials are available for production and that production resources are appropriately scheduled</p> Signup and view all the answers

<p>Increased efficiency in production planning and scheduling</p> Signup and view all the answers

<p>It does not account for uncertainties and variability</p> Signup and view all the answers

<p>Dealing with constant demand scenarios</p> Signup and view all the answers

<p>Lack of certainty regarding future events and outcomes</p> Signup and view all the answers

<p>Maximizing productivity and efficiency</p> Signup and view all the answers

<p>The Economic Production Quantity (EPQ) model</p> Signup and view all the answers

<p>Variability in demand and supply</p> Signup and view all the answers

<p>Dynamic models account for uncertainties and variability</p> Signup and view all the answers

<p>Ensuring the production process operates at its maximum potential</p> Signup and view all the answers

<p>It can lead to increased costs and customer dissatisfaction</p> Signup and view all the answers

<p>Production planning and control models</p> Signup and view all the answers

<p>To reduce inventory holding costs and increase inventory turnover</p> Signup and view all the answers

<p>Accumulation of unsalable inventories</p> Signup and view all the answers

<p>Reduced warehouse holding costs</p> Signup and view all the answers

<p>To incorporate both internal and external information flows</p> Signup and view all the answers

<p>Line managers would no longer have to chase information</p> Signup and view all the answers

<p>Ordering only what is needed to meet demand</p> Signup and view all the answers

<p>For managing both internal and external business functions</p> Signup and view all the answers

<p>Reduced inventory waste</p> Signup and view all the answers

<p>Guaranteeing benefits even for multi-plant, multi-location global operations</p> Signup and view all the answers

<p>All business functions including planning, inventory, manufacturing, finance, human resources, marketing, and sales</p> Signup and view all the answers

<p>All variables and parameters are known with absolute precision.</p> Signup and view all the answers

<p>It is highly predictable with no external influences.</p> Signup and view all the answers

<p>A predicted increase in production rates based on historical data.</p> Signup and view all the answers

<p>They are deterministic and follow precise mathematical functions.</p> Signup and view all the answers

<p>Uncertainty and external shocks.</p> Signup and view all the answers

<p>Modeling production of a specific product with exact values for production rates, material costs, and demand patterns.</p> Signup and view all the answers

<p>To create more realistic and accurate models.</p> Signup and view all the answers

<p>It is highly uncertain and prone to external shocks.</p> Signup and view all the answers

<p>It assumes that all variables and parameters are known with absolute precision.</p> Signup and view all the answers

<p>That all variables and parameters are known with absolute precision.</p> Signup and view all the answers

<p>It often does not reflect real-world conditions accurately</p> Signup and view all the answers

<p>An inventory management model that deals with constant demand</p> Signup and view all the answers

<p>To determine the optimal production quantity</p> Signup and view all the answers

<p>Uncertainty</p> Signup and view all the answers

<p>Maximizing productivity and efficiency</p> Signup and view all the answers

<p>To identify and eliminate bottlenecks</p> Signup and view all the answers

<p>It focuses on maximizing productivity and efficiency</p> Signup and view all the answers

<p>It is critical for effective risk management</p> Signup and view all the answers

<p>Production planning and control</p> Signup and view all the answers

<p>They are complementary systems</p> Signup and view all the answers

<p>To reduce inventory holding costs and increase inventory turnover</p> Signup and view all the answers

<p>It reduces inventory waste</p> Signup and view all the answers

<p>It requires carefully planning the entire supply chain</p> Signup and view all the answers

<p>It decreases warehouse holding costs</p> Signup and view all the answers

<p>To drive the flow of information between all internal business functions</p> Signup and view all the answers

<p>It brings a new culture, cohesion, and vigour to the organization</p> Signup and view all the answers

<p>Practical systems used by organizations to manage basic business functions</p> Signup and view all the answers

<p>It can guarantee benefits even in a multi-plant, multi-location global operation</p> Signup and view all the answers

<p>It is a high-cost and difficult proposition</p> Signup and view all the answers

<p>Marketing and sales</p> Signup and view all the answers

<p>To manage the flow of work through the system and maintain a smooth and efficient production process</p> Signup and view all the answers

<p>To determine the quantity and timing of dependent demand items needed to meet master production schedule requirements</p> Signup and view all the answers

<p>To improve the overall efficiency of the production process by synchronizing it with the bottleneck</p> Signup and view all the answers

<p>The P-System focuses on identifying and addressing bottlenecks, while the Q-System focuses on managing the flow of work through the system</p> Signup and view all the answers

<p>To ensure that materials are available for production and that production resources are appropriately scheduled</p> Signup and view all the answers

<p>To improve the overall efficiency of the production process by ensuring that materials are available for production</p> Signup and view all the answers

<p>To manage inventory levels, production schedules, and procurement activities</p> Signup and view all the answers

<p>They are complementary and work together to optimize production processes</p> Signup and view all the answers

<p>To achieve optimal results by synchronizing the entire production process with the bottleneck</p> Signup and view all the answers

<p>To ensure that materials are available for production and that production resources are appropriately scheduled</p> Signup and view all the answers