Services are intangible processes that cannot be weighed or measured.
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Continual review and updating in light of new data is a forecasting technique called
second-guessing.
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In the weighted moving average forecasting model the weights must add up to one
times the number of data points.
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Facility location analysis considers the competitive imperative of locating near the
appropriate labor pool to take advantage of low wage costs and/or skill levels.
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When stocked items are sold, the optimal inventory decision using marginal analysis is
to stock that quantity where the probable profit from the sale or use of the last unit is
equal to or greater than the probable losses if the last unit remains unsold.
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A quality guru named Philip Crosby defined quality as conformance to requirements.
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In a decision tree, the only time probabilities are applied to a decision node is when the
decision is being made by someone else such as you customer or your competitor.
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In a CPM analysis if you subtract the late finish from the early finish the result is the
activity’s slack time.
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The economic order quantity (EOQ) lot sizing technique uses the ‘square root formula”
to balance set-up cost and carrying cost.
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Slack activity time is the difference between the early start and the late finish of a
project activity time.
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A master production schedule is an input to a material requirements planning (MRP)
system.
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