When there are multiple critical paths, we should do which of the following to crash the project? Crash a node common to all critical paths. Crash a combination of nodes that together will lower all critical paths.

Either #1 or #2 - whichever is cheapest.

Project crashing addresses tradeoffs between ___________ when it's necessary to shorten the project duration.

cost and time

Nodes with __________ must be on a critical path whereas nodes with ________ can be delayed.

zero slack; positive slack

A project is a series of related tasks directed toward a well-defined set of end results. Which of the following is not a typical defining characteristic of projects?

Low risk of time or cost overruns.

_____________________ manage both forward and reverse logistics to recover and reuse all materials from the production & fulfillment processes while creating as little waste as possible.

Closed-loop supply chains

From the list below, which of the following is NOT one of the three key principles of a circular economy.

Take-make-use-dispose

_____________ refers to the problem where individuals act in their own self-interest and neglect the well-being of society - e.g. exploiting or depleting a shared resource.

The Tragedy of the Commons

____________ promotes responsible (re)design of products and processes via holistic evaluation of environmental impacts across the full value chain from material acquisition to manufacturing, use, and final disposal.

Life Cycle Assessment

Which of the following statements regarding forecasts is NOT true?

Disaggregate forecasts are more accurate than aggregate.

__________ finds the best fit line through a set of data points to minimize the sum of the squared error terms.

Linear regression

_______________ forecasts are more subjective and better suited for long-range decisions whereas _____________ forecasts are more objective and better suited for short-range decisions.

Qualitative; quantitative

In a simple linear regression forecast, the R^2 value is a measure of the overall goodness of fit of the model and describes _________

The percent of variation in the demand explained by trend over time.

All of the following are effective ways to reduce lot sizes and cycle inventory EXCEPT:

Move toward lot-size based quantity discounts.

The economic order quantity model selects the order quantity that minimizes the sum of the yearly _____________.

Ordering + Holding + Procurement Costs

In a continuous review (R,Q) inventory management system what do the values of R and Q define?

Whenever inventory drops to reorder point, R, the system orders quantity, Q.

Which of the following is NOT a way to decrease safety stock based on insights from the (R,Q) policy?

Buy excess units during manufacturer trade promotions to hedge future price increases.

The appropriate time horizon for sales and operations planning and aggregate planning is ___________.

Intermediate or Medium-Range Plans: 3-18 months

Which of the following is NOT one of the key inputs into the aggregate plan?

Inventory policies for all downstream customers, e.g. reorder points, order quantities, base-stock levels.

_____________ systems improve responsiveness and utilization while lowering inventory levels by planning material requirements for items where demand is dependent upon demand for another item.

MRP

A level strategy with backorders sets production in each period equal to the ______________; whereas a level strategy without backorders sets production in each period equal to the _______________.

Average demand over the planning horizon; maximum average demand over the planning horizon

With ________________ inventory is placed with the retailer and owned by the retailer and the supplier replenishes inventory regularly based on warehouse withdrawals or POS data.

Continuous Replenishment Programs (CRPs)

Two primary causes of a lack of supply chain coordination are _____________.

Information distortion and local optimization

_______________ supply chain strategies focus on low cost solutions and minimizing waste whereas ________________ supply chain strategies focus on speed, flexible fulfillment, and ability to adapt quickly to whatever the customer wants.

Efficient; Responsive

___________ refers to what extent problems with delays, disruptions, poor quality, and low yields affect the production and distribution of products in the supply chain whereas ____________ refers to the degree to which customer needs are difficult to predict based on high variety, customization, and rapidly changing requirements.

Supply uncertainty; demand uncertainty

Forecast for Next Period = Forecast for Current Period + alpha*(Error from Current period)

Exponential Smoothing

Average n most recent periods weighted equally.

Simple Moving Average of order n

Average n most recent periods with potentially different weights for each period.

Weighted Moving Average

Forecast for Period t = Intercept + Slope*t

Trend Forecast with Linear Regression