IIBM – Production and Operation Management Answer sheet

Q1. If the number of restrictions on sources is ‘a’ and the number of restrictions on destinations is ‘b’ then with the use of the ‘stepping stone procedure’, the number of ‘used cells’ will be

1. a+b+1
2. a+b+2
3. a-b-1
4. a+b-1

Q2. The value of the smoothing coefficient ‘α’ lies

1. Between 1 and ∞
2. Between 0 and 1
3. Between -1 and 1
4. Between 1 and 2

Q3. Forecasting error is

1. The difference between forecasted demand and actual demand
2. The ratio of forecasted demand and actual demand
3. The difference between the standard forecast demand and the evaluated forecast demand
4. Ratio of standard forecast demand and the evaluated forecast demand

Q4. For forecasting the analyzers plot the demand data on a time scale, study the plot, and then look for consistent patterns. Now what does the high noise mean to these patterns

1. Many of the points lie away from the pattern
2. Most of the points lie close to the pattern
3. All the points lie on the pattern
4. None

Q5. Payback period is

1. The length of time after which the production starts
2. The length of time after which the selling starts
3. The length of time required to recover the investment
4. The length of time for which the firm bears replacement of the good.

Q6. Salvage value is the income from

1. Selling an asset
2. Buying an asset
3. Bargaining in selling
4. Price raised stock

Q7. On a total factor basis ‘Productivity’ is given by x/y, where ‘y’ is

1. Labor + Capital +Materials
2. Labor + Capital + Materials + Energy
3. Capital
4. Capital + Materials

Q8. Economic efficiency is given by

1. Input /output
2. Input /100
3. (Output-input)/input
4. Output /input

Q9. This implies effective management that ensures an organization’s long-term commitment to the continuous improvement of quality.

1. Quality management
2. Strategic management
3. Total quality management
4. Operations management

Q10. This technique for improving productivity involves analyzing the operations of the product or service, estimating the value of each operation, and modifying (or) improving that operation so that the cost is lowered.

1. Value engineering
2. Time-event network
3. Work simplifications
4. Quality circles

Part Two:

Q1. What are the different types of models in production and operation management?

Q2. Define ‘Depreciation’.

Q3. What do you understand by ‘Bias’?

Q4. What are ‘Learning curves’?

Q5. What do you recommend? Should the company implement one of the new technologies? Why or why not?

Q6. An operations analyst suggested that company employees shared a “dump on the clerks” mentality. Explain.

Q7. Prepare a worksheet of operations activities that Harrison should inquire about this summer.

Q8. If you were Harrison, what would you do? Why?

Q9. Productivity is an important tool for managers as it helps them to track progress toward the more efficient use of resources in producing goods and services. Elucidate.

Q10. In addition to operations research, what are the other tools and techniques used by organizations to improve productivity?

 

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