Economics
Question 1.
1. The three basic production strategies for addressing the aggregate planning problem are the capacity production strategy, the level production strategy, and the chase production strategy. (Points : 1)
True
False
Question 2.
2. When designing a manufacturing or service process, or even during the reengineering of such a process, a Pareto chart would be an essential tool for evaluating the process in terms of its action elements, waiting periods, and process flow. (Points : 1)
True
False
Question 3.
3. Which of the following indices provided by the Institute for Supply Management (ISM) is considered the most important by economists because it is a composite of five weighted, seasonally adjusted indices? (Points : 1)
Purchasing Managers Index
Export Orders Index
Production and Inventory Index
New Orders Index
Question 4.
4. While the philosophy of Six Sigma means different things to different people and is practiced differently in different companies, according to the textbook, two of the more important and agreed-upon elements of Six Sigma are: (Points : 1)
Minimizing inventories and increasing material flow
Focusing on the customer and workforce involvement
Rewarding employees and keeping defect rates below 2%
Minimizing inventories and keeping defect rates below 1%
Question 5.
5. According to the textbook, which of the following is NOT a way to closely match supply and demand? (Points : 1)
Holding high amounts of inventory
Maintaining a rigid pricing system
Utilizing overtime
Hiring temporary workers
