Exam 1
Review
Exam 1 format
• Multiple Choice section- 20 %
– closed book, closed notes, closed computer
– Use review sheet to study, know definitions and
basic facts about each
• Problem section- 80 %
– 5 problems, based on homework / quizzes
– Using excel will help a lot on certain problems
– Review list on the following slides
Problem types
(For underlined types use the excel macro)
1. Decision Tables – maximax,
maximin, expected value, Expected
value of perfect information
Use macros for everything!
Problem types
2. Decision trees – be sure to differentiate
own decisions from external decisions
(Square vs. Circle nodes)
• Square nodes- select the maximum from
the nodes that follow (b/c you get to pick.)
• Circle nodes- multiply the probability of
each following node by the payoff for that
node and add them up
• Consider “doing nothing” when all
choices give negative payoff
• Compute value of information (possibly
imperfect information)
Problem types
3. Forecasting –
• Time series: Be able to predict using moving
average, weighted moving average,
exponential smoothing, or regression
• Compare using MAD, MSE, MAPE, or Bias
4. Use Seasonal Factors / Indices to make
prediction for specific seasons in the future
(using regression over aggregate time period)
Problem types
5. Operations layout- (Process layout)
• Locating departments within a facility
• Relationship between departments will be
given as a flow table
• You determine the distance between
rooms based on the problem description /
picture
• Macro finds a best assignment
• Interpret result (Draw picture of layout,
interpret total movements amount)
Problem types
6. Operations layout- (Product layout)
• Line Balancing
• Compute Desired Cycle Time = Takt time = Cd
• Compute Min number of Workstations = N
• Group tasks into wkst’ns
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Each wkst’n should use less time than Cd
Cannot jump over steps
Try to get as few wkst’ns as possible
If multiple assignments have the same # wkst’ns, pick
the most efficient, then most balanced
• Compute Efficiency and Idle Time