All of the Following Are Real Computer Applications That Perform

question 2

Multiple Choice

All of the following are real computer applications that perform quantitative analysis except

• A)Solver in Excel.
• B)Goal Seek in Excel.
• C)Excel QM.
• D)QA for Windows.

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Definitions:

ABC Analysis

is an inventory categorization technique that divides items into three categories (A, B, and C) based on their importance or value, helping to prioritize management and resource allocation.

Economic Order Quantity Model

A mathematical model that determines the optimal order size that minimizes the total cost of holding and ordering inventory.

Production Order Quantity Model

A mathematical model used to determine the optimal order quantity that minimizes total inventory costs, considering both holding and setup costs.

Annual Setup Costs

The total expenses incurred from setting up machinery or equipment for production runs in a factory, accumulated on a yearly basis.