In Modeling, an Optimal Solution Is Understood to Be

question 70

Multiple Choice

In modeling, an optimal solution is understood to be

• A) a solution found in the least possible time and using the least possible computing resources.
• B) a solution that can only be determined by an exhaustive enumeration and testing of alternatives.
• C) a solution that is the best based on criteria defined in the design phase.
• D) a solution that requires an algorithm for determination.

Describe reactance, its causes, and consequences on behavior and decisions.

Identify causes of self-defeating behavior, including faulty knowledge and ineffective strategies.

Understand the purpose and structure of manufacturing overhead budgets and differentiate between variable, mixed, and fixed costs.

Grasp the preparation process and components of a budgeted balance sheet based entirely on annual budgets.

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Definitions:

Pull System

A production strategy that relies on demand-driven production where products are only made when there is a customer demand, to reduce waste.

Throughput

The rate at which a system generates its products or services over a specific period.

Manufacturing Cycle Time

The total time required to manufacture a product, from the start of the production process to its completion.

Kanban

A scheduling system for lean manufacturing and just-in-time production, which uses visual cues to signal steps in the production process.