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Scenario 1-4 You have the afternoon free. You have a choice between going to the movies with a friend or studying economics for three hours. If you go to the movies, you will spend $12.00 on a ticket and $4.75 on popcorn. If you choose to study economics for three hours, you will raise your exam grade by 15 points.
-Refer to Scenario 1-4. What is your opportunity cost of studying economics?
LPT
Longest Processing Time; a rule used in job scheduling that sequences jobs in decreasing order of their processing times.
Due Date
The specific date by which something is supposed to be completed or paid.
Priority Rules
Guidelines used in manufacturing and project management to determine the order in which tasks or jobs should be executed based on their importance.
Process Time
The duration it takes to complete a specific task or operation from start to finish in a manufacturing or service process.
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