DCSN200 B-LG2.1: Decision Making
Description
6. Understand and apply single stage decision trees and calculate Expected Monetary Value (EMV).
7. Understand qualitative and quantitative methods for demand forecasting. Apply quantitative methods such as exponential smoothing, trend projection, seasonal indexes and regression and correlation analysis.
8. Understand and apply Statistical Process Control and determine process capability. That includes using control charts (x-chart, R-chart, p-charts and c-charts) cp and cpk.
9. Understand location and layout strategies.
10. Understand inventory and supply chain management. Apply Economic Order Quantity (EOQ), Production Order Quantity (POQ), quantity discount and simple safety stock calculation models.
11. Understand planning and scheduling in operations applying various techniques such as crossover points and break-even analysis and short-term scheduling (priority and Johnson’s rules).