SCMA 331 Exam 2 UPDATED Study Guide QUESTIONS AND CORRECT ANSWERS

SCMA 331 Exam 2 UPDATED Study Guide
QUESTIONS AND CORRECT ANSWERS
three generic strategies in product design - CORRECT ANSWERS
Differentiation, Cost Leadership, Response


modular design - CORRECT ANSWERS Designing products in
segments or modules for easier customization


purpose of CAD/CAM - CORRECT ANSWERS To improve product
design and manufacturing efficiency


robust design - CORRECT ANSWERS A design that can tolerate small
variations in production without affecting quality


EMV in decision making under risk - CORRECT ANSWERS Expected
Monetary Value = Σ (Probability × Payoff)


EVPI - CORRECT ANSWERS Expected Value of Perfect Information;
it's the value of eliminating uncertainty


Maximax criterion - CORRECT ANSWERS Choosing the alternative
with the maximum of the maximum payoffs (optimistic)


Maximin criterion - CORRECT ANSWERS Choosing the alternative
with the maximum of the minimum payoffs (pessimistic)


7 concepts of TQM - CORRECT ANSWERS Continuous improvement,
Six Sigma, Employee empowerment, Benchmarking, JIT, Taguchi methods,
TQM tools