Question

1 a) Provide a definition of Manufacturing Planning and Contro 1 b) Provide True or False Response (Circle one) to the following questions: 1 Customer contact is usually much lesser in services than mig. T F ii) Input variability tends to be higher in services than mfg. TF iii) Jobs in mfg. are often less structures than in the services? T F 1c) Explain briefly the meaning of "Bounded Rationality" 1d) Succinctly explain the term "Value Chain"? 1e) 1) What is implied value of Simulation Modeling? 1 ii) List three Simulation modeling tools in use in the Industry.

Answer 1

1 (a)- A manufacturing planning and control system deals with planning and controlling all things related to manufacturing, materials, machines, people, and coordinating suppliers as well as customers. MPC system is very important for the success of any company.

1 (b)-

(b1) False

Service involves a much higher degree of customer contact than manufacturing.

(b2) false

It is lower in service than mfg.

(b3) false

It is more structured than in the mfg.

1(c)- It is the idea that our decisions are rational but also limited.

Whatever decisions we make are limited by the information that is available and our our mind capabilities.

1(d)- It is an approach to improve the value or quality of a product or process by understanding how it made or constituted and their costs. After that finding a solution to improve the constituents by decreasing the cost or raising the value.