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MIDTERM SHITS Flashcards

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1
Q

play a key role in leadership to achieve organizational
goals.

A

Managers, including engineering
managers,

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2
Q

is essential for
engineers in designing products,
systems, and scheduling operations.

A

Decision-making

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3
Q

must decide on materials,
processes, task assignments, and
timelines

A

Engineers

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4
Q

Every decision impacts operations,
either ____________ OR ______________

A

immediately or in the long run.

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5
Q

are
crucial for an engineering manager’s
success.

A

Strong decision-making skills

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6
Q

can harm or even
destroy an organization, while good
decisions lead to growth and
progress.

A

Poor decisions

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7
Q

is the process of
identifying and selecting the best
course of action based on the
situation’s demands.

A

Decision-making

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8
Q

It is considered the core function of
management.

A

DECISION MAKING

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9
Q

A structured step-by-step approach
helps in making well-informed and
effective decisions.

A

. DECISION MAKING

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10
Q

To make a decision you:

A

 MUST have at least two (2) choices
from which to choose (to do or not to
do)

 MUST involve something achievable

 MUST have the POWER to decide

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11
Q

Decisions are made at __________ and _______ of management.

A

different levels
and stages

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12
Q

play a key role
in decision-making, especially in
resource allocation.

A

Engineering managers

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13
Q

_______- are inevitable, but good
managers identify and correct errors
quickly.

A

Mistakes

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14
Q

are harmful to an
organization and should be removed.

A

Indecisive managers

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15
Q

face more
complex decisions, requiring greater
responsibility and accountability.

A

Higher management levels

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16
Q

Rational decision-making, according to
David H. Holt, is a process involving the
following steps:

A
  1. Diagnose problem
  2. Analyze environment
  3. Develop viable alternatives
  4. Evaluate alternatives
  5. Make a choice
  6. Implement decision
  7. Evaluate and adapt decision results
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17
Q

Identifying the problem is the first and
most crucial step in making an
intelligent decision.

A

DIAGNOSE PROBLEM

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18
Q

A well-defined problem is already
halfway to being solved

A

DIAGNOSE PROBLEM

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19
Q

DIAGNOSE PROBLEM

A problem exists when there is a gap
between the __________ and _________

A

actual and desired
situation

Example: A construction company has a
contract to build a 25-story building. The
problem is that the building is not yet
constructed, creating a gap between the
current state and the goal.

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20
Q

The organizational environment
significantly influences success or
failure.

A

ANALYZE THE ENVIRONMENT

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21
Q

Constraints can be internal or external:

A

o Internal limitations: Limited
funds, inadequate employee
training.

o External limitations: Strict local
zoning regulations.

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22
Q

Limited
funds, inadequate employee
training.

A

internal limitations

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23
Q

Strict local
zoning regulations.

A

External limitations

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24
Q

Multiple solutions may exist for a given
problem, requiring careful evaluation

A

DEVELOP VIABLE ALTERNATIVES

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25
DEVELOP VIABLE ALTERNATIVES Management must identify and select the best alternative through a _____________
structured approach.
26
Steps to develop alternatives:
o List all possible solutions. o Assess the viability of each solution. o Eliminate non-viable options to refine the final choices.
27
 After identifying viable alternatives, assessment is necessary before making a final choice.
EVALUATE ALTERNATIVES
28
Evaluation is based on three key factors:
o Value o Cost o Risk Example: o A business choosing between investment options based on profit potential and risk. o An engineering manager selecting a junior engineer based on predefined criteria.
29
The expected benefits (e.g., projected profit).
Value
30
Includes direct costs, opportunity costs, and maintenance expenses.
Cost
31
The probability of achieving the desired outcome.
Risk
32
 After evaluating alternatives, the decision-maker must select the best option.
MAKE A CHOICE
33
Ensuring all prior steps were followed correctly increases confidence in the choice.
MAKE A CHOICE
34
Choices should be made carefully, considering all possible consequences
MAKE A CHOICE
35
MAKE A CHOICE Ranking alternatives based on __________, _________, and ________ helps simplify the selection process.
benefit, cost, and risk
36
__________ is crucial; without it, decision-making is ineffective.
Implementation
37
It involves executing the chosen solution to achieve the desired objectives.
IMPLEMENT DECISION
38
A clear plan and necessary resources must be in place for successful execution.
IMPLEMENT DECISION
39
________ and _________ from those involved are essential for effective implementation.
Support and understanding
40
 The final step is to analyze the outcomes to determine if the decision met its objectives.
EVALUATE AND ADAPT DECISION RESULTS
41
EVALUATE AND ADAPT DECISION RESULTS If the decision fails to resolve the issue, the process should be ___________
repeated
42
Control measures help keep tasks on track and meet objectives.
EVALUATE AND ADAPT DECISION RESULTS
43
A __________leads to the desired outcome, while ____________require further adjustments and research.
successful decision ; unsuccessful ones
44
Engineers use two main approaches to problem-solving:
qualitative evaluation and quantitative evaluation.
45
relies on intuition and subjective judgment
Qualitative evaluation
46
Managers use this approach when the problem is simple, familiar, low-cost, or requires an immediate decision.
Qualitative evaluation
47
involves using analytical and mathematical techniques to assess alternatives.
Quantitative Evaluation
48
Benefits of Quantitative Evaluation:
 Used in project management for planning, scheduling, forecasting, and control.  Helps make optimal decisions under uncertainty using statistical models.  Best suited for well-defined problems with multiple solutions and observable outcomes.  Can quickly suggest the best solution without identifying all alternatives.  Becomes less reliable when many external factors are unpredictable.
49
Several quantitative techniques assist in decision-making, including:
1. Inventory Models 2. Queuing Theory 3. Network Models 4. Forecasting 5. Regression Analysis 6. Simulation 7. Linear Programming 8. Sampling Theory 9. Statistical Decision Theory
50
Optimize stock levels to minimize costs.
Inventory Models
51
– Analyzes waiting lines to improve service efficiency.
Queuing Theory
52
– Optimizes routes and resource allocation in complex systems.
Network Models
53
– Predicts future trends using historical data.
Forecasting
54
– Examines relationships between variables to make predictions.
Regression Analysis
55
– Models real-world scenarios to test different strategies.
Simulation
56
– Optimizes resource allocation under constraints
Linear Programming
57
– Uses sample data to infer population characteristics.
Sampling Theory
58
– Assesses risks and probabilities to make informed choices.
Statistical Decision Theory
59
help engineer managers make optimal inventory decisions.
Inventory Models
60
Inventory Models help engineer managers make optimal inventory decisions. Key types include:
I. Economic Order Quantity (EOQ) Model II. Production Order Quantity Model III. Back Order Inventory Model IV. Quantity Discount Model
61
– Determines the ideal order size to minimize total ordering and carrying costs.
Economic Order Quantity (EOQ) Model
62
– Applies EOQ principles to production orders.
Production Order Quantity Model
63
– Manages planned shortages efficiently.
Back Order Inventory Model
64
– Optimizes costs when suppliers offer bulk purchase discounts.
Quantity Discount Model
65
helps businesses manage waiting lines by determining the optimal number of service units to minimize both customer wait times and service costs.
Queuing theory Applications: o Cars waiting for service at a car center o Ships and barges waiting for loading/unloading at a harbour o Jobs waiting to be processed in a computer system The goal is to reduce waiting time while minimizing operational costs.
66
break down large, complex tasks into smaller, manageable segments to improve efficiency and reduce wasted resources
Network models
67
Network models Key Types:
I. Program Evaluation Review Technique (PERT) II. Critical Path Method (CPM) Both techniques help engineer managers optimize project timelines and resource allocation.
68
– Uses three time estimates per task to help plan, track, and manage complex projects.
Program Evaluation Review Technique (PERT)
69
– Uses a single time estimate per activity to schedule, monitor, and control large projects.
Critical Path Method (CPM)
70
helps engineering executives make informed decisions that impact the future, such as capacity planning in manufacturing.
Forecasting
71
The collection of past and current information to make predictions about the future."
Forecasting
72
By analyzing historical data, forecasting enables managers to _______, _________ AND ___________-
predict demand, optimize resources, and improve decisionmaking accuracy.
73
is a forecasting method that examines the relationship between two or more variables using past data to predict future events.
Regression analysis
74
Types of Regression analysis
Simple Regression Multiple Regression
75
Involves one independent variable.
Simple Regression
76
– Involves two or more independent variables.
Multiple Regression
77
is a mathematical model that mimics real-life scenarios to evaluate possible solutions to problems.
Simulation
78
Simulation Key Features:
o Helps decision-makers analyze different alternatives. o Does not guarantee an optimal solution but aids in evaluating outcomes. o Reduces risks by testing scenarios in a controlled enviroment instead of realworld settings.
79
This technique helps in understanding trends and making data-driven decisions.
Regression analysis
80
This technique is valuable for complex decision-making where experimentation in real life is costly or risky.
Simulation
81
is a quantitative method used to determine the optimal solution within given constraints.
Linear programming
82
Linear programming Key Features:
o Useful in scenarios with supply and demand limitations (e.g., factories, warehouses, business operations). o Helps managers allocate resources efficiently. o Best applied in situations with certainty—less effective when conditions are unpredictable.
83
This approach is widely used in logistics, production planning, and resource optimization.
Linear programming
84
is a quantitative approach that uses statistical methods to analyze population samples for various applications, such as quality control and market research
Sampling theory
85
Sampling theory Key Benefits:
o Reduces costs when data collection is expensive. o Saves time while still providing reliable insights. o Commonly used in manufacturing, surveys, and decision-making processes.
86
It allows decision-makers to draw conclusions without examining an entire population.
Sampling theory
87
provides a structured approach to evaluating and solving problems when decision-makers have limited or partial knowledge.
Statistical decision theory
88
Statistical decision theory Key Aspects:
o Uses Bayesian analysis to update initial probability estimates with new information. o Bayes Criterion helps choose the decision with the highest expected payoff or the lowest expected loss. o Applied in risk assessment, business strategy, and uncertain environments.
89
This approach helps improve decision accuracy by incorporating probability-based reasoning.
Statistical decision theory

Engineering Management (2 decks)

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