Supply Chain Management Engineering MCQs (Chapterwise Multiple Choice Questions)

What is the strategic or action variable that should be increased to maximize net benefits?

MB = MC

MR = MC

CB = CM

MC = MB

Answer & Explanation

Correct Answer: MB = MC

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What is informal simulation?

A technique applied in important and recurring decisions to promote learning by recreating actual decision situations.

A method of solving complex problems by breaking them down into smaller and more manageable chunks.

A form of reasoning in which a conclusion is drawn based on multiple premises.

Answer & Explanation

Correct Answer: A technique applied in important and recurring decisions to promote learning by recreating actual decision situations.

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Why are neural nets useful?

When relationships are non linear and complex.

When a large number of independent factors affect an outcome in a linear and simple fashion.

When a small number of independent factors affect an outcome

When relationships are linear and simple

Answer & Explanation

Correct Answer: When relationships are non linear and complex.

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What is the utility of options?

The utility of options is the sum of criteria scores times importance weights.

There is no utility of options.

The utility of options is the sum of importance weights.

The utility of options is the sum of criteria scores.

Answer & Explanation

Correct Answer: The utility of options is the sum of criteria scores times importance weights.

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What is a goal?

A result

A destination

A plan to achieve something

A state that decision-maker prefers to be in, e.g., an increase in a positive criterion.

Answer & Explanation

Correct Answer: A state that decision-maker prefers to be in, e.g., an increase in a positive criterion.

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What is a want?

A location requirement which can be compromised or substituted.

A factor which is open to bargaining or substitution

A factor which cannot be Bargained or substituted

A location requirement which cannot be compromised or substituted

Answer & Explanation

Correct Answer: A factor which is open to bargaining or substitution

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What is a series of decisions that are interrelated called?

Independent Decisions

Dependent Decisions

Interdependent Decisions

Sequential Decisions

Answer & Explanation

Correct Answer: Interdependent Decisions

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What is the null option?

Null option is when an action is taken and it may be a dummy option.

Null option is when an action is taken and it may not be a dummy option.

Null option is when no action is taken and it may be a dummy option.

Null option is when no action is taken and it may not be a dummy option.

Answer & Explanation

Correct Answer: Null option is when no action is taken and it may be a dummy option.

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What is the definition of an objective?

A goal that is attainable

A result that is desired

The intentions of the decision process that set out what is to be strived for or sought.

The act of making something more difficult to achieve

Answer & Explanation

Correct Answer: The intentions of the decision process that set out what is to be strived for or sought.

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What is a gamble?

An event that definitely will happen

A course of action that has a low chance of success but could lead to a big payoff

Choice with uncertain outcomes.

A situation where the chances of success are 50/50

Answer & Explanation

Correct Answer: Choice with uncertain outcomes.

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Supply Chain Management Engineering Quick Quiz

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