What This Document Is
This study guide provides detailed solutions to a practice problem set for BUAD 311, Operations Management at the University of Southern California. It focuses on core concepts within inventory management and probability, building upon foundational principles taught in the course. The material is designed to reinforce understanding through worked examples and applications of key formulas. It’s a valuable resource for students seeking to solidify their grasp of quantitative operations techniques.
Why This Document Matters
This resource is particularly helpful for students preparing for quizzes and exams in Operations Management. It’s ideal for those who have attempted the practice problems independently and are looking to check their work, identify areas of weakness, and understand the correct approach to problem-solving. Students who struggle with applying theoretical concepts to practical scenarios will find this guide especially beneficial. It’s best used *after* an initial attempt to solve the problems on your own, promoting active learning and deeper comprehension.
Common Limitations or Challenges
This guide focuses specifically on the solutions to Practice Problem Set #9. It does not include explanations of the underlying concepts themselves – it assumes you have already been exposed to the material in lectures or readings. It also doesn’t offer alternative solution methods; it presents one approach to each problem. Furthermore, it doesn’t cover all possible variations of these types of problems, so it shouldn’t be relied upon as a substitute for a thorough understanding of the course material.
What This Document Provides
* Detailed walkthroughs addressing probability mass functions and expected value calculations.
* Applications of normal distribution principles to probability assessments.
* Analysis of inventory classifications – raw materials, work-in-process, and finished goods.
* Exploration of the assumptions underlying the Economic Order Quantity (EOQ) model.
* Calculations related to average inventory levels and the impact of order quantity on holding costs.
* Step-by-step solutions to several EOQ problems, including determining optimal order quantities and total costs.
* Analysis of how changes in setup and holding costs affect ordering policies.
* A real-world case study applying EOQ principles to a supply chain scenario.
