Cite sources within answers. Give references 1. What is a flexible manufacturing system, and under what set of circumstances is it most appropriate 2. What are the trade-offs that occur when a process layout is used? What are the trade-offs occur when 3. Outline the impact that job sequence has on each of the layout types. 4. Explain what sensitivity analysis is and how can it be helpful to a decision maker? 5. Under what circumstances is expected monetary value appropriate as a decision criterion? When isn 6. Discuss the significance bounded rationality and sub-optimization in an organization. What are the re 7. Explain the need to manage the supply chain. 8. Explain the key aspects of operations management decision making