QUANTITATIVE TECHNIQUES FOR PLANNING AND CONTROL

ESSAY QUESTIONS

1.What is the importance of the qualitative techniques in planning phase?

2.Differentiate PERT from CPM.

3.Define management science.

PROBLEM SOLVING

PROBLEM 1

As the accounting consultant for Leslie Company, you have compiled data on the day-to-day demand rate from Leslie's customers for Product A and the lead-time to receive Product A from its supplier. The data are summarized in the following probability table:

Demand of Product A Lead Time for Product A Unit Demand Probability of Lead Time in Probability of Per Day Occurrence Days Occurrence C .45 .40 15 2 .35 30 3 25 3 10 1.00 1.00