Question: 12. The average inventory level is calculated by a half of Q (i.e. 1/2 Q) in both EOQ and ERL models. 13. Forecasting techniques are

12. The average inventory level is calculated by

12. The average inventory level is calculated by a half of Q (i.e. 1/2 Q) in both EOQ and ERL models. 13. Forecasting techniques are applicable more for independent demand items than for dependent demand items. 14. Monitoring both before and after production involves acceptance sampling procedure rather than process control (SPC). 15. The MINIMAX criterion is a pessimistic approach in decision making under extremely uncertainty. 16. PERT and CPM are different in the fact PERT is probabilistic; while CPM is deterministic. _17. If an activity has a zero slack in PERT/CPM, it means the project will be affected by the activity on that path. 18. Type I error is called the consumer's risk since it refers to the error of accepting a bad lot

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