The Strength, Weaknesses and Applicability of the Models we studied We studied a

Question

The Strength, Weaknesses and Applicability of the Models we studied We studied a number of models and when it was appropriate to use them It's important to know the limitations of providing a analysis of a business situation using a model before determining whether it is appropriate for that business situation. Please pick 3 models we studied this semester and give an explanation of the strengths and weaknesses of those models. Some of these include: Breakeven analysis NPV and IRR Decision making models EOQ Forecasting models (think of the product life cycle) SPC charts

Explanation / Answer

Economic order quantity (EOQ) is the order quantity that minimizes the total holding costs and ordering costs.

Strengths

Weaknesses

A break-even analysis is an analysis to determine the point at which revenue received equals the costs associated with receiving the revenue.

Strengths

Weaknesses

SPC Charts analyze process performance by plotting data points, control limits, and a center line. A process should be in control to assess the process capability.

Strengths

Weaknesses

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