Analytical

Heuristic

Simulation

Optimization

To predict future demand for products or services

To determine the optimal production schedule

To manage inventory levels

To plan for future capacity needs

First-in, first-out (FIFO)

Last-in, first-out (LIFO)

Just-in-time (JIT)

Economic order quantity (EOQ)

To complete a project on time and within budget

To meet the project's objectives

To manage the project's risks

To communicate with stakeholders

Gantt chart

PERT chart

Work breakdown structure (WBS)

Critical path method (CPM)

Decision-making models are more complex and require more data than heuristics.

Heuristics are more complex and require more data than decision-making models.

Decision-making models are more precise than heuristics.

Heuristics are more precise than decision-making models.

Qualitative, quantitative, time series, and causal

Qualitative, quantitative, deterministic, and probabilistic

Qualitative, quantitative, short-term, and long-term

Qualitative, quantitative, aggregate, and disaggregate

FIFO assumes that the oldest inventory is sold first, while LIFO assumes that the newest inventory is sold first.

FIFO assumes that the newest inventory is sold first, while LIFO assumes that the oldest inventory is sold first.

FIFO is more complex and requires more data than LIFO.

LIFO is more complex and requires more data than FIFO.

To decompose a project into smaller, more manageable tasks

To estimate the time and cost of a project

To identify the resources needed for a project

To develop a project schedule

A technique for identifying the longest path through a project network

A technique for estimating the time and cost of a project

A technique for identifying the resources needed for a project

A technique for developing a project schedule

Technical, financial, and operational

Technical, legal, and environmental

Technical, political, and social

Technical, economic, and political

To define the scope, objectives, and deliverables of a project

To estimate the time and cost of a project

To identify the resources needed for a project

To develop a project schedule

The project manager is responsible for the day-to-day management of the project, while the project sponsor is responsible for providing financial and political support.

The project manager is responsible for providing financial and political support, while the project sponsor is responsible for the day-to-day management of the project.

The project manager is responsible for developing the project plan, while the project sponsor is responsible for approving the project plan.

The project manager is responsible for approving the project plan, while the project sponsor is responsible for developing the project plan.

A project stakeholder is someone who is affected by the project, while a project team member is someone who works on the project.

A project stakeholder is someone who works on the project, while a project team member is someone who is affected by the project.

A project stakeholder is someone who is responsible for the project, while a project team member is someone who is not responsible for the project.

A project stakeholder is someone who is not responsible for the project, while a project team member is someone who is responsible for the project.