Question 1

According to the textbook,which of the following is NOT a way to closely match supply and demand?

Accepted Answer

A)  Holding high amounts of inventory 
B)  Maintaining a rigid pricing system 
C)  Utilizing overtime 
D)  Hiring temporary workers 
A)  Holding high amounts of inventory 
B)  Maintaining a rigid pricing system 
C)  Utilizing overtime 
D)  Hiring temporary workers B

Question 2

Your company is conducting forecasting that revolves around the current recession and expansion of the U.S.economy.This type of forecasting can be referred to as what component of a time series?

Accepted Answer

A)  Trend Variations 
B)  Cyclical Variations 
C)  Seasonal Variations 
D)  Random Variations 
A)  Trend Variations 
B)  Cyclical Variations 
C)  Seasonal Variations 
D)  Random Variations B

Question 3

The equation for a simple linear regression that saw sales averaging $225,000 over the last ten periods,and advertising budgets averaging $3,000 over the last 10 periods is:
Y = 3250 + 120x
This indicates that a $1 increase in advertising will increase sales by:

Accepted Answer

A)  $3370 
B)  $250 
C)  $120 
D)  $1875 
A)  $3370 
B)  $250 
C)  $120 
D)  $1875 C

Question 4

The four components of time series data are: trend variations,cyclical variations,seasonal variations,and random variations.Briefly describe each type of variation.

Accepted Answer

a.Trend variations: Trend variations can

Question 5

You work for an auto parts manufacturer.Your manager has heard about CPFR (Collaborative Planning,Forecasting,and Replenishment)and requested you investigate the possibility of implementing CPFR in the near future.As part of your report you would need to address the following:
a.Define CPFR?
b.The Voluntary Interindustry Commerce Standards (VICS)Association has published a report outlining a model for CPFR implementation.What are the 8 collaborative tasks included in the VICS model? Is this a good model to follow?
c.What are the performance metrics that can be used to measure success of the CPFR implementation?
d.What are the key challenges of CPFR implementation?

Accepted Answer

a.Define CPFR?
According to the Voluntar

Question 6

The difference between a simple regression forecast and a multiple regression forecast is that simple regression is used when there is only one explanatory (or independent)variable,while multiple regression is used when there are numerous explanatory variables.

Accepted Answer

A) True 
 B)False

Question 7

List and describe two types of qualitative forecasting methods.

Accepted Answer

a.Jury of Executive Opinion: : Th

Question 8

What is a tracking signal? How can managers use the information provided by the tracking signal to improve the quality of forecasts?

Accepted Answer

Tracking signal is used to determine if

Question 9

Cause-and-Effect Models can have multiple independent variables.

Accepted Answer

A) True 
 B)False

Question 10

Which one of the following is not a type of qualitative forecasting?

Accepted Answer

A)  Sales force composite 
B)  Consumer survey 
C)  Jury of executive opinion 
D)  Naïve method 
A)  Sales force composite 
B)  Consumer survey 
C)  Jury of executive opinion 
D)  Naïve method

Question 11

Quantitative forecasting methods are based on opinions and intuition,whereas qualitative forecasting methods use mathematical models and relevant historical data to generate forecasts.

Accepted Answer

A) True 
 B)False

Question 12

The exponential smoothing forecast has the same value as the naïve forecast when a in the exponential smoothing model is equal to:

Accepted Answer

A)  0 
B)  0.5 
C)  1 
D)  Insufficient information provided to determine answer 
A)  0 
B)  0.5 
C)  1 
D)  Insufficient information provided to determine answer

Question 13

One common Cause-and-Effect Model used is:

Accepted Answer

A)  Regression analysis 
B)  Linear Trend Forecast 
C)  Moving Average Forecast 
D)  Mean Absolute Deviation 
A)  Regression analysis 
B)  Linear Trend Forecast 
C)  Moving Average Forecast 
D)  Mean Absolute Deviation

Question 14

Which of the following statements is FALSE:

Accepted Answer

A)  Time Series forecasting is based on the assumption that the future is an extension of the past 
B)  Cause-and-Effect forecasting assumes that one or more factors are related to demand and, therefore, can be used to predict future demand 
C)  All quantitative methods become less accurate as the forecast's time horizon increases 
D)  It is generally not recommended to use a combination of both quantitative and qualitative methods 
A)  Time Series forecasting is based on the assumption that the future is an extension of the past 
B)  Cause-and-Effect forecasting assumes that one or more factors are related to demand and, therefore, can be used to predict future demand 
C)  All quantitative methods become less accurate as the forecast's time horizon increases 
D)  It is generally not recommended to use a combination of both quantitative and qualitative methods

Question 15

If you felt that recent demand trends were more significant,and thus should be emphasized more in formulating a forecast,then in forecasting demand for the upcoming demand period,you would probably favor using a simple moving average over the conventional weighted moving average.

Accepted Answer

A) True 
 B)False

Question 16

According to textbook,the top three challenges for CPFR implementation include all of the following except:

Accepted Answer

A)  Making organizational and procedural changes 
B)  Trust between supply chain partners 
C)  Cost 
D)  Supplier lead times 
A)  Making organizational and procedural changes 
B)  Trust between supply chain partners 
C)  Cost 
D)  Supplier lead times

Question 17

The goal of a good forecasting technique is to minimize the deviation between actual demand and the forecast.

Accepted Answer

A) True 
 B)False

Question 18

The impact of poor communication and inaccurate forecasts resonates along the supply chain and results in the:

Accepted Answer

A)  Bullwhip effect 
B)  Delphi method 
C)  CPFR effect 
D)  Mean deviation 
A)  Bullwhip effect 
B)  Delphi method 
C)  CPFR effect 
D)  Mean deviation

Question 19

Data Set E2
 $$\begin{array} { c c c } 
\text { Month } & \text { Actual } & \text { Farecast } \
\hline 1 & 10 & 11 \
2 & 8 & 10 \
3 & 9 & 8 \
4 & 6 & 6 \
5 & 7 & 8
\end{array}$$
-A forecasting method has produced the following data over the past 5 months shown in Data Set E2.What is the mean absolute deviation (accurate to 2 decimals)?

Accepted Answer

A)  -0.60 
B)  -1.20 
C)  1.00 
D)  1.25 
A)  -0.60 
B)  -1.20 
C)  1.00 
D)  1.25

Question 20

Given the following information,calculate the forecast (accurate to 2 decimals)for period three using exponential smoothing and a = 0.3.
$$\begin{array} { c c c } 
\text { Periad } & \text { Demand } & \text { Farecast } \
1 & 64 & 59 \
2 & 70 &
\end{array}$$

Accepted Answer

A)  36.90 
B)  57.50 
C)  61.50 
D)  63.35 
A)  36.90 
B)  57.50 
C)  61.50 
D)  63.35

According to the textbook,which of the following is NOT a way to closely match supply and demand?

Your company is conducting forecasting that revolves around the current recession and expansion of the U.S.economy.This type of forecasting can be referred to as what component of a time series?

The equation for a simple linear regression that saw sales averaging $225,000 over the last ten periods,and advertising budgets averaging $3,000 over the last 10 periods is: Y = 3250 + 120x This indicates that a $1 increase in advertising will increase sales by:

The four components of time series data are: trend variations,cyclical variations,seasonal variations,and random variations.Briefly describe each type of variation.

The difference between a simple regression forecast and a multiple regression forecast is that simple regression is used when there is only one explanatory (or independent)variable,while multiple regression is used when there are numerous explanatory variables.

List and describe two types of qualitative forecasting methods.

What is a tracking signal? How can managers use the information provided by the tracking signal to improve the quality of forecasts?

Cause-and-Effect Models can have multiple independent variables.

Which one of the following is not a type of qualitative forecasting?

Quantitative forecasting methods are based on opinions and intuition,whereas qualitative forecasting methods use mathematical models and relevant historical data to generate forecasts.

The exponential smoothing forecast has the same value as the naïve forecast when a in the exponential smoothing model is equal to:

One common Cause-and-Effect Model used is:

Which of the following statements is FALSE:

If you felt that recent demand trends were more significant,and thus should be emphasized more in formulating a forecast,then in forecasting demand for the upcoming demand period,you would probably favor using a simple moving average over the conventional weighted moving average.

According to textbook,the top three challenges for CPFR implementation include all of the following except:

The goal of a good forecasting technique is to minimize the deviation between actual demand and the forecast.

The impact of poor communication and inaccurate forecasts resonates along the supply chain and results in the:

Data Set E2 Month Actual Farecast 1 10 11 2 8 10 3 9 8 4 6 6 5 7 8 -A forecasting method has produced the following data over the past 5 months shown in Data Set E2.What is the mean absolute deviation (accurate to 2 decimals)?

Given the following information,calculate the forecast (accurate to 2 decimals)for period three using exponential smoothing and a = 0.3. Periad Demand Farecast 1 64 59 2 70

Introduction to Supply Chain Management

Purchasing Management

Creating and Managing Supplier Relationships

Ethical and Sustainable Sourcing

Resource Planning Systems

Inventory Management

Process Management: Lean and Six Sigma in the Supply Chain

Domestic U.S.and Global Logistics

Customer Relationship Management

Global Location Decisions

Service Response Logistics

Supply Chain Process Integration

Performance Measurement Along the Supply Chain

Filters

Exam 5: Demand Forecasting

According to the textbook,which of the following is NOT a way to closely match supply and demand?

Your company is conducting forecasting that revolves around the current recession and expansion of the U.S.economy.This type of forecasting can be referred to as what component of a time series?

The equation for a simple linear regression that saw sales averaging $225,000 over the last ten periods,and advertising budgets averaging $3,000 over the last 10 periods is: Y = 3250 + 120x This indicates that a $1 increase in advertising will increase sales by:

The four components of time series data are: trend variations,cyclical variations,seasonal variations,and random variations.Briefly describe each type of variation.

The difference between a simple regression forecast and a multiple regression forecast is that simple regression is used when there is only one explanatory (or independent)variable,while multiple regression is used when there are numerous explanatory variables.

List and describe two types of qualitative forecasting methods.

What is a tracking signal? How can managers use the information provided by the tracking signal to improve the quality of forecasts?

Cause-and-Effect Models can have multiple independent variables.

Which one of the following is not a type of qualitative forecasting?

Quantitative forecasting methods are based on opinions and intuition,whereas qualitative forecasting methods use mathematical models and relevant historical data to generate forecasts.

The exponential smoothing forecast has the same value as the naïve forecast when a in the exponential smoothing model is equal to:

One common Cause-and-Effect Model used is:

Which of the following statements is FALSE:

If you felt that recent demand trends were more significant,and thus should be emphasized more in formulating a forecast,then in forecasting demand for the upcoming demand period,you would probably favor using a simple moving average over the conventional weighted moving average.

According to textbook,the top three challenges for CPFR implementation include all of the following except:

The goal of a good forecasting technique is to minimize the deviation between actual demand and the forecast.

The impact of poor communication and inaccurate forecasts resonates along the supply chain and results in the:

Data Set E2 Month Actual Farecast 1 10 11 2 8 10 3 9 8 4 6 6 5 7 8 -A forecasting method has produced the following data over the past 5 months shown in Data Set E2.What is the mean absolute deviation (accurate to 2 decimals)?

Given the following information,calculate the forecast (accurate to 2 decimals)for period three using exponential smoothing and a = 0.3. Periad Demand Farecast 1 64 59 2 70

Introduction to Supply Chain Management

Purchasing Management

Creating and Managing Supplier Relationships

Ethical and Sustainable Sourcing

Resource Planning Systems

Inventory Management

Process Management: Lean and Six Sigma in the Supply Chain

Domestic U.S.and Global Logistics

Customer Relationship Management

Global Location Decisions

Service Response Logistics

Supply Chain Process Integration

Performance Measurement Along the Supply Chain

Filters