Question 1

Match these items.
-Product life cycle

Accepted Answer

A)  Uses alpha and beta 
B)  Included in the multiplicative model 
C)  A qualitative forecasting technique 
D)  A measure forecast bias 
E)  A measure of absolute forecast error
F) Demand that repeats over long period of time
G) A type of forecast error
H) Uses only alpha as a smoothing constant
I) Includes a saturation stage
J) Past demand data 
A)  Uses alpha and beta 
B)  Included in the multiplicative model 
C)  A qualitative forecasting technique 
D)  A measure forecast bias 
E)  A measure of absolute forecast error
F) Demand that repeats over long period of time
G) A type of forecast error
H) Uses only alpha as a smoothing constant
I) Includes a saturation stage
J) Past demand data I

Question 2

Match these items.
-Mean forecast error

Accepted Answer

A)  Uses alpha and beta 
B)  Included in the multiplicative model 
C)  A qualitative forecasting technique 
D)  A measure forecast bias 
E)  A measure of absolute forecast error
F) Demand that repeats over long period of time
G) A type of forecast error
H) Uses only alpha as a smoothing constant
I) Includes a saturation stage
J) Past demand data 
A)  Uses alpha and beta 
B)  Included in the multiplicative model 
C)  A qualitative forecasting technique 
D)  A measure forecast bias 
E)  A measure of absolute forecast error
F) Demand that repeats over long period of time
G) A type of forecast error
H) Uses only alpha as a smoothing constant
I) Includes a saturation stage
J) Past demand data D

Question 3

The forecasting technique that allows managers to use external quantitative data for forecasting is referred to as:

Accepted Answer

A)  Qualitative technique 
B)  Simple exponential smoothing 
C)  Simple Moving Average 
D)  Causal forecasting 
E)  Weighted moving average 
A)  Qualitative technique 
B)  Simple exponential smoothing 
C)  Simple Moving Average 
D)  Causal forecasting 
E)  Weighted moving average D

Question 4

Use of time-series as the basis of demand forecasting requires an understanding of the ______ of the time series.

Accepted Answer

The answer of Use of time-series as the basis of...

Question 5

In simple exponential smoothing, if the alpha was one, the forecast would be equal to the last period's forecast.

Accepted Answer

A) True 
 B)False

Question 6

A positive MFE indicates that the forecast tends to be too ____. On the other hand, a negative number is an indication that the forecast is too___.

Accepted Answer

The answer of A positive MFE indicates that the forecast...

Question 7

A good guide to follow regarding planning horizons is

Accepted Answer

A)  We should plan as far into the future as possible 
B)  The shorter the lead-time, the farther out our planning horizon should be 
C)  Each business has an optimal planning horizon 
D)  The planning horizon is dictated by the lead times associated with obtaining resources. 
A)  We should plan as far into the future as possible 
B)  The shorter the lead-time, the farther out our planning horizon should be 
C)  Each business has an optimal planning horizon 
D)  The planning horizon is dictated by the lead times associated with obtaining resources.

Question 8

The weekly demand for French fries at a local restaurant during the past six weeks has been. 
$\begin{array}{lcccccc} 
\text {Week} & 1 & 2 & 3 & 4 & 5 & 6 \
\text {Demand} & 600 & 550 & 560 & 730 & 500 & 555
\end{array}$
 Forecast the demand for week 7 using a five-period moving average. a. Forecast the demand for week 7 using a three-period weighted moving average. Use the following weights to obtain your forecast: W1=.5, W2=.3, W3=.2. b. Forecast the demand for week 7 using exponential smoothing. Use an avalue of .2 and assume that the forecast for week 6 was 500 units.

Accepted Answer

a. 579
b.

Question 9

The development of a multiplicative model for forecasting seasonality and trend together includes

Accepted Answer

A)  Computing a seasonal index for each period. 
B)  Seasonalizing the data. 
C)  Determination of alpha and beta. 
D)  Identifying bias in the forecast. 
A)  Computing a seasonal index for each period. 
B)  Seasonalizing the data. 
C)  Determination of alpha and beta. 
D)  Identifying bias in the forecast.

Question 10

Match these items.
-Seasonality and trend

Accepted Answer

A)  Uses alpha and beta 
B)  Included in the multiplicative model 
C)  A qualitative forecasting technique 
D)  A measure forecast bias 
E)  A measure of absolute forecast error
F) Demand that repeats over long period of time
G) A type of forecast error
H) Uses only alpha as a smoothing constant
I) Includes a saturation stage
J) Past demand data 
A)  Uses alpha and beta 
B)  Included in the multiplicative model 
C)  A qualitative forecasting technique 
D)  A measure forecast bias 
E)  A measure of absolute forecast error
F) Demand that repeats over long period of time
G) A type of forecast error
H) Uses only alpha as a smoothing constant
I) Includes a saturation stage
J) Past demand data

Question 11

A tracking signal is used

Accepted Answer

A)  To state the error in terms of MADS 
B)  To identify random fluctuation in error 
C)  To control the alpha value 
D)  To identify seasonal patterns in the time series. 
A)  To state the error in terms of MADS 
B)  To identify random fluctuation in error 
C)  To control the alpha value 
D)  To identify seasonal patterns in the time series.

Question 12

Match these items.
-Expert opinion

Accepted Answer

A)  Uses alpha and beta 
B)  Included in the multiplicative model 
C)  A qualitative forecasting technique 
D)  A measure forecast bias 
E)  A measure of absolute forecast error
F) Demand that repeats over long period of time
G) A type of forecast error
H) Uses only alpha as a smoothing constant
I) Includes a saturation stage
J) Past demand data 
A)  Uses alpha and beta 
B)  Included in the multiplicative model 
C)  A qualitative forecasting technique 
D)  A measure forecast bias 
E)  A measure of absolute forecast error
F) Demand that repeats over long period of time
G) A type of forecast error
H) Uses only alpha as a smoothing constant
I) Includes a saturation stage
J) Past demand data

Question 13

In what stage of the product life are costs reduced through standardization?

Accepted Answer

A)  Introduction 
B)  Growth 
C)  Maturation 
D)  Decline 
E)  Saturation 
A)  Introduction 
B)  Growth 
C)  Maturation 
D)  Decline 
E)  Saturation

Question 14

Match these items.
-Forecast bias

Accepted Answer

A)  Uses alpha and beta 
B)  Included in the multiplicative model 
C)  A qualitative forecasting technique 
D)  A measure forecast bias 
E)  A measure of absolute forecast error
F) Demand that repeats over long period of time
G) A type of forecast error
H) Uses only alpha as a smoothing constant
I) Includes a saturation stage
J) Past demand data 
A)  Uses alpha and beta 
B)  Included in the multiplicative model 
C)  A qualitative forecasting technique 
D)  A measure forecast bias 
E)  A measure of absolute forecast error
F) Demand that repeats over long period of time
G) A type of forecast error
H) Uses only alpha as a smoothing constant
I) Includes a saturation stage
J) Past demand data

Question 15

This period's demand was 146 units, even though it was forecast to be 132. Use simple exponential smoothing with an alpha of .3 to forecast demand for next period.

Accepted Answer

The answer of This period's demand was 146 units, even...

Question 16

Match these items.
-Time series

Accepted Answer

A)  Uses alpha and beta 
B)  Included in the multiplicative model 
C)  A qualitative forecasting technique 
D)  A measure forecast bias 
E)  A measure of absolute forecast error
F) Demand that repeats over long period of time
G) A type of forecast error
H) Uses only alpha as a smoothing constant
I) Includes a saturation stage
J) Past demand data 
A)  Uses alpha and beta 
B)  Included in the multiplicative model 
C)  A qualitative forecasting technique 
D)  A measure forecast bias 
E)  A measure of absolute forecast error
F) Demand that repeats over long period of time
G) A type of forecast error
H) Uses only alpha as a smoothing constant
I) Includes a saturation stage
J) Past demand data

Question 17

The quarterly demands for a popular model of backpacking tent are provided below: 
Fall: 112
 Winter: 80
 Spring: 210
 Summer: 164
 Compute the seasonal indices for each quarter.

Accepted Answer

Fall: 0.791519
Summe

Question 18

Planning benefits have a direct impact on profit margin and return on assets.

Accepted Answer

A) True 
 B)False

Question 19

A method for measuring forecast bias that requires the error to be summed periodically as each new forecast, actual demand, and error become available is referred to as:

Accepted Answer

A)  MSE 
B)  MAD 
C)  MAPE 
D)  MFE 
E)  RSFE 
A)  MSE 
B)  MAD 
C)  MAPE 
D)  MFE 
E)  RSFE

Question 20

The minimum-planning horizon is determined by the lead-time associated with obtaining resources necessary to meet objectives.

Accepted Answer

A) True 
 B)False

Match these items. -Product life cycle

Match these items. -Mean forecast error

The forecasting technique that allows managers to use external quantitative data for forecasting is referred to as:

Use of time-series as the basis of demand forecasting requires an understanding of the ______ of the time series.

In simple exponential smoothing, if the alpha was one, the forecast would be equal to the last period's forecast.

A positive MFE indicates that the forecast tends to be too __. On the other hand, a negative number is an indication that the forecast is too_.

A good guide to follow regarding planning horizons is

The development of a multiplicative model for forecasting seasonality and trend together includes

Match these items. -Seasonality and trend

A tracking signal is used

Match these items. -Expert opinion

In what stage of the product life are costs reduced through standardization?

Match these items. -Forecast bias

This period's demand was 146 units, even though it was forecast to be 132. Use simple exponential smoothing with an alpha of .3 to forecast demand for next period.

Match these items. -Time series

The quarterly demands for a popular model of backpacking tent are provided below: Fall: 112 Winter: 80 Spring: 210 Summer: 164 Compute the seasonal indices for each quarter.

Planning benefits have a direct impact on profit margin and return on assets.

A method for measuring forecast bias that requires the error to be summed periodically as each new forecast, actual demand, and error become available is referred to as:

The minimum-planning horizon is determined by the lead-time associated with obtaining resources necessary to meet objectives.

Introduction: Why Operations Management

Profitability: Business Success From Operations Success

Strategy and Value: Competing Through Operations

Processes: Turning Resources Into Capabilities

Cost: The Price of Value Creation

Quality: Meeting Customer Expectations

Quality Tools: From Process Performance to Process Perfection

Timeliness: Scheduling and Project Management

Supply Chain Management: Managing Business to Business Interactions

Inventory: Managing to Meet Demand

Logistics: Positioning Goods in the Supply Chain

Lean Systems: Eliminating Waste Through the Supply Chain

Capacity: Matching Productive Resources to Demand

Constraint Management: Simplifying Complex Systems

Facilities: Making Location and Layout Decisions

Workforce: Optimizing Human Capital Printed

Filters

Exam 10: Demand Forecasting: Building the Foundation for Resource Planning

Match these items. -Product life cycle

Match these items. -Mean forecast error

The forecasting technique that allows managers to use external quantitative data for forecasting is referred to as:

Use of time-series as the basis of demand forecasting requires an understanding of the ______ of the time series.

In simple exponential smoothing, if the alpha was one, the forecast would be equal to the last period's forecast.

A positive MFE indicates that the forecast tends to be too ____. On the other hand, a negative number is an indication that the forecast is too___.

A good guide to follow regarding planning horizons is

The development of a multiplicative model for forecasting seasonality and trend together includes

Match these items. -Seasonality and trend

A tracking signal is used

Match these items. -Expert opinion

In what stage of the product life are costs reduced through standardization?

Match these items. -Forecast bias

This period's demand was 146 units, even though it was forecast to be 132. Use simple exponential smoothing with an alpha of .3 to forecast demand for next period.

Match these items. -Time series

The quarterly demands for a popular model of backpacking tent are provided below: Fall: 112 Winter: 80 Spring: 210 Summer: 164 Compute the seasonal indices for each quarter.

Planning benefits have a direct impact on profit margin and return on assets.

A method for measuring forecast bias that requires the error to be summed periodically as each new forecast, actual demand, and error become available is referred to as:

The minimum-planning horizon is determined by the lead-time associated with obtaining resources necessary to meet objectives.

Introduction: Why Operations Management

Profitability: Business Success From Operations Success

Strategy and Value: Competing Through Operations

Processes: Turning Resources Into Capabilities

Cost: The Price of Value Creation

Quality: Meeting Customer Expectations

Quality Tools: From Process Performance to Process Perfection

Timeliness: Scheduling and Project Management

Supply Chain Management: Managing Business to Business Interactions

Inventory: Managing to Meet Demand

Logistics: Positioning Goods in the Supply Chain

Lean Systems: Eliminating Waste Through the Supply Chain

Capacity: Matching Productive Resources to Demand

Constraint Management: Simplifying Complex Systems

Facilities: Making Location and Layout Decisions

Workforce: Optimizing Human Capital Printed

Filters

A positive MFE indicates that the forecast tends to be too __. On the other hand, a negative number is an indication that the forecast is too_.