Question 1

Which of the components of time series cannot, by definition, be forecast?

Accepted Answer

A)  Cycle 
B)  Trend 
C)  Seasonality 
D)  Random fluctuation 
E)  None of the above 
A)  Cycle 
B)  Trend 
C)  Seasonality 
D)  Random fluctuation 
E)  None of the above

Question 2

Which of the following statements is/are true about ERP?

Accepted Answer

A)  In ERP, planning for all resources is accomplished from one common database 
B)  The techniques used to guide ERP system design are considered to be "best practice" techniques 
C)  ERP systems, for the most part, are customized for a particular business 
D)  Both A and B 
E)  Both B and C
F) A, B, and C 
A)  In ERP, planning for all resources is accomplished from one common database 
B)  The techniques used to guide ERP system design are considered to be "best practice" techniques 
C)  ERP systems, for the most part, are customized for a particular business 
D)  Both A and B 
E)  Both B and C
F) A, B, and C

Question 3

Discuss the relationship between a retailer's demand forecast accuracy and the lead time associated with replenishing inventory.

Accepted Answer

The response should address th

Question 4

Match these items.
-Forecast including 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 5

Which of the following statements is NOT true about the financial benefits of effective planning?

Accepted Answer

A)  Planning benefits have a direct impact on profit margin and return on assets 
B)  All plans have a direct impact of net income though net sales 
C)  Plans related to resources that are used to create value provide a way to improve the reliability of obtaining those resources 
D)  An advance plan to carry a new item has the potential to reduce cost and increase net sales, yielding a . substantial boost to profit margin. 
E)  All of the above are true. 
A)  Planning benefits have a direct impact on profit margin and return on assets 
B)  All plans have a direct impact of net income though net sales 
C)  Plans related to resources that are used to create value provide a way to improve the reliability of obtaining those resources 
D)  An advance plan to carry a new item has the potential to reduce cost and increase net sales, yielding a . substantial boost to profit margin. 
E)  All of the above are true.

Question 6

Consumer services have short life cycles, and consumer products have very long ones.

Accepted Answer

A) True 
 B)False

Question 7

During the _____ stage of the product life cycle, demand begins to fall because alternatives have begun to appear and take away demand.

Accepted Answer

The answer of During the _____ stage of the product...

Question 8

A time series is believed to consist of random fluctuation, as well as seasonality, but no evidence of a trend is present. Which forecasting tool would be most appropriate?

Accepted Answer

A)  Simple exponential smoothing 
B)  Simple moving average 
C)  Simple linear regression 
D)  Seasonal indices 
A)  Simple exponential smoothing 
B)  Simple moving average 
C)  Simple linear regression 
D)  Seasonal indices

Question 9

In trend-adjusted exponential smoothing, the _____ value is used to include the trend component.

Accepted Answer

The answer of In trend-adjusted exponential smoothing, the _____ value...

Question 10

In order to provide a relative measure of the absolute error, one should use the

Accepted Answer

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

Question 11

The _____ model combines the linear regression approach to forecasting trend with the seasonal indices used to forecast seasonality.

Accepted Answer

The answer of The _____ model combines the linear regression...

Question 12

Product life cycles:

Accepted Answer

A)  Describe demand over time for products. 
B)  Are easier to manage is they are extremely short. 
C)  Are long for consumer products, but tend to be shorter for consumer services. 
D)  Have gotten longer in recent years 
A)  Describe demand over time for products. 
B)  Are easier to manage is they are extremely short. 
C)  Are long for consumer products, but tend to be shorter for consumer services. 
D)  Have gotten longer in recent years

Question 13

In 2004, the Board of Control of Public Schools hired a consultant to develop a series of forecasting models to project the future enrollments of each school in the district. After examining the historical data and trends, the consulting firm felt that exponential smoothing would be the most appropriate time series technique for projecting enrollment. An exponential smoothing model was then developed. The Board members determined the alpha level (smoothing constant) for each school based on their gut feeling. The forecast enrollments helped the board set the budget for each school for the upcoming year. Based on the above situation, discuss the pros and cons of using the exponential smoothing technique for this forecasting purpose. How can the model be abused? What could the board do to improve the accuracy of enrollment information?

Accepted Answer

The pros and cons of using exponential s

Question 14

The greater the responsiveness of a forecast

Accepted Answer

A)  The greater the error 
B)  The greater the correction when error exists 
C)  The greater the weight placed on the most recent demand 
D)  The more accurate the forecast when randomness is high 
A)  The greater the error 
B)  The greater the correction when error exists 
C)  The greater the weight placed on the most recent demand 
D)  The more accurate the forecast when randomness is high

Question 15

Which of the components of a time series is usually of little importance in demand forecasting?

Accepted Answer

A)  Cycle 
B)  Trend 
C)  Seasonality 
D)  Random fluctuation 
E)  None of the above 
A)  Cycle 
B)  Trend 
C)  Seasonality 
D)  Random fluctuation 
E)  None of the above

Question 16

______ and _____ approaches measure forecasting bias.

Accepted Answer

The answer of ______ and _____ approaches measure forecasting bias....

Question 17

There is no single planning horizon for a business.

Accepted Answer

A) True 
 B)False

Question 18

What smoothing constants are necessary for forecast including trend?

Accepted Answer

A)  Alpha 
B)  Beta 
C)  Alpha and Beta 
D)  Alpha, Beta, and Sigma 
A)  Alpha 
B)  Beta 
C)  Alpha and Beta 
D)  Alpha, Beta, and Sigma

Question 19

Match these items.
-Simple exponential smoothing

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 20

The most popular measure of absolute error is:

Accepted Answer

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

Which of the components of time series cannot, by definition, be forecast?

Which of the following statements is/are true about ERP?

Discuss the relationship between a retailer's demand forecast accuracy and the lead time associated with replenishing inventory.

Match these items. -Forecast including trend

Which of the following statements is NOT true about the financial benefits of effective planning?

Consumer services have short life cycles, and consumer products have very long ones.

During the _____ stage of the product life cycle, demand begins to fall because alternatives have begun to appear and take away demand.

A time series is believed to consist of random fluctuation, as well as seasonality, but no evidence of a trend is present. Which forecasting tool would be most appropriate?

In trend-adjusted exponential smoothing, the _____ value is used to include the trend component.

In order to provide a relative measure of the absolute error, one should use the

The _____ model combines the linear regression approach to forecasting trend with the seasonal indices used to forecast seasonality.

Product life cycles:

The greater the responsiveness of a forecast

Which of the components of a time series is usually of little importance in demand forecasting?

__ and _ approaches measure forecasting bias.

There is no single planning horizon for a business.

What smoothing constants are necessary for forecast including trend?

Match these items. -Simple exponential smoothing

The most popular measure of absolute error is:

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

Which of the components of time series cannot, by definition, be forecast?

Which of the following statements is/are true about ERP?

Discuss the relationship between a retailer's demand forecast accuracy and the lead time associated with replenishing inventory.

Match these items. -Forecast including trend

Which of the following statements is NOT true about the financial benefits of effective planning?

Consumer services have short life cycles, and consumer products have very long ones.

During the _____ stage of the product life cycle, demand begins to fall because alternatives have begun to appear and take away demand.

A time series is believed to consist of random fluctuation, as well as seasonality, but no evidence of a trend is present. Which forecasting tool would be most appropriate?

In trend-adjusted exponential smoothing, the _____ value is used to include the trend component.

In order to provide a relative measure of the absolute error, one should use the

The _____ model combines the linear regression approach to forecasting trend with the seasonal indices used to forecast seasonality.

Product life cycles:

The greater the responsiveness of a forecast

Which of the components of a time series is usually of little importance in demand forecasting?

______ and _____ approaches measure forecasting bias.

There is no single planning horizon for a business.

What smoothing constants are necessary for forecast including trend?

Match these items. -Simple exponential smoothing

The most popular measure of absolute error is:

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

__ and _ approaches measure forecasting bias.