Question 1

When error values fall outside the limits of a control chart,this signals a need for corrective action

Accepted Answer

A) True 
 B)False  True

Question 2

Positive forecast errors,the case when the forecast is low relative to the actual value,are preferable to negative forecast errors,the case when the forecast is higher than the actual value

Accepted Answer

A) True 
 B)False  False

Question 3

What is the forecast for this year using the naive approach?

Accepted Answer

A)  163 
B)  180 
C)  100 
D)  420 
E)  510 
A)  163 
B)  180 
C)  100 
D)  420 
E)  510 C

Question 4

Which phrase most closely describes the Delphi technique?

Accepted Answer

A)  Associative forecast 
B)  Consumer survey 
C)  Series of questionnaires 
D)  Double smoothing 
E)  Historical data 
A)  Associative forecast 
B)  Consumer survey 
C)  Series of questionnaires 
D)  Double smoothing 
E)  Historical data

Question 5

Multiple regression procedures permit us to extend associative models to relationships that involve more than one predictor variable.

Accepted Answer

A) True 
 B)False

Question 6

Exponential smoothing is a form of weighted averaging.

Accepted Answer

A) True 
 B)False

Question 7

One reason for using the Delphi method in forecasting is:

Accepted Answer

A)  responses are anonymous. 
B)  to achieve a high degree of accuracy. 
C)  to maintain accountability and responsibility. 
D)  to be able to replicate results. 
E)  all of the choices are reasons. 
A)  responses are anonymous. 
B)  to achieve a high degree of accuracy. 
C)  to maintain accountability and responsibility. 
D)  to be able to replicate results. 
E)  all of the choices are reasons.

Question 8

What is this week's forecast using a three-week simple moving average?

Accepted Answer

A)  49 
B)  50 
C)  52 
D)  65 
E)  78 
A)  49 
B)  50 
C)  52 
D)  65 
E)  78

Question 9

All of the following are true about forecasts EXCEPT:

Accepted Answer

A)  become less accurate with longer time horizons. 
B)  are less accurate for individual items than for groups of items. 
C)  are always perfect. 
D)  are usually the responsibility of operating managers to prepare. 
E)  assume the same underlying causal system in the future as the past. 
A)  become less accurate with longer time horizons. 
B)  are less accurate for individual items than for groups of items. 
C)  are always perfect. 
D)  are usually the responsibility of operating managers to prepare. 
E)  assume the same underlying causal system in the future as the past.

Question 10

What is the forecast for this year using exponential smoothing with alpha = .4,if the forecast for TWO years ago was 750?

Accepted Answer

A)  163 
B)  180 
C)  300 
D)  420 
E)  510 
A)  163 
B)  180 
C)  300 
D)  420 
E)  510

Question 11

Using control charts to monitor forecast error are best suited for forecasting applications involving a single forecast rather than applications involving a series of forecasts (e.g.monthly sales).

Accepted Answer

A) True 
 B)False

Question 12

Develop a forecast for the next period,given the data below,using a 3-period moving average.

Accepted Answer

The answer of Develop a forecast for the next period,given...

Question 13

-What is this year's forecast using a four-year simple moving average?

Accepted Answer

The answer of  
-What is this year's forecast using...

Question 14

What is this month's forecast using the least squares trend line for these data?

Accepted Answer

A)  1,250 
B)  128.6 
C)  102 
D)  158 
E)  164 
A)  1,250 
B)  128.6 
C)  102 
D)  158 
E)  164

Question 15

What is the forecast for this year using the least squares trend line for these data?

Accepted Answer

A)  163 
B)  180 
C)  300 
D)  420 
E)  510 
A)  163 
B)  180 
C)  300 
D)  420 
E)  510

Question 16

Use of simple linear regression analysis assumes that :
I.Variations around the line are random.
II.Deviations around the line are normally distributed.
III.Predictions are to be made only within the range of observed values of the predictor variable.

Accepted Answer

A)  I only 
B)  II only 
C)  III only 
D)  II and II only 
E)  I, II, and III 
A)  I only 
B)  II only 
C)  III only 
D)  II and II only 
E)  I, II, and III

Question 17

Forecasts are rarely perfect.

Accepted Answer

A) True 
 B)False

Question 18

A proactive approach to forecasting views forecasts as probable descriptions of future demand,assuming actions can be taken to meet that demand.

Accepted Answer

A) True 
 B)False

Question 19

A managerial approach toward forecasting which seeks to actively influence demand is:

Accepted Answer

A)  reactive. 
B)  proactive. 
C)  reflexive. 
D)  protracted. 
E)  retroactive. 
A)  reactive. 
B)  proactive. 
C)  reflexive. 
D)  protracted. 
E)  retroactive.

Question 20

Given the following data,develop a linear regression model for y as a function of x.

Accepted Answer

The answer of Given the following data,develop a linear regression...

Exam 3: Demand Forecasting

When error values fall outside the limits of a control chart,this signals a need for corrective action

Positive forecast errors,the case when the forecast is low relative to the actual value,are preferable to negative forecast errors,the case when the forecast is higher than the actual value

What is the forecast for this year using the naive approach?

Which phrase most closely describes the Delphi technique?

Multiple regression procedures permit us to extend associative models to relationships that involve more than one predictor variable.

Exponential smoothing is a form of weighted averaging.

One reason for using the Delphi method in forecasting is:

What is this week's forecast using a three-week simple moving average?

All of the following are true about forecasts EXCEPT:

What is the forecast for this year using exponential smoothing with alpha = .4,if the forecast for TWO years ago was 750?

Using control charts to monitor forecast error are best suited for forecasting applications involving a single forecast rather than applications involving a series of forecasts (e.g.monthly sales).

Develop a forecast for the next period,given the data below,using a 3-period moving average.

-What is this year's forecast using a four-year simple moving average?

What is this month's forecast using the least squares trend line for these data?

What is the forecast for this year using the least squares trend line for these data?

Use of simple linear regression analysis assumes that : I.Variations around the line are random. II.Deviations around the line are normally distributed. III.Predictions are to be made only within the range of observed values of the predictor variable.

Forecasts are rarely perfect.

A proactive approach to forecasting views forecasts as probable descriptions of future demand,assuming actions can be taken to meet that demand.

A managerial approach toward forecasting which seeks to actively influence demand is:

Given the following data,develop a linear regression model for y as a function of x.

Introduction to Operations Management

Competitiveness, Strategic Planning, and Productivity

A: Product Design

B: Product Design

A: Strategic Capacity Planning

B: Strategic Capacity Planning

A: Process Design and Facility Layout

B: Process Design and Facility Layout

A: Design of Work Systems

B: Design of Work Systems

A: Location Planning and Analysis

B: Location Planning and Analysis

Management of Quality

A: Statistical Quality Control

B: Statistical Quality Control

Supply Chain Management

Inventory Management

Aggregate Operations Planning

Material Requirements Planning and Enterprise Resource Planning

A: Just-In-Time and Lean Production

B: Just-In-Time and Lean Production

Job and Staff Scheduling

Project Management

A: Waiting-Line Analysis

B: Waiting-Line Analysis

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