Question 1

Selecting the type of forecasting method to use depends on

Accepted Answer

A)  the time frame of the forecast. 
B)  the behavior of demand and demand patterns. 
C)  the causes of demand behavior. 
D)  All of these answer choices are correct. 
A)  the time frame of the forecast. 
B)  the behavior of demand and demand patterns. 
C)  the causes of demand behavior. 
D)  All of these answer choices are correct.

Question 2

The closer the smoothing constant, α, is to 1.0 the

Accepted Answer

A)  greater the reaction to the most recent demand. 
B)  greater the dampening, or smoothing, effect. 
C)  more accurate the forecast. 
D)  less accurate the forecast. 
A)  greater the reaction to the most recent demand. 
B)  greater the dampening, or smoothing, effect. 
C)  more accurate the forecast. 
D)  less accurate the forecast.

Question 3

An exponential smoothing forecasting technique requires all of the following except

Accepted Answer

A)  the forecast for the current period. 
B)  the actual demand for the current period. 
C)  a smoothing constant. 
D)  large amounts of historical demand data. 
A)  the forecast for the current period. 
B)  the actual demand for the current period. 
C)  a smoothing constant. 
D)  large amounts of historical demand data.

Question 4

The exponential smoothing model produces a naïve forecast when the smoothing constant, α, is equal to

Accepted Answer

A)  0.00. 
B)  1.00. 
C)  0.50. 
D)  2.00 
A)  0.00. 
B)  1.00. 
C)  0.50. 
D)  2.00

Question 5

Cluster analysis is a tool that

Accepted Answer

A)  discovers trends, predicts future events, and assesses possible course of action. 
B)  searches for exact relationships between variables. 
C)  identifies groups of data that fall naturally together. 
D)  None of these answer choices is correct. 
A)  discovers trends, predicts future events, and assesses possible course of action. 
B)  searches for exact relationships between variables. 
C)  identifies groups of data that fall naturally together. 
D)  None of these answer choices is correct.

Question 6

Correlation in linear regression is a measure of the strength of the relationship between the dependent variable, demand, and an independent (explanatory) variable.

Accepted Answer

A) True 
 B)False

Question 7

Explain how and why time series and regression forecasting methods differ.

Accepted Answer

Time series methods are statistical tech

Question 8

The moving average method is used for creating forecasts when there is no variation in demand.

Accepted Answer

A) True 
 B)False

Question 9

Long-range quantitative forecasts are used to determine future demand for new products, markets, and customers.

Accepted Answer

A) True 
 B)False

Question 10

A forecast

Accepted Answer

A)  predicts what will occur in the future. 
B)  results from an uncertain process. 
C)  support strategic planning. 
D)  All of these answer choices are correct. 
A)  predicts what will occur in the future. 
B)  results from an uncertain process. 
C)  support strategic planning. 
D)  All of these answer choices are correct.

Question 11

A company wants to produce a weighted moving average forecast for April with the weights 0.40, 0.35, and 0.25 assigned to March, February, and January respectively. If the company had demands of 5,000 in January, 4,750 in February, and 5,200 in March, then April's forecast is

Accepted Answer

A)  4983.33. 
B)  4992.50. 
C)  4962.50. 
D)  5000.00. 
A)  4983.33. 
B)  4992.50. 
C)  4962.50. 
D)  5000.00.

Question 12

The type of forecasting method used depends entirely on whether the supply chain is continuous replenishment or not.

Accepted Answer

A) True 
 B)False

Question 13

Which of the following is a reason why a forecast can go out of control?

Accepted Answer

A)  a change in trend 
B)  an irregular variation such as unseasonable weather 
C)  a promotional campaign 
D)  All of these answer choices are correct. 
A)  a change in trend 
B)  an irregular variation such as unseasonable weather 
C)  a promotional campaign 
D)  All of these answer choices are correct.

Question 14

A qualitative procedure used to develop a consensus forecast is known as

Accepted Answer

A)  exponential smoothing. 
B)  regression methods. 
C)  the Delphi technique. 
D)  naïve forecasting. 
A)  exponential smoothing. 
B)  regression methods. 
C)  the Delphi technique. 
D)  naïve forecasting.

Question 15

The most common type of forecasting method for long-term strategic planning is based on quantitative modeling

Accepted Answer

A) True 
 B)False

Question 16

One reason time series methods are popular for forecasting is that they are relatively easy to use and understand.

Accepted Answer

A) True 
 B)False

Question 17

In ___________________ replenishment, the supplier and customer care continuously update data.

Accepted Answer

A)  demand 
B)  ongoing 
C)  continuous 
D)  forecasted 
A)  demand 
B)  ongoing 
C)  continuous 
D)  forecasted

Question 18

Because of advances in technology, many service industries no longer require accurate forecasts to provide high quality service.

Accepted Answer

A) True 
 B)False

Question 19

Given the demand and forecast values shown in the following table,   calculate the three-period moving average forecast for November.

Accepted Answer

A)  516. 
B)  528. 
C)  524. 
D)  515. 
A)  516. 
B)  528. 
C)  524. 
D)  515.

Question 20

A correlation coefficient is a measure of the strength of the linear relationship between an independent and a dependent variable.

Accepted Answer

A) True 
 B)False

Exam 21: Operational Decison-Making Tools: Transportation and Transshipment Models

Selecting the type of forecasting method to use depends on

The closer the smoothing constant, α, is to 1.0 the

An exponential smoothing forecasting technique requires all of the following except

The exponential smoothing model produces a naïve forecast when the smoothing constant, α, is equal to

Cluster analysis is a tool that

Correlation in linear regression is a measure of the strength of the relationship between the dependent variable, demand, and an independent (explanatory) variable.

Explain how and why time series and regression forecasting methods differ.

The moving average method is used for creating forecasts when there is no variation in demand.

Long-range quantitative forecasts are used to determine future demand for new products, markets, and customers.

A forecast

A company wants to produce a weighted moving average forecast for April with the weights 0.40, 0.35, and 0.25 assigned to March, February, and January respectively. If the company had demands of 5,000 in January, 4,750 in February, and 5,200 in March, then April's forecast is

The type of forecasting method used depends entirely on whether the supply chain is continuous replenishment or not.

Which of the following is a reason why a forecast can go out of control?

A qualitative procedure used to develop a consensus forecast is known as

The most common type of forecasting method for long-term strategic planning is based on quantitative modeling

One reason time series methods are popular for forecasting is that they are relatively easy to use and understand.

In ___________________ replenishment, the supplier and customer care continuously update data.

Because of advances in technology, many service industries no longer require accurate forecasts to provide high quality service.

Given the demand and forecast values shown in the following table, calculate the three-period moving average forecast for November.

A correlation coefficient is a measure of the strength of the linear relationship between an independent and a dependent variable.

Introduction to Operations and Supply Chain Management

Quality Management

Statistical Process Control

Product Design

Service Design

Processes and Technology

Capacity and Facilities Design

Human Resources

Project Management

Supply Chain Management Strategy and Design

Global Supply Chain Procurement and Distribution

Forecasting

Inventory Management

Sales and Operations Planning

Resource Planning

Lean Systems

Operational Decision-Making Tools: Decision Analysis

Operational Decision-Making Tools: Acceptance Sampling

Operational Decision-Making Tools: Facility Location Models

Operational Decision-Making Tools: Work Measurement

Operational Decision-Making Tools: Simulation

Operational Decision-Making Tools: Linear Programming

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