"Asset utilization, seasonal production planning and budgeting are most closely assocated with:
Medium-range forecsts.
The situation is stable and historical data exists, as in the case of mature products or technologies. In this case, which of the following forecasting approachs is used?
quantitative method
A qualitative forecasting method which utilizes structured questionnaires submitted to potential customers soliciting opinions about potential products to estimate likely demand is
market surveys.
"What is the basic assumption of Time Series forecasting?
Hstorical time series data are good predictors of the future.
What's closely associated with the Naive or Last Period forecast model?
The highest random variation of the time series forecasting models.
most closely associated with the Exponential Smoothing forecast model?
form of a weighted moving average forecast model.
provides a measure of forecast error dispersion?
Mean Absolute Deviation.
"Error metrics may indicate that the forecast model is producing poor results. What action may a manager take to remidy this problem?
Change forecast method to better match the demand pattern.
"Which of the followoing is most closely associated with forecast trend
consistent upward or downward movement of sales.
A qualitative forecasting method which utilizes individuals familiar with specific market segments, has them estimate the demand within these segments, and adds the forecasts together to get an overall forecast is
build-up forecasting.
One qualitative forecasting method uses experts working individually. The individual forecasts are shared among the group, after which each participant is allowed to modify his or her forecast based on the shared information. This method is
Delphi
"A set of business processes, backed up by information technology, in which supply chain partners agree to mutual business objectives and measures, develop joint sales and operational plans, and collaborate to generate and update sales forecasts and replenishment plans" is the definition of
collaborative planning, forecasting, and replenishment (CPFR)
Unpredictable movement of demand from one period to the next in a time series is
randomness
"A network of manufacturers and service providers that work together to convert and move goods from the raw materials stage through to the end user" is the definition of
supply chain.
Statement about operation functions
Inputs to the operations function can come from many different places.
The supply chain function works with marketing to develop planning numbers, such as customer demand and availability of supply, which are needed for effective decision making. This supply chain activity is
forecasting
"Organizational strengths or abilities, developed over a long time period, that customers find valuable and competitors find difficult or even impossible to copy" is the definition of
core competency.
Companies must prioritize and determine the performance dimensions on which they will focus and excel. Each performance dimension has several sub-dimensions. Performance, conformance, and reliability are sub-dimensions of
quality
Companies must prioritize and determine the performance dimensions on which they will focus and excel. Each performance dimension has several sub-dimensions. Labor, materials, and engineering are sub-dimensions of
cost
Oklahoma County issued a request for proposal (RFP) to paint all of the offices in the buildings located in District 3. The RFP stipulated that only contractors that were licensed and bonded would be considered. This requirement is an example of
an order qualifier.
Which of the following performance measures would be an order winner for a pizza delivery restaurant?
Response time.
The American Society for Quality has a two part definition of quality. One perspective on quality is "a product or service free from deficiencies; the product performs as intended." This is the ____________ perspective on quality.
conformance
In the Dittenhoefer fine china case, workers visually inspected finished items for defects such as chips or cracks. The time and labor cost associated with this inspection resulted in which of the following type of quality costs?
appraisal
Which of the following is a principle of TQM that assumes there will always be room for improvement, no matter how well an organization is doing?
continuous improvement
In _______________, resources are arranged sequentially according to the steps required to make a product.
a product-based layout
The time between completions of successive units is known as the ______________ of the line.
cycle time
Which is the following is an example of a continuous flow process?
Petroleum refinery
Which of the following products involve customization only at the very end of the manufacturing process?
assemble-to-order (ATO) products
not a characteristic of a service process.
Inventory of finished products
Assume an assembly line has 4 work stations. Total task time to make the product is 15 minutes and cycle time is 5 minutes. What is the worker utilization of the assembly line?
.75
One qualitative forecasting method bases the forecast for a new product or service on the actual sales history of a similar product or service. An example is forecasting demand for the newest model of iPod by using the demand history from the previous model of iPod. This method is
life cycle analogy
A qualitative forecasting method which brings experts together to jointly discuss and develop forecasts is
panel consensus forecasting.