SCM 3301 EXAM 1 QUESTIONS AND
ANSWERS 100% PASS 2026/2027
Operations Management - ANS Management of processes that transform inputs into goods
and services.
Supply Chain Management - ANS Coordination of activities involved in sourcing, production,
and distribution across multiple firms.
Why Study Operations and SCM - ANS To understand how businesses create value and gain
competitive advantage through efficient processes.
Important Trends in Supply Chain - ANS Globalization, sustainability, technological
advancement, analytics, customer focus.
Elements of a Business - ANS Operations, Marketing, Finance, Accounting, Human Resources,
Supply Chain.
Strategy - ANS A long-term plan to achieve competitive advantage.
Operations Strategy - ANS How operations capabilities are aligned to support overall business
strategy.
@2026 ALLRIGHTS RESERVED 1
, Supply Chain Strategy - ANS Designing the supply chain to match customer needs and
competitive priorities.
Value - ANS Benefits received divided by cost.
Qualitative Forecasting - ANS Forecasting based on expert opinion, judgment, or market
research rather than numerical data.
Quantitative Forecasting - ANS Forecasting based on historical numerical data and
mathematical models.
Time Series Forecasting - ANS Uses past demand data to predict future demand.
Causal Forecasting - ANS Uses independent variables to predict demand.
Law of Forecasting #1 - ANS Forecasts are always wrong.
Law of Forecasting #2 - ANS Long-term forecasts are less accurate than short-term forecasts.
Law of Forecasting #3 - ANS Aggregate forecasts are more accurate than individual forecasts.
Naïve Forecast - ANS Uses last period's actual demand as the next period's forecast.
When to Use Naïve Forecast - ANS When demand is stable and simple forecasting is
sufficient.
@2026 ALLRIGHTS RESERVED 2
ANSWERS 100% PASS 2026/2027
Operations Management - ANS Management of processes that transform inputs into goods
and services.
Supply Chain Management - ANS Coordination of activities involved in sourcing, production,
and distribution across multiple firms.
Why Study Operations and SCM - ANS To understand how businesses create value and gain
competitive advantage through efficient processes.
Important Trends in Supply Chain - ANS Globalization, sustainability, technological
advancement, analytics, customer focus.
Elements of a Business - ANS Operations, Marketing, Finance, Accounting, Human Resources,
Supply Chain.
Strategy - ANS A long-term plan to achieve competitive advantage.
Operations Strategy - ANS How operations capabilities are aligned to support overall business
strategy.
@2026 ALLRIGHTS RESERVED 1
, Supply Chain Strategy - ANS Designing the supply chain to match customer needs and
competitive priorities.
Value - ANS Benefits received divided by cost.
Qualitative Forecasting - ANS Forecasting based on expert opinion, judgment, or market
research rather than numerical data.
Quantitative Forecasting - ANS Forecasting based on historical numerical data and
mathematical models.
Time Series Forecasting - ANS Uses past demand data to predict future demand.
Causal Forecasting - ANS Uses independent variables to predict demand.
Law of Forecasting #1 - ANS Forecasts are always wrong.
Law of Forecasting #2 - ANS Long-term forecasts are less accurate than short-term forecasts.
Law of Forecasting #3 - ANS Aggregate forecasts are more accurate than individual forecasts.
Naïve Forecast - ANS Uses last period's actual demand as the next period's forecast.
When to Use Naïve Forecast - ANS When demand is stable and simple forecasting is
sufficient.
@2026 ALLRIGHTS RESERVED 2
