SCHM 2301 UPDATED SCRIPT EXAM QUESTIONS AND
ANSWERS MARKED A+
✔✔In a scenario where a company is facing unpredictable demand fluctuations, how
could Artificial Intelligence be utilized to improve inventory management? - ✔✔by
analyzing historical data and prediciting future demands
✔✔If a company experiences a low Fill Rate, what strategy could it implement to
improve customer satisfaction? - ✔✔increase inventory levels to reduce stockout
✔✔Describe the main principle behind the Naive Model of forecasting. - ✔✔the Naive
model relies on the assumption that past data can effectively predict future outcomes
✔✔If a company implements blockchain technology in its supply chain, what potential
issue could it help mitigate? - ✔✔data distortion
✔✔2.
Describe how Exponential Smoothing differs from a simple moving average in demand
forecasting. - ✔✔exponential smoothing gives more weight to recent demands, while a
simple moving verage treats all past demands equally.
✔✔moving average model - ✔✔forecasting method that takes an average of recent
demand values to prdict future demand
✔✔delphi method - ✔✔a forecasting technique using a group process that allows
experts to make forecasts
✔✔supply chain resilience - ✔✔the ability of a supply chain to return to its ideal
operational state after being disrupted
✔✔grassroots forecasting - ✔✔a technique that seeks inputs from people who are in
close contact with customers and products
✔✔fill rate - ✔✔measures the percentage of orders shipped on time and complete.
✔✔ What is the definition of Production Order Quantity? - ✔✔the most economic
quantitiy to order when units become aviable at the rate at which they are produced
✔✔What are the two main components that make up setup cost? - ✔✔Administration
epenses and expenses of rearranging a work center
✔✔What is the primary purpose of Sales and Operations Planning (S&OP)? - ✔✔to
devlop tactical plans by integrating customer focused marketing plans with operational
management
ANSWERS MARKED A+
✔✔In a scenario where a company is facing unpredictable demand fluctuations, how
could Artificial Intelligence be utilized to improve inventory management? - ✔✔by
analyzing historical data and prediciting future demands
✔✔If a company experiences a low Fill Rate, what strategy could it implement to
improve customer satisfaction? - ✔✔increase inventory levels to reduce stockout
✔✔Describe the main principle behind the Naive Model of forecasting. - ✔✔the Naive
model relies on the assumption that past data can effectively predict future outcomes
✔✔If a company implements blockchain technology in its supply chain, what potential
issue could it help mitigate? - ✔✔data distortion
✔✔2.
Describe how Exponential Smoothing differs from a simple moving average in demand
forecasting. - ✔✔exponential smoothing gives more weight to recent demands, while a
simple moving verage treats all past demands equally.
✔✔moving average model - ✔✔forecasting method that takes an average of recent
demand values to prdict future demand
✔✔delphi method - ✔✔a forecasting technique using a group process that allows
experts to make forecasts
✔✔supply chain resilience - ✔✔the ability of a supply chain to return to its ideal
operational state after being disrupted
✔✔grassroots forecasting - ✔✔a technique that seeks inputs from people who are in
close contact with customers and products
✔✔fill rate - ✔✔measures the percentage of orders shipped on time and complete.
✔✔ What is the definition of Production Order Quantity? - ✔✔the most economic
quantitiy to order when units become aviable at the rate at which they are produced
✔✔What are the two main components that make up setup cost? - ✔✔Administration
epenses and expenses of rearranging a work center
✔✔What is the primary purpose of Sales and Operations Planning (S&OP)? - ✔✔to
devlop tactical plans by integrating customer focused marketing plans with operational
management
