MSIS 3223 EXAM QUESTIONS WITH CORRECT ANSWERS
LATEST UPDATE
customer surveys
question consumers on future plans
direct-contact composites
joint estimates obtained from salespeople or customer service
executive opinion
finance, marketing, and manufacturing managers join to prepare forecast
delphi technique
series of questionnaires answered anonymously by knowledgeable people; successive
questionnaires are based on information obtained from previous surveys
outside opinion
consultants of other outside experts prepare forecast
time series: naive
next value in a series will equal the previous value in a comparable period
time series: moving averages
forecast is based on an average of recent values
time series: exponential smoothing
sophisticated form of weighted moving average
associative models: simple regression
values of one variable are used to predict values of a dependent variable
associative models: multiple regression
two or more variables are used to predict values of a dependent variable
technique: MAD
mean absolute deviation
period 1: 60
period 2: 65
period 3: 55
period 4: 58
period 5: 64
prepare a forecast for period 6 using the naive approach
the values are stable (no trend) therefore, most recent value of the series become the
next forecast: 64
period 1: 60
period 2: 65
period 3: 55
period 4: 58
period 5: 64
prepare a forecast for period 6 using the 3 period moving average
MA3 - (55+58+64)/3 = 59
, period 1: 60
period 2: 65
period 3: 55
period 4: 58
period 5: 64
prepare a forecast for period 6 using the weighted average using the weights
of .5(most recent)
.3
.2
.2(55) + .3(58) + .5(64) = 60.4
period 1: 60
period 2: 65
period 3: 55
period 4: 58
period 5: 64
prepare a forecast for period 6 using the exponential smoothing with a smoothing
constant of .4
60 + .4(65-60) = 62
62 + .4(55 - 62) = 59.2
59.2 + .4(58 - 59.2) = 58.72
58.72 + .4(64 - 58.72) = 60.83
60.83
The Crystal Sparkle Co. produces glass tumblers. The plant is designed to
produce 400 tumblers per hour, and there is one eight- hour shift per working
day. However, the plant does not operate for the full eight hours: the employees
take two 15-minute breaks in
each shift, one in the first four hours and one in the second four hours, and the
first thirty minutes of the shift are spent raising the kilns to the required
temperature for firing glass. The plant usually
produces about 10,000 tumblers per five-day workweek. Answer the following
questions by adjusting the data to one eight-hour shift.
a. What is the design capacity of the plant in tumblers, per shift?
Design capacity = 8 hrs. x 400 tumblers = 3,200 tumblers per 8-hour shift
The Crystal Sparkle Co. produces glass tumblers. The plant is designed to
produce 400 tumblers per hour, and there is one eight- hour shift per working
day. However, the plant does not operate for the full eight hours: the employees
take two 15-minute breaks in
each shift, one in the first four hours and one in the second four hours, and the
first thirty minutes of the shift are spent raising the kilns to the required
temperature for firing glass. The plant usually
produces about 10,000 tumblers per five-day workweek. Answer the following
questions by adjusting the data to one eight-hour shift.
LATEST UPDATE
customer surveys
question consumers on future plans
direct-contact composites
joint estimates obtained from salespeople or customer service
executive opinion
finance, marketing, and manufacturing managers join to prepare forecast
delphi technique
series of questionnaires answered anonymously by knowledgeable people; successive
questionnaires are based on information obtained from previous surveys
outside opinion
consultants of other outside experts prepare forecast
time series: naive
next value in a series will equal the previous value in a comparable period
time series: moving averages
forecast is based on an average of recent values
time series: exponential smoothing
sophisticated form of weighted moving average
associative models: simple regression
values of one variable are used to predict values of a dependent variable
associative models: multiple regression
two or more variables are used to predict values of a dependent variable
technique: MAD
mean absolute deviation
period 1: 60
period 2: 65
period 3: 55
period 4: 58
period 5: 64
prepare a forecast for period 6 using the naive approach
the values are stable (no trend) therefore, most recent value of the series become the
next forecast: 64
period 1: 60
period 2: 65
period 3: 55
period 4: 58
period 5: 64
prepare a forecast for period 6 using the 3 period moving average
MA3 - (55+58+64)/3 = 59
, period 1: 60
period 2: 65
period 3: 55
period 4: 58
period 5: 64
prepare a forecast for period 6 using the weighted average using the weights
of .5(most recent)
.3
.2
.2(55) + .3(58) + .5(64) = 60.4
period 1: 60
period 2: 65
period 3: 55
period 4: 58
period 5: 64
prepare a forecast for period 6 using the exponential smoothing with a smoothing
constant of .4
60 + .4(65-60) = 62
62 + .4(55 - 62) = 59.2
59.2 + .4(58 - 59.2) = 58.72
58.72 + .4(64 - 58.72) = 60.83
60.83
The Crystal Sparkle Co. produces glass tumblers. The plant is designed to
produce 400 tumblers per hour, and there is one eight- hour shift per working
day. However, the plant does not operate for the full eight hours: the employees
take two 15-minute breaks in
each shift, one in the first four hours and one in the second four hours, and the
first thirty minutes of the shift are spent raising the kilns to the required
temperature for firing glass. The plant usually
produces about 10,000 tumblers per five-day workweek. Answer the following
questions by adjusting the data to one eight-hour shift.
a. What is the design capacity of the plant in tumblers, per shift?
Design capacity = 8 hrs. x 400 tumblers = 3,200 tumblers per 8-hour shift
The Crystal Sparkle Co. produces glass tumblers. The plant is designed to
produce 400 tumblers per hour, and there is one eight- hour shift per working
day. However, the plant does not operate for the full eight hours: the employees
take two 15-minute breaks in
each shift, one in the first four hours and one in the second four hours, and the
first thirty minutes of the shift are spent raising the kilns to the required
temperature for firing glass. The plant usually
produces about 10,000 tumblers per five-day workweek. Answer the following
questions by adjusting the data to one eight-hour shift.
