OM 300 FINAL PREPARATION TEST QUESTIONS WITH COMPLETE ANSWERS

OM 300 - TEST 1 QUESTIONS
AND ANSWERS - UNIVERSITY
OF ALABAMA

relate people, money, and supplies to specific activities and activities to each other -
Answer-Scheduling

monitor resources, costs, quality, and budgets; revise plans and shift resources to meet
time and cost demands - Answer-Controlling

resources, costs, quality, and budgets - Answer-what is included in control of projects

(crash cost - normal cost)/(normal time - crash time) - Answer-Project crashing

Short range forecast, medium-range forecast, long-range forecast - Answer-Forecasting
time horizons and differences

up to one year, generally less than 3 months - purchasing, job scheduling, workforce
levels, job assignments, production levels. Tend to be more accurate than longer range
forecasts - Answer-Short-range forecast

3 months to 3 years - sales and production planning and budgeting - Answer-Medium-
range forecast

3+ years - new product planning, facility location, research and development - Answer-
Long-range forecast

used when situation is vague and little data exist - new products and technology -
Answer-Qualitative forecasting approach

Used when situation is stable and historical data exists - existing products and current
technology - Answer-Quantitative forecasting approach

trends
cyclical
seasonal
random - Answer-4 types of time series components and characteristics

persistent, overall upward or downward pattern - Answer-Trends