OPMA 3306 EXAM 1: Ch 2,3,4,11
QUESTIONS WITH VEIFIED ANSWERS
\.Market research is a quantitative method of forecasting - ANSWERS✔-False
(qualitative)
\.In the exponential smoothing method, only three pieces of data are needed to
forecast the future - ANSWERS✔--most recent forecast,
-actual demand that occurred for that forecast period
-a smoothing constant alpha.
\.The step-by-step procedure for the Delphi method is: - ANSWERS✔-1. Choose
the experts to participate. There should be a variety of knowledgeable people in
different areas.
\.Which of the following forecasting methods is very dependent on selection of
the right individuals who will judgmentally be used to actually generate the
forecast? - ANSWERS✔-Delphi method
\.Which of the following are used to describe the degree of error?
Weighted moving average
Regression
Moving average
, Forecast as a percent of actual
Mean absolute deviation - ANSWERS✔-mean absolute deviation
\.In decomposition of time series data it is relatively easy identify cycles and
autocorrelation components. - ANSWERS✔-False (more difficult (than trend
detection) to identify the cycles, autocorrelation)
\.Fixed-time period inventory models are "time triggered" - ANSWERS✔-true
\.What is the basic purpose of inventory analysis? - ANSWERS✔-To specify when
items should be ordered and how large the order should be.
\.Savings from reduced inventory results in increased profit. - ANSWERS✔-true
\.When developing inventory cost models, which of the following are not included
as costs to place an order?
Phone calls
Taxes
Clerical
Calculating quantity to order
Postage - ANSWERS✔-taxes
QUESTIONS WITH VEIFIED ANSWERS
\.Market research is a quantitative method of forecasting - ANSWERS✔-False
(qualitative)
\.In the exponential smoothing method, only three pieces of data are needed to
forecast the future - ANSWERS✔--most recent forecast,
-actual demand that occurred for that forecast period
-a smoothing constant alpha.
\.The step-by-step procedure for the Delphi method is: - ANSWERS✔-1. Choose
the experts to participate. There should be a variety of knowledgeable people in
different areas.
\.Which of the following forecasting methods is very dependent on selection of
the right individuals who will judgmentally be used to actually generate the
forecast? - ANSWERS✔-Delphi method
\.Which of the following are used to describe the degree of error?
Weighted moving average
Regression
Moving average
, Forecast as a percent of actual
Mean absolute deviation - ANSWERS✔-mean absolute deviation
\.In decomposition of time series data it is relatively easy identify cycles and
autocorrelation components. - ANSWERS✔-False (more difficult (than trend
detection) to identify the cycles, autocorrelation)
\.Fixed-time period inventory models are "time triggered" - ANSWERS✔-true
\.What is the basic purpose of inventory analysis? - ANSWERS✔-To specify when
items should be ordered and how large the order should be.
\.Savings from reduced inventory results in increased profit. - ANSWERS✔-true
\.When developing inventory cost models, which of the following are not included
as costs to place an order?
Phone calls
Taxes
Clerical
Calculating quantity to order
Postage - ANSWERS✔-taxes
