OPMA 3306 40 Final Mid Exam Questions Well Answered
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Course
OPMA 3306
Institution
OPMA 3306
A company has actual unit demand for four consecutive years of 100, 105, 135, and 150. The respective forecasts were 120 for all four years. Which of the following is the resulting MAD value that can be computed from this data? - ️️MAD = ABS((100-120)+(105-120)+(135-120)+(150-120))/4 = 80/4 =20...
OPMA 3306 40 Final Mid Exam
Questions Well Answered
A company has actual unit demand for four consecutive years of 100, 105, 135, and 150. The respective
forecasts were 120 for all four years. Which of the following is the resulting MAD value that can be
computed from this data? - ✔ ✔ MAD = ABS((100-120)+(105-120)+(135-120)+(150-120))/4 = 80/4
=20
A company has recorded the last six days of daily demand on a single product they sell. Those values are
37, 115, 93, 112, 73, and 110. The time from when an order is placed to when it arrives at the company
from its vendor is 3 days. Assuming the basic fixed order quantity inventory model fits this situation and
no safety stock is needed, which of the following is the reorder point (R)? - ✔ ✔ 270 Avg Demand is
(37+115+93+112+73+110)/6= 90 → Lead Time = 3 days → 90*3=270
A company hires you to develop a linear regression forecasting model. Based on the company's
historical sales information, you determine the intercept value of the model to be 1,200. You also find
the slope value is minus 50. If after developing the model you are given of x=10, which of the following
is the resulting forecast value using this model? - ✔ ✔ The linear regression line is of the form Y = a +
bX, where Y is the value of the dependent variable that we are solving for, a is the Y intercept, b is the
slope, and X is the independent variable. Hence, Y = 1,200 + (-50) x 10 = 700.
A company wants to forecast demand using the weighted moving average. If the company uses two
prior yearly sales values (i.e., year 2012=110 and year 2013=130), and we want to weight year 2012 at
10% and year 2013 at 90%, which of the following is the weighted moving average forecast for year
2014? - ✔ ✔ Forecast for 2014 = (110x0.1) + (130x0.9) = 11 + 117 = 128
Assuming no safety stock, what is the re-order point (R) given an average daily demand of 50 units, a
lead time of 10 days and 625 units on hand? - ✔ ✔ 500 50*10=500
Design of experiments is a statistical methodology often used in six-sigma projects. It aims to accomplish
which of the following? - ✔ ✔ Determine the cause and effect relationships between process
variables and output
For which of the following should we use a "p" chart to monitor process quality? - ✔ ✔ Defective
electrical switches
From an operational perspective yield management is most effective under which of the following
circumstances? - ✔ ✔ Inventory is perishable
Given a prior forecast demand value of 230, a related actual demand value of 250, and a smoothing
constant alpha of 0.1, what is the exponential smoothing forecast value for the following period? - ✔
✔ Forecast = 230 + 0.1 x (250-230) = 232
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