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OMIS 430 Test 1 John Woolsey questions and correct answers 100%
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OMIS 430 Test 1 John Woolsey questions and correct answers 100%
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OMIS 430 Test 1 John Woosleyoperations management - correct answer ✔✔the management of systems or processes that create
goods and/or provide services
basic functions in a business - correct answer ✔✔marketing, operations, finance
supply chain management process - correct answer ✔✔a sequence of activities and organizations
involved in producing and delivering a good or service
value-added process - correct answer ✔✔the difference between the cost of inputs and the value or
price of outputs
difference between product and service - correct answer ✔✔goods- physical items that include raw
materials, parts, subassemblies, and final products. (cars, computers, oven, shampoo, etc.)
service- activities that provide some combo of time, location, form or psychological value. (air travel,
education, haircut, legal counsel)
challenges of managing services - correct answer ✔✔jobs in service are less structured than in
manufacturing, customer contact is generally much higher in services compared to manufacturing, in
many services worker skill levels are low, services are adding many new workers in low-skill entry-level
positions, employee turnover is high in services, input variability tends to be higher in many service
environments, service performance can be adversely affected by many factors outside of the manager's
control (e.g. employee and customer attitudes)
process management - correct answer ✔✔one or more actions that transform inputs into outputs
process variation - correct answer ✔✔______ can be disruptive to operations and supply chain
processes. they may result in additional costs, delays and shortages, poor quality, and inefficient work
systems.
,pros/cons of using models - correct answer ✔✔benefits- generally easier to use and less expensive than
dealing with the real system, require users to organize and sometimes quantify info, increase
understanding of the problem, enable managers to analyze "what if" questions, serve as consistent tool
for evaluation and provide standardized format for analyzing a problem, enable users to bring the power
of mathematics to bear on a problem
pareto phenomenon - correct answer ✔✔a few factors account for a high percentage of the occurrence
of some event(s)
characteristics of customization - correct answer ✔✔home remodeling, plastic surgery, and legal
counseling. tend to be more labor intensive. generally more time consuming, requires more highly skilled
people, and involves more flexible equipment, tend to have much lower volume of output than
standardized processes, and more expensive.
systems approach - correct answer ✔✔emphasizes interrelationships among subsystems (marketing
subsystem, operations subsystem, finance subsystem) main theme is that the whole is greater than the
sum of its parts. the output objectives of the organization take precedence over those of any one
subsystem
Features of Forecast - correct answer ✔✔Techniques assume some underlying casual system that existed
in the past will persist into the future. Forecasts aren't perfect. Forecasts for groups of items are more
accurate than those for individual items. Forecast accuracy decreases as the forecasting horizon
increases.
Elements of Forecast - correct answer ✔✔The forecast should be timely, accurate, reliable, expressed in
meaningful units, in writing, be simple to understand and use, and be cost effective.
MAD (mean absolute deviation) - correct answer ✔✔the average absolute forecast error; weights all
errors evenly
MSE (mean squared error) - correct answer ✔✔the average of squared forecast errors; weights all errors
according to their squared values
MAPE (mean absolute percent error) - correct answer ✔✔the average absolute percent error; weights
errors according to relative error
, forecasting approach - judgmental - correct answer ✔✔forecasts that use subjective inputs such as
opinions from consumer surveys, sales staff, managers, executives, and experts
forecasting approach - time series and relevant behavior - correct answer ✔✔forecasts that project
patterns identified in recent time-series observations;n- a time-ordered sequence of observations taken
at regular time intervals
forecasting approach - associative models - correct answer ✔✔forecasting technique that use
explanatory variables to predict future demand
focus forecasting - correct answer ✔✔using the forecasting method that demonstrates the best recent
success
diffusion models - correct answer ✔✔when new products or services are introduced, historical data
aren't generally available on which to base forecasts. instead, predictions are based on rates of
production adoption and usage spread from other established products, using mathematical diffusion
models. these take into account such factors as market potential, attention from mass media, and word
of mouth. widely used in marketing and to assess the merits of investing in new technologies.
Adjusting for Seasonality in trends - correct answer ✔✔regularly repeating movements in series values
that can be tied to recurring events (rush hour traffic)
Expressed in terms of the amount that actual values deviate from the average value of a series
Additive: Demand = trend + seasonality
Multiplicative: Demand = Trend x Seasonality
seasonal relatives - correct answer ✔✔seasonal percentage used in the multiplicative seasonally
adjusted forecasting model
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