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SCM 303 exam 3 msu Questions and Correct Answers the Latest Update $10.49
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SCM 303 exam 3 msu Questions and Correct Answers the Latest Update
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  • SCM 303
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  • SCM 303

demand planning the combined process of forecasting and managing customer demands to create a planned pattern of demand that meets the firms operational and financial goals demand forecasting a decision process in which managers predict demand patterns demand management a proactive approa...

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  • November 7, 2024
  • 9
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • scm 303 exam 3 msu questions and correct answers

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  • SCM 303
  • SCM 303

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SCM 303 exam 3 msu Questions and
Correct Answers the Latest Update
demand planning


✓ the combined process of forecasting and managing customer demands to create a
planned pattern of demand that meets the firms operational and financial goals



demand forecasting


✓ a decision process in which managers predict demand patterns



demand management


✓ a proactive approach n which managers attempt to influence the pattern



stable pattern


✓ a consistent horizontal stream of demands



seasonality and cycles


✓ regular demand patterns of repeating highs and lows



trend


✓ the general sloping tendency of demand, either upward or downward, in a linear or
nonlinear fashion



shift or step change


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✓ a one time change in demand, usually due to some external influence on demand



autocorrelation


✓ the correlation of current demand values with past demand values



forecast error


✓ the difference between a forecast and the actual demand



grassroots forecasting


✓ a technique that seeks inputs from people who are in close contact with customers
and products



executive judgment


✓ forecasting techniques that use input from high level experienced managers



historical strategy


✓ a forecasting technique that uses data and experience from similar products to
forecast the demand for a new product



masrketing research


✓ a forecasting technique that bases forecasts on the purchasing patterns and attitudes
of current or potential customers



delphi method`




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