100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
MGSC 395 Final Exam Questions With Solutions CA$26.71   Add to cart
Quickly navigate to
Preview
  2.  
  3. MGSC 395
  4.  
  5. MGSC 395

Exam (elaborations)

MGSC 395 Final Exam Questions With Solutions
 5 views  0 purchase
  • Course
  • MGSC 395
  • Institution
  • MGSC 395

MGSC 395 Final Exam Questions With Solutions Suppliers - with the projected demand, we make decisions about our relationships with suppliers. do we need more suppliers? do we have too many? do we need to develop new suppliers for future growth? general characteristics of forecasts forecast ...

[Show more]

Preview 4 out of 45  pages

Document information

  • October 19, 2024
  • 45
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • mgsc 395 final exam questions with solutions

Written for

  • MGSC 395
  • MGSC 395

Seller

avatar-seller
UpperClass

Reviews received

Content preview

MGSC 395 Final Exam Questions With
Solutions

Suppliers - with the projected demand, we make decisions about our relationships with suppliers.

do we need more suppliers? do we have too many? do we need to develop new suppliers for

future growth?




general characteristics of forecasts forecast accuracy


- forecasts are always wrong

- measure of error is important - most firms to not measure this




long-term forecasts vs. short-term forecasts

- long-term forecasts are less accurate than short-term forecasts

- forecast horizon is important and should be selected based on the purpose of the forecast




aggregate forecasts vs. disaggregate forecasts

- aggregate forecasts are more accurate than disaggregate forecasts

- defining the correct level of forecasting is important

, MGSC 395 Final Exam Questions With
Solutions
time series the repeated observations of demand for a service or product in their order of

occurrence




five basic time series patterns 1. horizontal


2. trend

3. seasonal

4. cyclical

5. random - most difficult because its not predictable




Horizontal time series pattern nearly flat over time; data cluster about a horizontal line




trend time series pattern consistently rising or falling; data consistently increase or

decrease




seasonal time series pattern varies in a repeatable pattern over seasons; data consistently

shows peaks and valleys

, MGSC 395 Final Exam Questions With
Solutions
cyclical time series pattern less predictable than seasonal - caused by the business cycle

(economy) and product life cycle; data reveal gradual increases and decreases over extended

periods




what can you do to manage demand? demand management is the process of changing

demand patterns using one or more demand options




demand options complementary products, promotional pricing, prescheduled

appointments, reservations, revenue management, backlogs, backorders and stockouts




complementary products finding products and services that can be produced with the

existing equipment or resources




ex. water skis and snow skis; clothing lines




promotional pricing push sales with favorable pricing




ex. automobile rebates or discounts; buy one get one (BOGO); lower prices to buy in low

demand periods

, MGSC 395 Final Exam Questions With
Solutions

prescheduled appointments fill available time with work




ex. doctors, dentists, lawyers, sometimes auto repair shops




reservations used to fill the available resources - gives information in advance of the event

to help determine if other actions are needed to increase demand




ex. concert seats, airline seats, hotel rooms




revenue management varying price at the right time for different customer segments to

maximize revenue from existing capacity




backlogs accumulation of customer order promised for delivery at some future date




ex. orders made in advance - such as parts from a supplier to a manufacturer

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller UpperClass. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for CA$26.71. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

79373 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
CA$26.71
  • (0)
  Add to cart