(WGU D467) BUS 2770 Exploring Data Objective Assessment Guide Q & A 2024.p

D467 BUS 27 70 Exploring Data Objective Assessment Guid e Q & A 2024 1. Multiple Choice: What statistical method is best suited for forecasting demand in supply chain management? a) Linear regression b) Time series analysis c) Cluster analysis d) Factor analysis Correct Answer : b) Time series analysis Rationale: Time series analysis is particularly useful for forecasting as it involves using historical data to predict future demand, which is crucial in supply chain management for inventory control and planning. 2. True/False: In supply chain optimization, the bullwhip effect refers to the fluctuation in orders that can be larger than the fluctuations i n actual demand. Answer : True Rationale: The bullwhip effect is a well -documented phenomenon in supply chain management where small variations in demand at the retail level cause increasingly larger variations in demand at the wholesale, distributor, manufacturer, and raw material supplier levels. 3. Fill -in-the-Blank: The ________ is a graphical tool used in Six Sigma to display the frequency distribution of data. Correct Answer : Histogram Rationale: A histogram is used in Six Sigma methodolog ies to graphically summarize and display the distribution of a process data set. 4. Multiple Choice: Which of the following is not a key component of Supply Chain Management? a) Procurement b) Logistics c) Marketing d) Distribution Correct Answer : c) Marketing Rationale: While marketing is essential for understanding consumer needs and demands, it is not considered a core component of Supply Chain Management, which focuses on the production, shipment, and distribution of products. 5. True/False: Just -in-time (JIT) inventory systems require high levels of safety stock to prevent stockouts. Answer : False Rationale: JIT inventory systems aim to reduce inventory carrying costs and increase efficiency by receiving goods only as they a re needed in the production process, thus minimizing inventory levels and safety stock. 6. Fill -in-the-Blank: The process of obtaining goods and services from preparation and processing of a requisition through to receipt and approval of the invoice for p ayment is known as ________.