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OMGT 4743 Test Questions with Complete Answers
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OMGT 4743 Test Questions with Complete Answers
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OMGT 4743 Test Questions withComplete Answers
What are the advantages of the level strategy? - Answer-don't have to fire anyone
what are the disadvantages of the level strategy? - Answer-Hold inventory
What are the advantages of the chase strategy? - Answer-Don't hold any inventory
What are the disadvantages of the chase strategy? - Answer-Cost of hiring and firing
What are the advantages of the hybrid strategy? - Answer-don't have to fire anyone
what are the disadvantages of the hybrid strategy? - Answer-a mix of hiring/firing costs
What type of industry would be good for level strategy? - Answer-something always in
demand (Toilet paper?)
What type of industry would be good for chase
strategy? - Answer-seasonal business where you cannot hold any inventory
What type of industry would be good for hybrid strategy? - Answer-a mix and what most
people want to use these days
What is the naive method? - Answer-Use demand for the current period to predict
demand in the next period (if demand was 90 units, the following week would be 90)
What is an example of a product that would use a naive method? - Answer-Toilet paper
What are moving averages good for? - Answer-Stable demand with no behavioral
patterns
What is a weighted moving average? - Answer-Allows certain demands to be more or
less important than a regular MA
What is the issue with weighted moving averages? - Answer-It can become tedious if
you have a lot of items that need to carry weight. This method isn't very common.
What is exponential smoothing? - Answer-Based on the idea that a new average can be
computed from an old average and the most recent observed demand
(Old average=20, new demand= 24, new average will lie between 20 and 24
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