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OMGT Exam 2 Study Guide Questions and Answers
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OMGT Exam 2 Study Guide Questions and Answers
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OMGT Exam 2 Study Guide Questionsand Answers
T/F The first step of an effective forecasting model is to select the items needed to be
forecasted: - Answer-False
Which of the following is an example of how demand forecasting affects supply chain
planning?
a) Provides an insight into the need for logistics and transportation
b) Helps a business allocate its resources
c) Helps a business make effective procurement and production plans
d) All the listed items are examples of how forecasting affects supply chain planning -
Answer-d) All the listed items are examples of how forecasting affects supply chain
planning
Selecting an appropriate forecasting method depends on several factors, including
__________.
a) Consensus among industry leaders
b) Time horizon of forecast
c) Ease of implementation
d) Cost of data collection and recording - Answer-b) Time horizon of forecast
Fed up with her working conditions at the call center, Lisa decides to invest in a state-of-
the-art sewing machine and produce limited quantities of her own clothing designs. After
a few months of operation, she decides to apply some of the forecasting techniques she
mastered in school. Which of these statements about her forecasts is correct?
a) Her forecasts will probably be 100% accurate.
b) Her demand forecasts for a year from now will probably be more accurate than her
demand forecasts for three months from now.
c) Her demand forecasts for each style of skirt will be more accurate than her demand
forecasts for all skirts.
d) The best way for her to determine the amount of fabric she needs is to forecast it
based on her customer orders for each type of skirt. - Answer-d) The best way for her to
determine the amount of fabric she needs is to forecast it based on her customer orders
for each type of skirt.
While the Delphi method primarily relies on ________, the market research method
depends on ______ to form accurate forecasting models.
a) quantitative data, qualitative attributes
b) qualitative data, quantitative research findings
c) opinions of a group of experts, information from target audiences
d) surveying a sample of the target audience, insights about industry-leading
competitors - Answer-c) opinions of a group of experts, information from target
audiences
, A steady movement up or down in a time series is called ________.
a) seasonality
b) trend
c) randomness
d) cycle - Answer-b) trend
In terms of demand pattern, ________ is unpredictable changes from one time period to
the next so do not follow a pattern.
a) random variation
b) seasonality
c) trend
d) cycle - Answer-a) random variation
Which of these quantitative techniques is a causal model?
a) linear regression
b) simple moving average
c) exponential smoothing
d) weighted moving average - Answer-a) linear regression
The larger the value of smoothing constant, α, the _________ weight is put on the most
recent actual demand.
a) greater
b) smaller
c) same - Answer-a) greater
In a linear trend line, the independent variable is a ___________ variable.
a) time index
b) sales index
c) correlative
d) All of the above are examples of independent variables in a linear trend line -
Answer-a) time index
Which of the following best fits a pattern of cycle demand?
a) Peak retail sales in the fourth quarter of every year
b) Monthly housing construction in the U.S. market
c) Demand for swimwear in the summer, and coats in the winter
d) Home sales in the US is the busiest in the summer - Answer-b) Monthly housing
construction in the U.S. market
Which of the following is an example of an associative technique of the quantitative
models for forecasting?
a) Delphi Method
b) Simple Regression
c) Liner trend line
d) All of the above - Answer-b) Simple Regression
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