Exam (elaborations)
SCM 303 Exam 3 MSU Questions And 100% Correct Answers
- Course
- Institution
SCM 303 Exam 3 MSU Questions And 100% Correct Answers...
[Show more]
Content preview
SCM 303 Exam 3 MSU Questions And 100%Correct Answers
Demand planning - ANSWER 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 - ANSWER a decision process in which managers predict demand
patterns
demand management - ANSWER a proactive approach n which managers attempt to
influence the pattern
stable pattern - ANSWER a consistent horizontal stream of demands
seasonality and cycles - ANSWER regular patterns of demand that are in the form of
repeating highs and lows
trend - ANSWER the general sloping tendency of demand either upward or downward in
either linear or nonlinear fashion
shift or step change - ANSWER a one time change in demand usually due to some
external influence on demand
autocorrelation - ANSWER the correlation of current demand values with past demand
values
forecast error - ANSWER the difference between a forecast and the actual demand
grassroots forecasting - ANSWER a technique that seeks inputs from people who are in
close contact with customers and products
executive judgment - ANSWER forecasting techniques that use input from high level
, experienced managers
historical strategy - ANSWER a forecasting technique that uses data and experience
from similar products to forecast the demand for a new product
marketing research a forecasting technique that bases forecasts on the purchasing
patterns and attitudes of current or potential customers Delphi method forecasts
developed by asking a panel of experts to individually and repeatedly respond to a
series of questions time series analysis models forecasting models that compute
forecasts using historical data arranged in the order of occurrence
naive model - ANSWER a simple forecasting approach which assumes recent history is
a good predictor of the near future
moving average - ANSWER a forecasting model which calculates a forecast as the
average of demands over a number of immediate past periods
weighted moving average - ANSWER a forecasting model which assigns a different
weight to each period's demand depending on the relative importance
exponential smoothing - ANSWER a moving average approach that applies exponentially
decreasing weights to each demand that occurred father back in time
smoothing coefficient - ANSWER a parameter indicating the weight given to the most
recent demand.
regression analysis - ANSWER a mathematical approach for fitting an equation to a set
of data
seasonal index - ANSWER an adjustment factor applied to forecasts to account for
seasonal changes or cycles in demand
The benefits of buying summaries with Stuvia:
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
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
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 Easton. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $16.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
81113 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now