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Jon Emas OMIS 320 Exam I Questions with complete solution

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Jon Emas OMIS 320 Exam I Questions with complete solution Jon Emas OMIS 320 Exam I What is the definition of Supply Chain Management? - correct answer The design and management of seamless, value-added processes across organizational boundaries to see the real needs of the end customer. Wh...

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  • November 5, 2024
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Jon Emas OMIS 320 Exam I
What is the definition of Supply Chain Management? - correct answer ✔The
design and management of seamless, value-added processes across
organizational boundaries to see the real needs of the end customer.


What does Upstream and Downstream mean? - correct answer ✔Upstream
refers to materials are coming into the organization (raw materials to be used
for production), and downstream has to do with materials leaving the
organization (finished products).


What is required to have a successful supply chain? - correct answer ✔You
must have good information, planning, and activity integration. Must also have
honest communication with reverse logistics to handle returned products,
warranty, and recycling.


What is the SCOR Model? - correct answer ✔(Supply Chain Operations
Reference) Plan-> Source-> Make-> Deliver. It helps to link the delivery
operations of a seller to the sourcing operations of a buyer.


What are the four reasons why Supply Chain Management is important to an
organization? - correct answer ✔-Lower purchasing costs.
-Lower inventory carrying costs.
-Better product quality.
-Higher levels of customer service
When a firm, its customers, and its suppliers all know each other's future
plans and are willing to work together, the planning process is easier and
much more productive in terms of cost savings, quality improvements, and
service enhancements.

, What are the two key objectives of Planning and Operations? - correct
answer ✔To maximize forecast accuracy and minimize inventory stocking
out.


What are the two types of forecasting methods? - correct answer
✔Quantitative and Qualitative


What are the four types of qualitative forecasting methods? - correct answer
✔-Jury of Executive Opinion
-Delphi Method
-Sales Force Composite
-Customer Surveys


What are the four types of quantitative forecasting methods? - correct answer
✔-Naive Forecast
-Simple Moving Average Forecast
-Weighted Moving Average Forecast
-Exponential Smoothing Forecast


How do you calculate a forecast using the naive method? - correct answer
✔The estimate for the next period is equal to the actual demand for the
immediate past period.


How do you calculate a forecast using a moving average? - correct answer
✔The estimate for the next period is equal to the average of the last few
periods actual demand. (Excel: =average(B5:B7)) (Calculate:
p1+p2+p3/3=est. for p4)

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