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Question
Random errors can be defined as those that cannot be explained by the forecast model being used.
Answer
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Related questions
Q:
Which of the following aggregate operations planning methods tests alternative plans through trial and error, results in a non-optimal solution and is simple to develop and use?
A. Linear decision rules
B. Linear programming
C. Graphing and charting
D. Simulation
E. Transportation method
Q:
An advantage of the Level strategy for aggregate operations planning is which of the following?
A. Total costs through the entire system are minimized
B. There is a smooth flow throughout the production system
C. There is variety for the workers through the mixing of models produced
D. The risk of backorders is minimized
E. Customer service is improved
Q:
Using the cut-and-try method for aggregate operations planning we can determine the production requirement in units of product. If the beginning inventory is 100 units, the demand forecast is 1,200 and the necessary safety stock is 20% of the demand forecast, which of the following is the production requirement?
A. 1,200
B. 1,300
C. 1,340
D. 1,500
E. 1,540
Q:
A "rate fence" is a person who purchases a service at list price and later sells the service at a premium to another person. This practice is often illegal or restricted as in "scalping" of tickets to a sporting event.
Q:
Capacity planning is the step in the aggregate operations planning process that immediately follows development of the master production schedule.
Q:
Yield management is the process of allocating the right type of capacity to the right type of customer at the right prices at the right time to maximize revenue or yield.
Q:
A mathematical technique that is only used in aggregate planning for service operations is the transportation method of linear programming.
Q:
The aggregate operations plan differs in virtually every aspect in service operations as contrasted with manufacturing operations.
Q:
The objective of the aggregate operations plan is to minimize the cost of resources required to meet demand over the intermediate term of 3 to 18 months.
Q:
Name the four basic types of forecasting?
Q:
If the intercept value of a linear regression model is 40, the slope value is 40 and the value of X is 40, which of the following is the resulting forecast value using this model?
A. 120
B. 1,600
C. 1,640
D. 2,200
E. 64,000
Q:
Which of the following is the portion of observations you would expect to see lying within a plus or minus 2 MAD range?
A. 57.048
B. 88.946
C. 98.334
D. 99.856
E. 100
Q:
A company wants to generate a forecast for unit demand for year 2009 using exponential smoothing. The actual demand in year 2008 was 120. The forecast demand in year 2008 was 110. Using this data and a smoothing constant alpha of 0.1, which of the following is the resulting year 2009 forecast value?
A. 100
B. 110
C. 111
D. 114
E. 120
Q:
The exponential smoothing method requires which of the following data to forecast the future?
A. The most recent forecast, the most recent demand and the smoothing constant
B. Precise actual demand for the past 10-15 years
C. The slope of the trendline and the seasonality peak-to-trough ratio
D. Overall industry demand data
E. Tracking values alpha, beta and gamma
Q:
Which of the following forecasting methods uses executive judgment as its primary component for forecasting?
A. Historical analogy
B. Time series analysis
C. Panel consensus
D. Grass roots
E. Focus forecasting
Q:
Which of the following forecasting methodologies is considered a causal forecasting technique?
A. Box Jenkins Technique
B. Weighted moving average
C. Leading indicators
D. Historical analogy
E. Focus forecasting
Q:
For every forecasting problem there is one best forecasting technique.
Q:
A major limitation of linear regression as a model for forecasting is that past data and future projections are assumed to fall on or near a straight line.
Q:
The simple moving average model permits non-linear forecast values.
Q:
In exponential smoothing, it is desirable to use a higher smoothing constant when forecasting demand for a product experiencing high growth.
Q:
Exponential smoothing is always the most accurate of all forecasting models.
Q:
Experience and trial and error are the simplest ways to choose weights for the weighted moving average forecasting model.
Q:
Box-Jenkins forecasting models deliver very precise forecasts and are most useful to people with unsophisticated analytical backgrounds.
Q:
Cyclical influences on demand are often expressed graphically as a linear function that is either upward or downward sloping.
Q:
SAP Business One is a special version of SAP software designed for small and medium-sized firms. According to the text, SAP Business One modules do not include which of the following?
A. Procurement monitoring
B. Inventory and warehouse management
C. Financial reporting
D. Manufacturing reporting
E. Order fulfillment analysis
Q:
The core of the three-tier client/server configuration required to run SAP is the R3 Application Server.
Q:
According to a survey done by the Harvard Business School, most executives had very positive feelings about ERP software.
Q:
mySAP.com is an internet interface that allows users to have the full functionality of the SAP software without requiring the deployment of any special software.
Q:
"Slice and dice", in the context of the information warehouse, means getting an increasingly detailed and focused view of aggregated data.
Q:
SAP's R/3 product is the only viable framework for implementing ERP.