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Q:
Given an actual demand this period of 103, a forecast value for this period of 99, and an alpha of .4, what is the exponential smoothing forecast for next period?
A) 94.6
B) 97.4
C) 100.6
D) 101.6
E) 103.0
Q:
Which of the following smoothing constants would make an exponential smoothing forecast equivalent to a naive forecast?
A) 0
B) 1 divided by the number of periods
C) 0.5
D) 1.0
E) cannot be determined
Q:
Which of the following is NOT a characteristic of exponential smoothing?
A) smoothes random variations in the data
B) uses an easily altered weighting scheme
C) weights each historical value equally
D) has minimal data storage requirements
E) uses the previous period's forecast
Q:
Which time-series model uses BOTH past forecasts and past demand data to generate a new forecast?
A) nave
B) moving average
C) weighted moving average
D) exponential smoothing
E) trend projection
Q:
Which of the following statements comparing exponential smoothing to the weighted moving average technique is TRUE?
A) Exponential smoothing is more easily used in combination with the Delphi method.
B) More emphasis can be placed on recent values using the weighted moving average.
C) Exponential smoothing is considerably more difficult to implement on a computer.
D) Exponential smoothing typically requires less record keeping of past data.
E) Exponential smoothing allows one to develop forecasts for multiple periods, whereas the weighted moving average technique does not.
Q:
Forecasts of individual products tend to be more accurate than forecasts of product families.
Q:
What forecasting systems combine the intelligence of multiple supply chain partners?
A) FORE
B) MULTISUP
C) CPFR
D) SUPPLY
E) MSCP
Q:
List and briefly describe the three major types of forecasts that organizations use in planning future operations.
Q:
Owen was surprised when he calculated the percentage annual interest rate on his accounts payable. He discovered that failure to take advantage of the discount offered by suppliers
a. makes small difference since a business does not pay a high interest rate.
b. makes a large difference since a business pays a high interest rate.
c. has no effect on cash flow since the interest rates are so low.
d. will have erratic effects on rates for the use of a suppliers money.
Q:
Describe the three forecasting time horizons and their use.
Q:
Jane has started a gift basket company that specializes in regional products. Several corporations use her baskets for the holidays, to welcome new employees, and for their sales staff to use as gifts for corporate clients. Because she noticed her average collection period from last quarter to this quarter had doubled to 60 days, she then realized the companys days in inventory has increased from 30 to 40 days and the days in payables dropped from 35 to 30 days. After calculating each quarters cash conversion periods, what do the changes indicate?
Q:
A skeptical manager asks what long-range forecasts can be used for. Give her three possible uses/purposes.
Q:
A skeptical manager asks what short-range forecasts can be used for. Give her three possible uses/purposes.
Q:
Nadine would like to improve the management of inventory in her company. One of her first activities should be to:
a. discount current items.
b. discover how long items have been there.
c. organize current items by skew number.
d. purchase new items.
Q:
________ forecasts address the business cycle by predicting inflation rates, money supplies, housing starts, and other planning indicators.
Q:
What are key issues in managing accounts payable?
Q:
________ forecasts are concerned with rates of technological progress, which can result in the birth of exciting new products, requiring new plants and equipment.
Q:
Net cash flow and revenue are
a. opposites.
b. different.
c. identical.
d. identical after adjustment for depreciation.
Q:
Discuss the importance of working capital management and how it relates to the working-capital cycle of a small business.
Q:
Short-range forecasts tends to ________ longer-range forecasts.
A) be less accurate than
B) be more accurate than
C) have about the same level of accuracy as
D) employ the same methodologies as
E) deal with more comprehensive issues than
Q:
The main purpose of capital budgeting is to help managers make decisions about
a. discounts to offer to customers.
b. long-term investments.
c. non-financial constraints on expansion.
d. short-term investments.
Q:
Which of the following most requires long-range forecasting (as opposed to short-range or medium-range forecasting) for its planning purposes?
A) job scheduling
B) production levels
C) cash budgeting
D) capital expenditures
E) purchasing
Q:
The three major types of forecasts used by organizations in planning future operations are:
A) strategic, tactical, and operational.
B) economic, technological, and demand.
C) exponential smoothing, Delphi, and regression.
D) causal, time-series, and seasonal.
E) departmental, organizational, and territorial.
Q:
After discussing three techniques for making capital budgeting decisions, which one(s) incorporate the time value of money?
Q:
Margaret has just sold merchandise to a small beauty salon and has given the salon 45 days to pay the invoice. She is at the beginning of
a. the life cycle of receivables.
b. the cash conversion period.
c. the working capital management cycle.
d. the inventory management cycle.
Q:
Shelly is a photographer who sells her original copyrighted photographs to regional and national magazines for illustrations of written articles. She has noticed a slowdown in payment and needs suggestions as to what she can do to decrease her average collection period.
Q:
Why do small business managers tend to overbuy inventory?
a. They forecast greater demand than is realistic
b. Vendors insist that prices may be going down.
c. They dont want to disappoint vendors and suppliers.
d. Maximizing inventory is a good way to decrease taxes.
Q:
ISO 9000
a. is more important for large global firms than small firms with domestic markets.
b. measures how companies have improved their environmental footprint.
c. is challenging to earn but is rewarding from a marketing viewpoint.
d. reflects international excellence in quality management standards.
Q:
In his retail store, Joses point-of-sale software relieves inventory for each item purchased. At any time, Jose can look at the inventory records on his computer and know exactly how many of each item are in stock. This type of inventory system is called:
a. cycle counting.
b. perpetual.
c. physical.
d. two-bin.
Q:
Martha knows that to be successful, everything her company does must create customer
a. premiums.
b. products.
c. services
d. value.
Q:
Which of the following is an example of "quality"?
a. The taste of a restaurant's food
b. Turn time at an auto repair shop
c. Product fail rate for a manufacturer
d. All of the above
Q:
Service businesses are typically more concerned with _____ costs than with the cost of materials for operations.
a. equipment
b. fixed asset
c. labor
d. leasing
Q:
Which operations factor is centered around satisfying customers over time?
a. Flexibility
b. Facilities and equipment
c. Choice of a joint venture
d. Customer demand
Q:
Twice a year the entire production line shuts down and a complete count is taken of every inventory item. This inventory system is called:
a. cycle counting.
b. perpetual inventory.
c. physical inventory.
d. two-bin inventory.
Q:
By conforming to ISO 9000, a small manufacturing firm could achieve improvements in
a. sales to Walmart.
b. export sales.
c. product design.
d. quality of incoming raw materials.
Q:
An approach that emphasizes efficiency through elimination of waste independent of other aspects of the process is called
a. capacity management.
b. lean production.
c. synchronous management.
d. waste-less production.
Q:
In March, chassis prep counts its inventory. In June, the cabinet shop does the same thing. In September, appliances counts its inventory. This inventory system is known as:
a. cycle counting.
b. perpetual.
c. physical.
d. two-bin.
Q:
At the weekly managers meeting, Marcel is discussing how the companys product is made and delivered to its customers. Marcel is talking about:
a. distribution.
b. human resources.
c. operations.
d. planning.
Q:
The use of temporary employees provides management with an introduction to individuals whose performance may justify an offer of permanent employment.
a. True
b. False
Q:
The small firm has a particularly strong need to develop both managerial and professional employees.
a. True
b. False
Q:
A small business can facilitate the orientation process by providing an employee handbook, which outlines the company's practices and procedures.
a. True
b. False
Q:
The hiring practices at 37signals support small firms using additional test drives even if a prospective employee has passed a reliable and valid test.
a. True
b. False
Q:
The balance of the U.S. workforce is rapidly shifting toward higher proportions of women, older workers, and racial minorities.
a. True
b. False
Q:
When innovation is important to a firms competitiveness, the company should steer clear of hiring minorities.
a. True
b. False
Q:
The fees charged by a private employment agency are paid by the hiring firm, not the applicant.
a. True
b. False
Q:
Human resource management of small firms should be identical to large companies but adjusted for size.
a. True
b. False
Q:
Small firms need to identify their distinctive advantages if they are to recruit outstanding prospects successfully.
a. True
b. False
Q:
Small firms suffer a recruiting handicap because of the ability of large companies to offer more freedom on the job.
a. True
b. False
Q:
Porter's Five Forces Model contains which of the following?
A) immediate rivals
B) potential entrants
C) customers
D) suppliers
E) all of the above
Q:
The purpose of job instruction training is to help supervisors eliminate employees who are weak hires.
a. True
b. False
Q:
Porter's Five Forces Model is used to evaluate competition based on which 5 aspects?
A) research and development, cost, legal regulations, suppliers, customers
B) immediate rivals, potential entrants, customers, suppliers, and substitute products
C) potential entrants, customers, suppliers, legal regulations, and cost
D) immediate rivals, potential entrants, cost, substitute products, and legal regulations
E) cost, legal regulations, advertising effectiveness, potential entrants, and immediate rivals
Q:
Before establishing and implementing strategy, a resources view would ensure that which of the following resources are available?
A) financial
B) physical
C) human
D) technological
E) all of the above
Q:
Provide an example of an organization that achieves competitive advantage through experience differentiation. Explain.
Q:
Competitive advantage through operations can be achieved by ________, ________, and/or ________.
Q:
Service organizations can immerse the consumer in the service, or have the consumer become a participant in the service, as they practice ________.
Q:
The creation of a unique advantage over competitors is called a(n) ________.
Q:
Response-based competitive advantage can be:
A) flexible response.
B) reliable response.
C) quick response.
D) all of the above.
E) none of the above.
Q:
Which of the following is an example of competing on quick response?
A) A firm produces its product with less raw material waste than its competitors do.
B) A firm offers more reliable products than its competitors do.
C) A firm's products are introduced into the market faster than its competitors' products.
D) A firm utilizes its capacity more effectively than its competitors do.
E) A firm advertises more than its competitors do.
Q:
Franz Colruyt has achieved low-cost leadership through:
A) effective use of voice mail.
B) plastic, not paper, shopping bags.
C) background music that subtly encourages shoppers to buy more.
D) converting factories, garages, and theaters into retail outlets.
E) exclusive use of the Euro.
Q:
Which of the following is the best example of competing on low-cost leadership?
A) A firm produces its product with less raw material waste than its competitors do.
B) A firm offers more reliable products than its competitors do.
C) A firm's products are introduced into the market faster than its competitors' products are.
D) A firm's research and development department generates many ideas for new products.
E) A firm advertises more than its competitors do.
Q:
NAFTA seeks to phase out all trade and tariff barriers between the United States and Asia.
Q:
Production processes are being dispersed to take advantage of national differences in labor costs.
Q:
The World Trade Organization has helped to significantly reduce tariffs around the world.
Q:
NAFTA seeks to phase out all trade and tariff barriers among Canada, Mexico, and the United States.
Q:
Boeing's development of the 787 Dreamliner is an example of a company obtaining a competitive advantage through product differentiation/innovation.
Q:
The U.S. Department of Labor projects which trend in workforce composition?
a. Increased numbers of Hispanic workers
b. Decreased average age
c. Decreased numbers of Black and Asians workers
d. Increased participation of women in the workforce
Q:
What are some of the ethical and social challenges faced by operations managers?
Q:
Which item plays the central role in attracting and motivating employees?
a. Flexible work duties
b. Job sharing arrangements
c. Compensation
d. Vacation benefits
Q:
Employers will often provide such perks as health insurance and paid vacation that are designed to be attractive and useful to employees. Collectively these perks are known as:
a. stock.
b. piecework.
c. human resources.
d. employee benefits.
Q:
Why are operations managers faced with ethical and social challenges?
Q:
Amanda is paid $0.45 for every widget she produces. This type of pay plan is:
a. a cafeteria plan.
b. called piecework.
c. part of a salary level.
d. included in stock incentives.
Q:
What term is given to those individuals with a vested interest in an organization, including customers, distributors, suppliers, owners, lenders, employees, and community members?
A) alumni
B) investors
C) vestors
D) stockholders
E) stakeholders
Q:
Which act applies to any employer of 15 or more people and prohibits discrimination on the basis of race, color, religion, sex, or national origin?
a. Fair Labor Standards Act
b. Civil Rights Act
c. Age Discrimination in Employment Act
d. Immigration Reform and Control Act
Q:
A business's stakeholders, whose conflicting perspectives cause ethical and social dilemmas, include:
A) lenders.
B) suppliers.
C) owners.
D) employees.
E) all of the above.
Q:
Prospective employers can legally select employees based on the applicants
a. age.
b. disabilities.
c. education.
d. gender
Q:
Which of the following is NOT among the ethical and social challenges facing operations managers?
A) honoring stakeholder commitments
B) training, retaining, and motivating employees
C) efficiently developing and producing safe high-quality green products
D) increasing executive pay
E) providing a safe workplace
Q:
Jan is ready to franchise her retail clothing store and needs to hire a new manager who has knowledge in the franchising process. Which recruiting source would be best?
a. temporary help agencies
b. leasing companies
c. headhunters
d. employees
Q:
Ethical and social dilemmas arise because stakeholders of a business have conflicting perspectives.
Q:
A compensation system based on time is most appropriate for jobs in which
a. performance is not easy to measure.
b. responsibilities are difficult to understand.
c. fringe benefits are an important part of the compensation offered.
d. commissions make up a significant portion of compensation received.
Q:
Tom is experiencing difficulty in recruiting competent technicians for his business. One way to increase the attractiveness of his small business is by using
a. flexible work schedules.
b. job descriptions.
c. performance testing.
d. private employment agencies.