MGSC 395 EXAM BUNDLE

Operations Management - CORRECT ANSWER-the processes that effectively produce, transform, and deliver a product or service Operations Strategy - CORRECT ANSWER-cost, quality, delivery, flexibility companies determine what they want to provide their customers and then design and manage supply cha...

inventory management - CORRECT ANSWER-the planning and controlling of inventories in order to meet the competitive priorities of the organization inventory - CORRECT ANSWER-a stock of materials used to satisfy customer demand or to support the production of services or goods pressures for small ...

demand forecasting is used as the basis for all planning, up and down the organization demand forecasting is one of the critical inputs into business success Financial plans plans for the year(s) – The demand is the basis for the business plan and drives nearly all other categories investme...

A demand management option for a company is to even out the load on resources by producing ___________ products, or services that have similar resource requirements but different demand cycles. A. prescheduled products B. complementary products C. backlog products D. promotional products -...

Sales and Operations Plan (S&OP) is done _______ - CORRECT ANSWER-monthly Master Plan Schedule (MPS) is done _________ - CORRECT ANSWER-weekly The Schedule is done _________ - CORRECT ANSWER-daily In the levels in operations planning and scheduling, which level is the closest to the customers, ...

MGSC 395 final exam Questions and Answers 2024 goal of forecasting - CORRECT ANSWER-what demand will be in period 1 made prior to period 1 time series data - CORRECT ANSWER-repeated time ordered observations of important quantity MA3 - CORRECT ANSWER-3 period moving ABC product analysis - COR...

ABC Analysis - CORRECT ANSWER-The process of dividing SKUs into three classes, according to their dollar usage, so that managers can focus on items that have the highest dollar value. Additive Seasonal Method - CORRECT ANSWER-A method in which seasonal forecasts are generated by adding a constan...

A demand management option for a company is to even out the load on resources by producing ___________ products, or services that have similar resource requirements but different demand cycles. - CORRECT ANSWER-A. Prescheduled products B. Promotional Products C. Backlog products ***D. Compleme...

Chapter 8: Forecasting - CORRECT ANSWER-- Understand demand management - Understand the difference between dependent and independent variables - Interpret R-squared in the regression output - Calculations: MAPE and MAD; along with forecasting using trend equation, moving average, and exponentia...

Bottlenecks exist in which type of manufacturing processes? - CORRECT ANSWER-Job process, batch process, line process The theory of constraints methods increases the firms profits more effectively by focusing on what - CORRECT ANSWER-making materials flow rapidly through the entire system The t...

If "every process and every person in an organization has customers," then - CORRECT ANSWER-some customers are external and some are internal. SSS is a local restaurant serving the needs of college students, faculty, and staff. The manager is considering adding a website so carry-out customers ...

time series - CORRECT ANSWER-the repeated observations of demand for a service or product in their order of occurrence Horizontal Time Series - CORRECT ANSWER-the fluctuation of data around a constant mean Trend Time Series - CORRECT ANSWER-a systematic increase or decrease in the average of th...

Bottlenecks exist in which type of manufacturing processes? - CORRECT ANSWER-Job process, batch process, line process The theory of constraints methods increases the firms profits more effectively by focusing on what - CORRECT ANSWER-making materials flow rapidly through the entire system The t...

For what organizational decisions are demand forecasts used? - CORRECT ANSWER--long term(general forecast) -intermediate term(product family/service lines) -short term(detailed) What are the costs/risks of forecasts that are too high or too low? - CORRECT ANSWER-Too high: -surplus of inventory...