SCM 303 exam 3 msu Questions and Correct Answers the Latest Update
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Course
SCM 303
Institution
SCM 303
demand planning
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
a decision process in which managers predict demand patterns
demand management
a proactive approa...
SCM 303 exam 3 msu Questions and
Correct Answers the Latest Update
demand planning
✓ 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
✓ a decision process in which managers predict demand patterns
demand management
✓ a proactive approach n which managers attempt to influence the pattern
stable pattern
✓ a consistent horizontal stream of demands
seasonality and cycles
✓ regular demand patterns of repeating highs and lows
trend
✓ the general sloping tendency of demand, either upward or downward, in a linear or
nonlinear fashion
✓ a one time change in demand, usually due to some external influence on demand
autocorrelation
✓ the correlation of current demand values with past demand values
forecast error
✓ the difference between a forecast and the actual demand
grassroots forecasting
✓ a technique that seeks inputs from people who are in close contact with customers
and products
executive judgment
✓ forecasting techniques that use input from high level experienced managers
historical strategy
✓ a forecasting technique that uses data and experience from similar products to
forecast the demand for a new product
masrketing research
✓ a forecasting technique that bases forecasts on the purchasing patterns and attitudes
of current or potential customers
delphi method`
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