Exam (elaborations)
APICS CPIM BSCM SESSION 2 DEMAND MANAGEMENT EXAM 2024/2025
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APICS CPIM BSCM SESSION 2 DEMAND MANAGEMENT EXAM 2024/2025
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APICS CPIM BSCM SESSION 2 DEMANDMANAGEMENT EXAM 2024/2025
qualitative forecasting techniques - Precise Answer ✔✔An approach to
forecasting that is based on intuitive or judgmental evaluation
order qualifiers - Precise Answer ✔✔Those competitive characteristics
that a firm must exhibit to be a viable competitor in the marketplace
order winners - Precise Answer ✔✔Those competitive characteristics
that cause a firm's customers to choose that firm's goods and services
over those of its competitors
random variation - Precise Answer ✔✔A fluctuation in data that is
caused by uncertain or random occurrences
independent demand - Precise Answer ✔✔The demand for an item that
is unrelated to the demand for other items
moving average - Precise Answer ✔✔An arithmetic average of a certain
number (n) of the most recent observations; as each new observation is
added, the oldest observation is dropped
bias - Precise Answer ✔✔A consistent deviation from the mean in one
direction (high or low)
, mean absolute deviation (MAD) - Precise Answer ✔✔The average of
the absolute values of the deviations of observed values from some
expected value
quantitative forecasting techniques - Precise Answer ✔✔An approach to
forecasting where historical demand data is used to project future
demand
dependent demand - Precise Answer ✔✔Demand that is directly related
to or derived from the bill of material structure for other items or end
products
extrinsic forecasting method - Precise Answer ✔✔A forecast method on
a correlated leading indicator, such as estimating furniture sales based on
housing starts. These forecasts tend to be more useful for large
aggregations, such as total company sales, than for individual product
sales
demand - Precise Answer ✔✔A need for a particular product or
component
trend - Precise Answer ✔✔General upward or downward movement of a
variable over time (e.g. demand, process attribute)
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