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OMIS 320 Test 2 Woolsey questions and answers 100% correct
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OMIS 320 Test 2 Woolsey questions and answers 100% correct
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OMIS 320 Test 2 Woosleypull manufacturing - correct answer ✔✔customer demand pulls production; made to order, items are
customized
push manufacturing - correct answer ✔✔based on schedules; make to stock; items are standardized
accuracy/speed tradeoff - correct answer ✔✔the faster you go, the more errors you make
forecast - correct answer ✔✔an estimate of future demand and provides the basis for planning decisions
qualitative forecasting - correct answer ✔✔based on opinion and intuition; better for future, depend on
person doing the forecast
quantitative forecasting - correct answer ✔✔uses mathematical models and historical data to make
forecasts
time series models - correct answer ✔✔most frequently used among all the forecasting models; form of
quantitative forecasting
qualitative forecasting methods - correct answer ✔✔generally used when data are limited, unavailable,
or not currently relevant. Forecast depends on skill and experience of forecaster and available
information.
#'s do not mean anything
four qualitative models - correct answer ✔✔-jury of executive opinion
-delphi method
-sales force composite
-consumer survey
, quantitative methods - correct answer ✔✔time series forecasting and cause & effect forecasting
time series forecasting - correct answer ✔✔based on the assumption that the future is an extension of
the past; historical data is used to predict future demand
-compare apples to apples
cause and effect forecasting - correct answer ✔✔assumes that one or more factors (independent
variables) predict future demand
-factors are related to outcome
combination of qualitative and quantitative techniques - correct answer ✔✔it is generally recommended
to use a ______
components of time series - correct answer ✔✔data should be plotted to detect for the following
components:
trend variations, cyclical variations, seasonal variations, random variations
trend variations - correct answer ✔✔increasing or decreasing
cyclical variations - correct answer ✔✔wavelike movements that are longer than a year (ex: business
cycle)
seasonal variations - correct answer ✔✔show peaks & valleys that repeat over a consistent interval such
as hours, days, weeks, months, seasons, or years
random variations - correct answer ✔✔due to unexpected or unpredictable events
naiive forecast (time series) - correct answer ✔✔the estimate of the next period is equal to the demand
in the past period
ex: sell 100 tires this week, sell 100 tires next week
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