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OMGT Midterm Exam Questions and Answers
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OMGT Midterm Exam Questions and Answers
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OMGT Midterm Exam Questions andAnswers
In Op & SCM, Operations is _______ - Answer-internal
In Op & SCM, Supply Chain Management is _______ - Answer-external
what is operations management? - Answer-the planning, scheduling, and control of the
activities that transform inputs into finished goods and services
Is manufacturing tangible or intangible? - Answer-tangible
are services tangible or intangible? - Answer-intangible
what is supply chain management? - Answer-Active management of supply chain
activities and relationships to maximize customer value and achieve a sustainable
competitive advantage
What are some various supply chain issues? - Answer-complexity, stability, competitors,
length of supply chain, flows: product, informational relational and financial flows up and
down the supply chain
what are core competencies REALLY about? - Answer-creating a competitive
advantage
Forecasts are never ______ correct - Answer-100%
short-term forecasts tend to be more _______ than long term forecasts - Answer-
accurate
Both product family and aggregate forecasts are more ______ than individual product
forecasts - Answer-accurate
_______ _________ is used to calculate future forecasts - Answer-past demand
what is the Bullwhip effect? - Answer-Distortion that occurs within the distribution
channel
What are the steps in Demand Forecasting? - Answer-1. Determine the use of the
forecast (internal/external)
2. Select the items/product level to be forecasted
3. Determine the time horizon of the forecast
4. Select a forecasting model (qualitative, quantitative)
5. Gather data and assess for accuracy
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