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SCM 303 Exam 3 MSU Questions And 100% Correct Answers
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SCM 303 Exam 3 MSU Questions And 100%Correct Answers
Demand planning - ANSWER 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 - ANSWER a decision process in which managers predict demand
patterns
demand management - ANSWER a proactive approach n which managers attempt to
influence the pattern
stable pattern - ANSWER a consistent horizontal stream of demands
seasonality and cycles - ANSWER regular patterns of demand that are in the form of
repeating highs and lows
trend - ANSWER the general sloping tendency of demand either upward or downward in
either linear or nonlinear fashion
shift or step change - ANSWER a one time change in demand usually due to some
external influence on demand
autocorrelation - ANSWER the correlation of current demand values with past demand
values
forecast error - ANSWER the difference between a forecast and the actual demand
grassroots forecasting - ANSWER a technique that seeks inputs from people who are in
close contact with customers and products
executive judgment - ANSWER forecasting techniques that use input from high level
, experienced managers
historical strategy - ANSWER a forecasting technique that uses data and experience
from similar products to forecast the demand for a new product
marketing research a forecasting technique that bases forecasts on the purchasing
patterns and attitudes of current or potential customers Delphi method forecasts
developed by asking a panel of experts to individually and repeatedly respond to a
series of questions time series analysis models forecasting models that compute
forecasts using historical data arranged in the order of occurrence
naive model - ANSWER a simple forecasting approach which assumes recent history is
a good predictor of the near future
moving average - ANSWER a forecasting model which calculates a forecast as the
average of demands over a number of immediate past periods
weighted moving average - ANSWER a forecasting model which assigns a different
weight to each period's demand depending on the relative importance
exponential smoothing - ANSWER a moving average approach that applies exponentially
decreasing weights to each demand that occurred father back in time
smoothing coefficient - ANSWER a parameter indicating the weight given to the most
recent demand.
regression analysis - ANSWER a mathematical approach for fitting an equation to a set
of data
seasonal index - ANSWER an adjustment factor applied to forecasts to account for
seasonal changes or cycles in demand
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