MGSC 395 Exam 3 University of South Carolina-Columbia | UPDATED
Questions with 100% Verified Answers
Question:
Key Characteristics of Forecasting
Answer:
Always wrong, short-term are more accurate than long-term, aggregate are more
accurate than disaggregate, they are the basis for all planning decisions
Question:
Time Series
Answer:
the repeated observations of demand for a service or product in their order of
occurrence
Question:
Horizontal demand patterns
Answer:
nearly flat over time, data cluster about a horizontal line
Question:
Trend demand patterns
Answer:
data consistently increase or decrease
Question:
Seasonal demand patterns
Answer:
data varies in a repeatable pattern over seasons, consistently show peaks and valleys
Question:
Cyclical Demand Patterns
Answer:
, Data reveal gradual increases and decreases over extended periods, caused by the
business cycle (economy) and product life, (less predictable than seasonal patterns)
Question:
Demand Management
Answer:
the process of changing demand patterns using one or more demand options
Question:
Complementary Products
Answer:
finding products and services that can be produced with the existing equipment or
resources (water skis and snow skis, clothing lines)
Question:
Promotional Pricing
Answer:
push sales with favorable pricing (BOGO)
Question:
Prescheduled Appointments
Answer:
Fill available time with work (doctors, dentists, lawyers, auto-repair shops)
Question:
Reservations
Answer:
used to fill available resources - gives information in advance of event to help determine
if other are actions are needed to increase demand (concert seats, airline seats, hotel
rooms)
Question:
Forecast error
Answer:
Questions with 100% Verified Answers
Question:
Key Characteristics of Forecasting
Answer:
Always wrong, short-term are more accurate than long-term, aggregate are more
accurate than disaggregate, they are the basis for all planning decisions
Question:
Time Series
Answer:
the repeated observations of demand for a service or product in their order of
occurrence
Question:
Horizontal demand patterns
Answer:
nearly flat over time, data cluster about a horizontal line
Question:
Trend demand patterns
Answer:
data consistently increase or decrease
Question:
Seasonal demand patterns
Answer:
data varies in a repeatable pattern over seasons, consistently show peaks and valleys
Question:
Cyclical Demand Patterns
Answer:
, Data reveal gradual increases and decreases over extended periods, caused by the
business cycle (economy) and product life, (less predictable than seasonal patterns)
Question:
Demand Management
Answer:
the process of changing demand patterns using one or more demand options
Question:
Complementary Products
Answer:
finding products and services that can be produced with the existing equipment or
resources (water skis and snow skis, clothing lines)
Question:
Promotional Pricing
Answer:
push sales with favorable pricing (BOGO)
Question:
Prescheduled Appointments
Answer:
Fill available time with work (doctors, dentists, lawyers, auto-repair shops)
Question:
Reservations
Answer:
used to fill available resources - gives information in advance of event to help determine
if other are actions are needed to increase demand (concert seats, airline seats, hotel
rooms)
Question:
Forecast error
Answer:
