MGSC 395 Precht Final | UPDATED Questions with 100% Verified
Answers
Question:
Time Series
Answer:
repeated observations of demand for a service or product in their order of occurence
Question:
basic time series patterns
Answer:
horizontal, trend, seasonal, cyclical, random
Question:
Horizontal Demand Cycle
Answer:
nearly flat over time
Question:
Trend Demand Cycle
Answer:
consistently rising or falling
Question:
Seasonal Demand Cycle
Answer:
varies in a repeatable pattern over seasons
Question:
Cyclical Demand Cycle
Answer:
less predictable, caused by business cycle and product life cycle, longer than seasonal
demand cycles
, Question:
Random Demand Cycle
Answer:
most difficult, because it's not predictable
Question:
Manage Demand
Answer:
complementary products, promotional pricing, prescheduled appointments, reservations,
revenue management, backlogs, backorders and stockouts
Question:
Forecast Methods
Answer:
judgement, casual, time-series, trend w/ regression
Question:
Judgement Method
Answer:
judgemental forecasts use knowledge gained through experience
Question:
Casual Method
Answer:
Linear Regression
Question:
Time Series Method
Answer:
Naive forecast, forecast equals demand; horizontal patterns, estimating average
Question:
Horizontal Pattern
Answers
Question:
Time Series
Answer:
repeated observations of demand for a service or product in their order of occurence
Question:
basic time series patterns
Answer:
horizontal, trend, seasonal, cyclical, random
Question:
Horizontal Demand Cycle
Answer:
nearly flat over time
Question:
Trend Demand Cycle
Answer:
consistently rising or falling
Question:
Seasonal Demand Cycle
Answer:
varies in a repeatable pattern over seasons
Question:
Cyclical Demand Cycle
Answer:
less predictable, caused by business cycle and product life cycle, longer than seasonal
demand cycles
, Question:
Random Demand Cycle
Answer:
most difficult, because it's not predictable
Question:
Manage Demand
Answer:
complementary products, promotional pricing, prescheduled appointments, reservations,
revenue management, backlogs, backorders and stockouts
Question:
Forecast Methods
Answer:
judgement, casual, time-series, trend w/ regression
Question:
Judgement Method
Answer:
judgemental forecasts use knowledge gained through experience
Question:
Casual Method
Answer:
Linear Regression
Question:
Time Series Method
Answer:
Naive forecast, forecast equals demand; horizontal patterns, estimating average
Question:
Horizontal Pattern
