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OPSY 5315 Chapter 4 questions n answers rated A+ 2025/2026

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OPSY 5315 Chapter 4 questions n answers rated A+ 2025/2026

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OPSY 5315 Chapter 4 questions n
answers rated A+ 2025/2026

What is the main purpose of forecasting? - ANS ✔✔Making good estimates



What makes forecasting challenging? - ANS ✔✔Increasingly complex world economy



Forecasting - ANS ✔✔The art and science of predicting future events



What influences forecasts? - ANS ✔✔A product's position in its life cycle



A forecast is usually classified by what horizon? - ANS ✔✔Future Time Horizon



3 Time Horizons - ANS ✔✔1. Short- Range



2. Medium- Range



3. Long- Range



Short- Range Forecast - ANS ✔✔3 months to 1 year



Planning



Purchasing

, Job Scheduling



Workforce Levels



Job Assignments



Production Levels



Medium-Range Forecast - ANS ✔✔3 months to 3 years



Planning



Production Planning



Budgeting



Cash Budgeting



Analysis of Operating Plans



Long-Range Forecasts - ANS ✔✔3 years or more



Planning for New Products



Capital Expenditures
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