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MGSC 395 Precht Final | UPDATED Questions with 100% Verified Answers

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MGSC 395 Precht Final | UPDATED Questions with 100% Verified Answers

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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

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