BCOR 360 Exam 2
Question 1.
Business forecasting is the process of using _____________, _____________, ____________, and experience to make predictions
and respond to various business needs.
ANSWER
analytics, data, insights
Question 2.
A forecast error is
ANSWER
the difference between what you predict and what actually happens
Question 3.
Almost every decision you make in business is based on a forecast.
ANSWER
True
Question 4.
Having good data is critical to building accurate forecasts. But, data availability isn't sufficient. You need to choose the right
_______________ to make the most of your data.
ANSWER
forecasting technique
Question 5.
If your product is relatively new and your data is limited, your best option is to...
ANSWER
Either A or B (Look at sales history of similar products or use qualitative data)
Question 6.
In order for a company to win the "first moment of truth" it needs to have the right _______ at the right _______ at the right _______
at the lowest possible _______. niche, market, time, fare product, place, time, cost product, location, view, risk niche, place, time,
cost None of the above
ANSWER
product, place, time, cost
, Question 7.
S&OP is used to bring the customer-facing and supply -facing sides of your company together to get everyone to agree to which of
the following? a. The nature of the business environment b. A single forecast c. How to increase the profit margin d. All of the above
e. Only a and b
ANSWER
only a and b The nature of the business environment and a single forecast
Question 8.
Which of the following are discussed during the S&OP supply review meeting? How to prevent stockouts Manufacturing capacity
Supply chain inventory Logistics/DC capacity All of the above
ANSWER
all of the above
Question 9.
To make CPFR successful, companies should engage in which of the following collaborative activities? Strategy & planning Demand
& supply management Execution Analysis All of the above
ANSWER
all of the above
Question 10.
Which of the following are intangible benefits of collaborative planning? a. Quicker implementation of new ideas b. Less time for
strategic planning c. More trust d. All of the above e. Only a and c
ANSWER
e. only a and c quicker implementation of new ideas, more trust
Question 11.
What are some of the biggest challenges to effective order management? a. Complexity b. Ownership c. Uncertainty d. Flexibility e.
All of the above f. Only a, b, and c
ANSWER
f. only a, b, and c
Question 12.
Since we know our forecast is going to be __________, we _______________. good, should forecast less frequently wrong,
shouldn't forecast at all. time-consuming, should forecast less frequently wrong, should frequently update it with the most current
information
ANSWER
wrong, should frequently update it with the most current information
, Question 13.
You are a manager at Asda. You have been given the demand data for the past 10 weeks for swim rings for children. You decide to
run three different types of forecasting methods on the data to see which gives you best forecast. What would your 3 period moving
average forecast be for week 22? 1336 1375 1284 1468 None of the above
ANSWER
1284
Question 14.
Given the following forecast and demand information, what is the MAD? 12.54 15.05 4.60 14.15 None of the above
ANSWER
15.05
Question 15.
When measuring forecast error, which forecasting error expresses the forecast error as a percentage from the mean? ME MSE MAD
MAPE
ANSWER
MAPE
Question 16.
Which of the following are common causes for stockouts? a. Poor forecast accuracy; i.e., underestimate demand b. Shipping issues
that delay product arrival c. Parts shortages that limit production d. Excess warehouse capacity e. All of the above f. Only a, b, and c
ANSWER
f. only a, b, c
Question 17.
In the introduction, the text describes the dogfight between Airbus and Boeing. History show that forecasting gave Airbus the edge in
air supremacy. TrueFalse
ANSWER
false
Question 18.
If you look at a plot of your data and see an up-ward or downward pattern, your data is revealing a ____________. Level Trend
Seasonal Cyclical None of the above
ANSWER
trend
Question 19.
By calculating ________________, you gain insight into the quality of your data and method. Cycle times Joint cost Forecast error
Lead times, time sensitive None of the above
ANSWER
cycle times
Question 1.
Business forecasting is the process of using _____________, _____________, ____________, and experience to make predictions
and respond to various business needs.
ANSWER
analytics, data, insights
Question 2.
A forecast error is
ANSWER
the difference between what you predict and what actually happens
Question 3.
Almost every decision you make in business is based on a forecast.
ANSWER
True
Question 4.
Having good data is critical to building accurate forecasts. But, data availability isn't sufficient. You need to choose the right
_______________ to make the most of your data.
ANSWER
forecasting technique
Question 5.
If your product is relatively new and your data is limited, your best option is to...
ANSWER
Either A or B (Look at sales history of similar products or use qualitative data)
Question 6.
In order for a company to win the "first moment of truth" it needs to have the right _______ at the right _______ at the right _______
at the lowest possible _______. niche, market, time, fare product, place, time, cost product, location, view, risk niche, place, time,
cost None of the above
ANSWER
product, place, time, cost
, Question 7.
S&OP is used to bring the customer-facing and supply -facing sides of your company together to get everyone to agree to which of
the following? a. The nature of the business environment b. A single forecast c. How to increase the profit margin d. All of the above
e. Only a and b
ANSWER
only a and b The nature of the business environment and a single forecast
Question 8.
Which of the following are discussed during the S&OP supply review meeting? How to prevent stockouts Manufacturing capacity
Supply chain inventory Logistics/DC capacity All of the above
ANSWER
all of the above
Question 9.
To make CPFR successful, companies should engage in which of the following collaborative activities? Strategy & planning Demand
& supply management Execution Analysis All of the above
ANSWER
all of the above
Question 10.
Which of the following are intangible benefits of collaborative planning? a. Quicker implementation of new ideas b. Less time for
strategic planning c. More trust d. All of the above e. Only a and c
ANSWER
e. only a and c quicker implementation of new ideas, more trust
Question 11.
What are some of the biggest challenges to effective order management? a. Complexity b. Ownership c. Uncertainty d. Flexibility e.
All of the above f. Only a, b, and c
ANSWER
f. only a, b, and c
Question 12.
Since we know our forecast is going to be __________, we _______________. good, should forecast less frequently wrong,
shouldn't forecast at all. time-consuming, should forecast less frequently wrong, should frequently update it with the most current
information
ANSWER
wrong, should frequently update it with the most current information
, Question 13.
You are a manager at Asda. You have been given the demand data for the past 10 weeks for swim rings for children. You decide to
run three different types of forecasting methods on the data to see which gives you best forecast. What would your 3 period moving
average forecast be for week 22? 1336 1375 1284 1468 None of the above
ANSWER
1284
Question 14.
Given the following forecast and demand information, what is the MAD? 12.54 15.05 4.60 14.15 None of the above
ANSWER
15.05
Question 15.
When measuring forecast error, which forecasting error expresses the forecast error as a percentage from the mean? ME MSE MAD
MAPE
ANSWER
MAPE
Question 16.
Which of the following are common causes for stockouts? a. Poor forecast accuracy; i.e., underestimate demand b. Shipping issues
that delay product arrival c. Parts shortages that limit production d. Excess warehouse capacity e. All of the above f. Only a, b, and c
ANSWER
f. only a, b, c
Question 17.
In the introduction, the text describes the dogfight between Airbus and Boeing. History show that forecasting gave Airbus the edge in
air supremacy. TrueFalse
ANSWER
false
Question 18.
If you look at a plot of your data and see an up-ward or downward pattern, your data is revealing a ____________. Level Trend
Seasonal Cyclical None of the above
ANSWER
trend
Question 19.
By calculating ________________, you gain insight into the quality of your data and method. Cycle times Joint cost Forecast error
Lead times, time sensitive None of the above
ANSWER
cycle times
