APICS CPIM Exam Part 2 Module 2 | updated 2023/24

APICS CPIM Exam Part 2 Module 2 | updated 2023/24 decoupling point - point at which inventory is stored, which allows supply chain to operate independently mass customization - creation of high volume product with large variety where customers can choose an exact model out of a large pool of possible end items least squares method - selects a line of best fit through a plot of data to minimize the sum of square of the deviations multiple regression model - an equation that describes the relationship between a dependent variable and more than one independent variable econometric model - set of equations used simultaneously to capture how dependent and independent variables are interrelated. adaptive smoothing - form of exponential smoothing in which the smoothing constant is automatically adjusted as a function of forecast error measurement first order smoothing - a weighted moving average approach that is applied to forecasting problems where the data do not exhibit significant trend or seasonal patterns double smoothing - uses two previously computed averages to extrapolate into the future (alpha * historic demand) + (1-alpha * forecast) - exponential smoothing formula decomposition - time series data is separated into trend, seasonal, and cyclical components life cycle analysis - forecast based on past patterns of each introduction, growth,