APICS CPIM Exam Part 2 Module 2 Questions With Correct Answers

decoupling point - Answer point at which inventory is stored, which allows supply chain to operate independently mass customization - Answer 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 - Answer selects a line of best fit through a plot of data to minimize the sum of square of the deviations multiple regression model - Answer an equation that describes the relationship between a dependent variable and more than one independent variable econometric model - Answer set of equations used simultaneously to capture how dependent and independent variables are interrelated. adaptive smoothing - Answer form of exponential smoothing in which the smoothing constant is automatically adjusted as a function of forecast error measurement first order smoothing - Answer a weighted moving average approach that is applied to forecasting problems where the data do not exhibit significant trend or seasonal patterns double smoothing - Answer uses two previously computed averages to extrapolate into the future (alpha * historic demand) + (1-alpha * forecast) - Answer exponential smoothing formula decomposition - Answer time series data is separated into trend, seasonal, and cyclical components