OPRE 3310 Exam 1 Questions With Complete Solutions
A few factors account for a high percentage of the occurrence of
some event(s) Correct Answers Pareto phenomenon
A forecast for any period that equals the previous period's actual
value Correct Answers Naive forecast
A long-term upward or downward movement in data Correct
Answers Trend
A measure of the effective use of resources, usually expressed as
the ratio of output to input Correct Answers Productivity
A measure of the scatter of points around a regression line
Correct Answers Standard error of estimate
A measure of the strength and direction of relationship between
two variables Correct Answers Correlation
A moving average positioned at the center of the data that were
used to compute it. Correct Answers Centered moving average
A process for reducing costs, improving quality, and increasing
customer satisfaction. Correct Answers Six Sigma
A sequence of activities and organizations involved in producing
and delivering a good or service. Correct Answers Supply chain
A sequence of steps intended to guide thinking and subsequent
decision or action. Correct Answers Ethical framework
, A set of interrelated parts that must work together. Correct
Answers System
A standard of behavior that guides how one should act in
various situations. Correct Answers Ethics
A statement about the future value of a variable of interest
Correct Answers Forecast
A time-ordered sequence of observations taken at regular
intervals Correct Answers Time series
A visual tool for monitoring forecast errors Correct Answers
Control chart
A weighted averaging method based on previous forecast plus a
percentage of the forecast error Correct Answers Exponential
smoothing
Activities that provide some combination of time, location,
form, and psychological value. Correct Answers Services
An abstraction of reality; a simplified representation of
something Correct Answers Model
An iterative process in which managers and staff complete a
series of questionnaires, each developed from the previous one,
to achieve a consensus forecast Correct Answers Delphi method
A few factors account for a high percentage of the occurrence of
some event(s) Correct Answers Pareto phenomenon
A forecast for any period that equals the previous period's actual
value Correct Answers Naive forecast
A long-term upward or downward movement in data Correct
Answers Trend
A measure of the effective use of resources, usually expressed as
the ratio of output to input Correct Answers Productivity
A measure of the scatter of points around a regression line
Correct Answers Standard error of estimate
A measure of the strength and direction of relationship between
two variables Correct Answers Correlation
A moving average positioned at the center of the data that were
used to compute it. Correct Answers Centered moving average
A process for reducing costs, improving quality, and increasing
customer satisfaction. Correct Answers Six Sigma
A sequence of activities and organizations involved in producing
and delivering a good or service. Correct Answers Supply chain
A sequence of steps intended to guide thinking and subsequent
decision or action. Correct Answers Ethical framework
, A set of interrelated parts that must work together. Correct
Answers System
A standard of behavior that guides how one should act in
various situations. Correct Answers Ethics
A statement about the future value of a variable of interest
Correct Answers Forecast
A time-ordered sequence of observations taken at regular
intervals Correct Answers Time series
A visual tool for monitoring forecast errors Correct Answers
Control chart
A weighted averaging method based on previous forecast plus a
percentage of the forecast error Correct Answers Exponential
smoothing
Activities that provide some combination of time, location,
form, and psychological value. Correct Answers Services
An abstraction of reality; a simplified representation of
something Correct Answers Model
An iterative process in which managers and staff complete a
series of questionnaires, each developed from the previous one,
to achieve a consensus forecast Correct Answers Delphi method
