UNIVERSITY OF ALABAMA
OM 300 CHILCUTT FINAL
EXAM NEWEST ACTUAL
EXAM COMPLETE 100+
QUESTIONS AND CORRECT
DETAILED ANSWERS
(VERIFIED ANSWERS) |
ALREADY GRADED A+
Section 1: Forecasting
Q1. What is the main difference between qualitative and quantitative forecasting methods?
A1.
Qualitative methods use expert opinions and market research; quantitative methods rely on
historical data and mathematical models.
Q2. Which of the following is a time-series forecasting method?
A. Delphi Method
B. Regression Analysis
C. Moving Average
D. Market Research
,A2.
✅ C. Moving Average
Q3. A 3-period moving average forecast for week 4 is based on actual demand from which
weeks?
A3.
Weeks 1, 2, and 3.
Q4. Exponential smoothing uses which parameter to weigh recent demand more heavily?
A4.
The smoothing constant (α), which ranges from 0 to 1.
Q5. What is the main advantage of exponential smoothing over moving averages?
A5.
It requires less historical data and responds more quickly to recent changes in demand.
Section 2: Inventory Management (5 Questions)
Q6. What does EOQ stand for, and what does it minimize?
A6.
Economic Order Quantity; it minimizes total inventory costs (ordering + holding costs).
Q7. A company uses 10,000 units/year. Ordering cost is $100/order, and holding cost is
$2/unit/year. What is the EOQ?
A7.
EOQ=2DSH=2(10,000)(100)2=1,000,000=1000 unitsEOQ = \sqrt{\frac{2DS}{H}} = \sqrt{\
frac{2(10,000)(100)}{2}} = \sqrt{1,000,000} = 1000 \text{ units}EOQ=H2DS=22(10,000)(100)
=1,000,000=1000 units
Q8. Which inventory model is best when demand is uncertain?
A. EOQ
B. Fixed-period model
C. Newsvendor model
D. ABC analysis
A8.
✅ C. Newsvendor model
, Q9. What does safety stock help protect against?
A9.
Variability in demand and lead time.
Q10. In ABC inventory analysis, "A" items are:
A. Low-value, high-volume
B. High-value, low-volume
C. Perishable items
D. Safety stock only
A10.
✅ B. High-value, low-volume
Section 3: Quality and Process Improvement (5 Questions)
Q11. What are the 7 tools of TQM (Total Quality Management)?
A11.
1. Check Sheets
2. Scatter Diagrams
3. Cause-and-Effect Diagrams
4. Flowcharts
5. Control Charts
6. Histograms
7. Pareto Charts
Q12. Which quality tool is used to identify the most frequent causes of problems?
A12.
Pareto Chart
Q13. A control chart shows 5 points in a row trending upward but still within control limits. What
should you do?
A13.
Investigate for non-random patterns; the process may be going out of control.
OM 300 CHILCUTT FINAL
EXAM NEWEST ACTUAL
EXAM COMPLETE 100+
QUESTIONS AND CORRECT
DETAILED ANSWERS
(VERIFIED ANSWERS) |
ALREADY GRADED A+
Section 1: Forecasting
Q1. What is the main difference between qualitative and quantitative forecasting methods?
A1.
Qualitative methods use expert opinions and market research; quantitative methods rely on
historical data and mathematical models.
Q2. Which of the following is a time-series forecasting method?
A. Delphi Method
B. Regression Analysis
C. Moving Average
D. Market Research
,A2.
✅ C. Moving Average
Q3. A 3-period moving average forecast for week 4 is based on actual demand from which
weeks?
A3.
Weeks 1, 2, and 3.
Q4. Exponential smoothing uses which parameter to weigh recent demand more heavily?
A4.
The smoothing constant (α), which ranges from 0 to 1.
Q5. What is the main advantage of exponential smoothing over moving averages?
A5.
It requires less historical data and responds more quickly to recent changes in demand.
Section 2: Inventory Management (5 Questions)
Q6. What does EOQ stand for, and what does it minimize?
A6.
Economic Order Quantity; it minimizes total inventory costs (ordering + holding costs).
Q7. A company uses 10,000 units/year. Ordering cost is $100/order, and holding cost is
$2/unit/year. What is the EOQ?
A7.
EOQ=2DSH=2(10,000)(100)2=1,000,000=1000 unitsEOQ = \sqrt{\frac{2DS}{H}} = \sqrt{\
frac{2(10,000)(100)}{2}} = \sqrt{1,000,000} = 1000 \text{ units}EOQ=H2DS=22(10,000)(100)
=1,000,000=1000 units
Q8. Which inventory model is best when demand is uncertain?
A. EOQ
B. Fixed-period model
C. Newsvendor model
D. ABC analysis
A8.
✅ C. Newsvendor model
, Q9. What does safety stock help protect against?
A9.
Variability in demand and lead time.
Q10. In ABC inventory analysis, "A" items are:
A. Low-value, high-volume
B. High-value, low-volume
C. Perishable items
D. Safety stock only
A10.
✅ B. High-value, low-volume
Section 3: Quality and Process Improvement (5 Questions)
Q11. What are the 7 tools of TQM (Total Quality Management)?
A11.
1. Check Sheets
2. Scatter Diagrams
3. Cause-and-Effect Diagrams
4. Flowcharts
5. Control Charts
6. Histograms
7. Pareto Charts
Q12. Which quality tool is used to identify the most frequent causes of problems?
A12.
Pareto Chart
Q13. A control chart shows 5 points in a row trending upward but still within control limits. What
should you do?
A13.
Investigate for non-random patterns; the process may be going out of control.
