OPMA 3306 EXAM 1: CH 2,3,4,11 QUESTIONS AND CORRECT
DETAILED ANSWERS (VERIFIED ANSWERS) ALREADY
GRADED A+
Market research is a quantitative method of forecasting Ans✓✓✓ False
(qualitative)
In the exponential smoothing method, only three pieces of data are
needed to forecast the future Ans✓✓✓ -most recent forecast,
-actual demand that occurred for that forecast period
-a smoothing constant alpha.
The step-by-step procedure for the Delphi method is: Ans✓✓✓ 1.
Choose the experts to participate. There should be a variety of
knowledgeable people in different areas.
Which of the following forecasting methods is very dependent on
selection of the right individuals who will judgmentally be used to
actually generate the forecast? Ans✓✓✓ Delphi method
Which of the following are used to describe the degree of error?
Weighted moving average
Regression
Moving average
Forecast as a percent of actual
Mean absolute deviation Ans✓✓✓ mean absolute deviation
, In decomposition of time series data it is relatively easy identify cycles
and autocorrelation components. Ans✓✓✓ False (more difficult (than
trend detection) to identify the cycles, autocorrelation)
Fixed-time period inventory models are "time triggered" Ans✓✓✓ true
What is the basic purpose of inventory analysis? Ans✓✓✓ To specify
when items should be ordered and how large the order should be.
Savings from reduced inventory results in increased profit. Ans✓✓✓
true
When developing inventory cost models, which of the following are not
included as costs to place an order?
Phone calls
Taxes
Clerical
Calculating quantity to order
Postage Ans✓✓✓ taxes
Which of the following are the recommended percentage groupings of
the ABC classifications of the dollar volume of products? Ans✓✓✓ A
items get 15%, B items get 35%, and C items get 50%
DETAILED ANSWERS (VERIFIED ANSWERS) ALREADY
GRADED A+
Market research is a quantitative method of forecasting Ans✓✓✓ False
(qualitative)
In the exponential smoothing method, only three pieces of data are
needed to forecast the future Ans✓✓✓ -most recent forecast,
-actual demand that occurred for that forecast period
-a smoothing constant alpha.
The step-by-step procedure for the Delphi method is: Ans✓✓✓ 1.
Choose the experts to participate. There should be a variety of
knowledgeable people in different areas.
Which of the following forecasting methods is very dependent on
selection of the right individuals who will judgmentally be used to
actually generate the forecast? Ans✓✓✓ Delphi method
Which of the following are used to describe the degree of error?
Weighted moving average
Regression
Moving average
Forecast as a percent of actual
Mean absolute deviation Ans✓✓✓ mean absolute deviation
, In decomposition of time series data it is relatively easy identify cycles
and autocorrelation components. Ans✓✓✓ False (more difficult (than
trend detection) to identify the cycles, autocorrelation)
Fixed-time period inventory models are "time triggered" Ans✓✓✓ true
What is the basic purpose of inventory analysis? Ans✓✓✓ To specify
when items should be ordered and how large the order should be.
Savings from reduced inventory results in increased profit. Ans✓✓✓
true
When developing inventory cost models, which of the following are not
included as costs to place an order?
Phone calls
Taxes
Clerical
Calculating quantity to order
Postage Ans✓✓✓ taxes
Which of the following are the recommended percentage groupings of
the ABC classifications of the dollar volume of products? Ans✓✓✓ A
items get 15%, B items get 35%, and C items get 50%
