MGMT 311 MIDTERM EXAM QUESTIONS
WITH VERIFIED SOLUTIONS
MGT 311 Midterm
\Q\.moving average equation
Sum of demand in previous n periods / n
\Q\.weighted moving average equation
SUM((Weight for Period "n")(Demand in Period "n"))/SUM Weights
\Q\.exponential smoothing equation
Ft = Ft-1 + a(At-1 - Ft-1)
\Q\.Mean Absolute Deviation (MAD) equation
sum of absolute of actual - forecast/n
,\Q\.mean squared error (MSE) equation
sum(forecast errors)^2/n
mean absolute percent error (MAPE) equation
\Q\.least squares method equation
y(hat) = a + bx
\Q\.operations management
, set of activities that create value in the form of goods and services by transforming inputs into
outputs, designing new products with efficiency (more output with less input)
\Q\.production
the creation of goods and services
\Q\organizing to produce goods and services
marketing, production/operation, finance/accounting
\Q\marketing
generates demand
\Q\production/operation
creates the product
\Q\finance/accounting
tracks how well the organization is doing, pay bills, collect the money
\Q\supply chain
very beginning of production to consumer and post sales
\Q\we want and need to know what?
how goods and services are produced
\Q\skills for OM
visionary, open-minded, reliable, innovative, risk aware
\Q\10 strategic decisions
1. design of goods and services
2. managing quality
3. process and capacity design
4. location strategy
5. layout strategy
6. human resources & job design
7. supply-chain management
8. inventory management
9. scheduling
10. maintenance
WITH VERIFIED SOLUTIONS
MGT 311 Midterm
\Q\.moving average equation
Sum of demand in previous n periods / n
\Q\.weighted moving average equation
SUM((Weight for Period "n")(Demand in Period "n"))/SUM Weights
\Q\.exponential smoothing equation
Ft = Ft-1 + a(At-1 - Ft-1)
\Q\.Mean Absolute Deviation (MAD) equation
sum of absolute of actual - forecast/n
,\Q\.mean squared error (MSE) equation
sum(forecast errors)^2/n
mean absolute percent error (MAPE) equation
\Q\.least squares method equation
y(hat) = a + bx
\Q\.operations management
, set of activities that create value in the form of goods and services by transforming inputs into
outputs, designing new products with efficiency (more output with less input)
\Q\.production
the creation of goods and services
\Q\organizing to produce goods and services
marketing, production/operation, finance/accounting
\Q\marketing
generates demand
\Q\production/operation
creates the product
\Q\finance/accounting
tracks how well the organization is doing, pay bills, collect the money
\Q\supply chain
very beginning of production to consumer and post sales
\Q\we want and need to know what?
how goods and services are produced
\Q\skills for OM
visionary, open-minded, reliable, innovative, risk aware
\Q\10 strategic decisions
1. design of goods and services
2. managing quality
3. process and capacity design
4. location strategy
5. layout strategy
6. human resources & job design
7. supply-chain management
8. inventory management
9. scheduling
10. maintenance
