1. Which of the following indices provided by the
Institute for Supply Management (ISM) is considered the most important by
economists because it is a composite of five weighted, seasonally adjusted
indices?
|
a. |
Purchasing Managers Index |
|
b. |
Export Orders Index |
|
c. |
Production and Inventory |
|
d. |
New Orders Index |
2. According
to the textbook, which of the following is NOT a way to closely match supply
and demand?
|
a. |
Holding high amounts of |
|
b. |
Maintaining a rigid pricing |
|
c. |
Utilizing overtime |
|
d. |
Hiring temporary workers |
3. The
impact of poor communication and inaccurate forecasts resonates along the
supply chain and results in the:
|
a. |
Bullwhip effect |
|
b. |
Delphi method |
|
c. |
CPFR effect |
|
d. |
Mean deviation |
4. Inaccurate
forecasts can result in negative outcomes like:
|
a. |
Stockouts and poor |
|
b. |
High inventory costs of |
|
c. |
Material shortages and |
|
d. |
Low inventory costs of |
5. Which
one of the following is not a type of qualitative forecasting?
|
a. |
Sales force composite |
|
b. |
Consumer survey |
|
c. |
Jury of executive opinion |
|
d. |
Naïve method |
6. The
following are all common qualitative forecasting models EXCEPT:
|
a. |
Jury of Executive Opinion |
|
b. |
Trend Variation |
|
c. |
Delphi Method |
|
d. |
Sales Force Composite |
7. Which
of the following statements is FALSE:
|
a. |
Time Series forecasting is |
|
b. |
Cause-and-Effect forecasting |
|
c. |
All quantitative methods |
|
d. |
It is generally not |
8. Your
company is conducting forecasting that revolves around the current recession
and expansion of the U.S. economy. This type of forecasting can be referred to
as what component of a time series?
|
a. |
Trend Variations |
|
b. |
Cyclical Variations |
|
c. |
Seasonal Variations |
|
d. |
Random Variations |
9. The
following time-series approach to forecasting uses historical data to generate
a forecast and works well when demand is fairly stable over time:
|
a. |
Naïve Forecast |
|
b. |
Weighted Moving Average |
|
c. |
Simple Moving Average |
|
d. |
Exponential Smoothing |
Data Set E1
|
Period |
Sales Volume |
|
1 |
10000 |
|
2 |
12400 |
|
3 |
14250 |
|
4 |
15750 |
|
5 |
20500 |
|
6 |
18500 |
|
7 |
15750 |
|
8 |
20500 |
|
9 |
21500 |
|
10 |
22550 |
10. Using
Data Set E1, what would be the forecast for period 7 using a four period moving
average: (Choose the closest answer.)
|
a. |
17625 |
|
b. |
15225 |
|
c. |
15300 |
|
d. |
17250 |
