Instructions: Unless otherwise indicated, please make all answers to 2 decimal places
The two general approaches to forecasting are:
A.Delphi and Exponential SmoothingB.Time Series and RegressionC.Qualitative and Time SeriesD.Qualitative and Quantitative
Which of the following features would generally be considered to be common to all forecasts:
A.Actual results will differ somewhat from predicted valuesB.Assumption of a stable underlying causal systemC.Forecasts for groups of items tend to be more accurate than forecasts for individual itemsD.Historical data is available on which to base the forecastE.Accuracy decreases as the time horizon increases
The elimination of [a] is one of the major goals of lean manufacturing.
Which of the following is a way to measure forecast accuracy (check all that apply):
Which of the following is not an assumption of the EOQ model?
Lead times do not varyForecasts are known, constant and accurateEach order is received in a single deliveryQuantity discounts are availableAll of these are assumptions in the EOQ model
The purpose of cycle counting is:
reduce theftavoid having to do an annual physical inventoryreduce discrepancies between the inventory records and actual inventoriescount 10% of the items each monthto count all the items in inventory
A risk avoider would want [a] safety stock.
[c] systems use visual signals to control the amount of inventory in the system.
If there are no variations in either lead time or demand, the re-order point (ROP) will equal:
expected usage during the lead timesafety stockthe EOQthe service levelEOQ plus safety stock
Which of the following does not impact the amount of inventory carried
Qtype of inventory management practiced (periodic vs….