5. Which of the following statements best describes demand forecasting? a.The ob

Question

5. Which of the following statements best describes demand forecasting?
a.The objective of forecasting is to develop the best statistical model.
b.Executives usually make better forecasts than machines.
c.Forecasting and demand planning have little to do with each other.
d.Better forecasts usually come from combinations of inputs.

6.Increasing the value of alpha () in an exponential smoothing model would produce which of the following results.
a.Reduce the ability of the forecast process to respond to seasonality in demand
b.Reduce the influence of more recent demands in computing future forecasts
c.Reduce the amount of data that needs to be stored to support the forecasting process
d.Increase the sensitivity of the forecast process to recent changes in demand

7.Which activity is a university least likely to outsource.

a.Operation of the residence halls.
b.Operation of the bookstore.
c.Classroom instruction.
d.Information technology support services

8.What is the possible impact of lean systems, if taken to its extreme, on supply chain risk? 
a.Positive impact – lean reduces risk
b.Yet to be determined – the data is not yet in
c.No impact – they are not related
d.Negative impact – lean increases risk

9.Stich Fix, an online company that provides personal shopping services for women’s fashion based on each woman’s style and budget is an example of:
a.A continuous process
b.Mass customization
c.A service factory
d.Cellular manufacturing

Explanation / Answer

Q5) The best statement that describes demand forecasting is -

a) The objective of forecasting is to develop the best statistical model

Q6) Increasing the value of alpha (?) in an exponential smoothing model would produce which of the following results -

d) Increase the sensitivity of the forecast process to recent changes in demand

Q7) The activity that a university is least likely to outsource is -

c) Classroom instruction - as it is the core function of the university based on which its brand is related to.

Q8) The possible impact of lean systems, on supply chain risk -

a) Positive impact - lean reduces risk

Q9) Stich Fix, an online company that provides personal shopping services for women's fashion based on each woman's style and budget is an example of -

b) Mass customization

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