Part 1. (5) True/False: each question worth one (1) points 1. Judgment methods o

Question

Part 1. (5) True/False: each question worth one (1) points 1. Judgment methods of forecasting are quantitative methods that use historical data on independent variables to predict demand. True /False 2. Reducing setup costs will increase the pressure to keep larger inventories. True False 3. The EOQ is the smallest lot size that a supplier will allow a customer to order. True / False 4. When facing quantity discounts, the EOQ found with the lowest price level is always the lowest total cost plan. True / False Supply chain design for a service provider is driven primarily by the need to control the materials it consumes as it delivers its various services. 5. True / False Part 2. (20) Multiple Choice: each question worth two (2) points 1. There are historically three 32-month periods of generally rising prices in the stock market for every one 9-month period of falling prices. This observation leads you to conclude that the stock market exhibits a: A) random pattern. B) trend pattern C) seasonal pattern. D) cyclical pattern. uses a firm's flexible processes to generate a wide variety of personalized 2. services or products at reasonably low costs. A) Mass customization B) Channel assembly C) Postponement D) Forward integration 3. It would be most appropriate to combine a judgment approach to forecasting with a quantitative approach by: A) having a group of experts examine each historical data point to determine whether it should be included in the model. B) combining opinions about the quantitative models to form one forecasting approach. C) adjusting a forecast up or down to compensate for specific events not included in the quantitative technique D) developing a trend model to predict the outcomes of judgmental techniques in order to avoid the cost of employing the experts.

Explanation / Answer

Part-1

Ans.1) Judgement methods of forecasting are quantitative methods that use historical data on independent variables to predict demands.

False

Ans.2) Reducing setup costs will increase the pressure to keep larger inventories.

False

Ans.3) The EOQ is the smallest lot size that the supplier will allow a customer to order.

False

Ans.4) When facing quantity discounts, the EOQ found with the lowest price level is always the lowest total cost plan.

False

Ans.5) Supply chain design for a service provider is driven primarily by the need to control the materials it consumes as it delivers its various services.

False

Part-2

Ans.1) D - Cyclical Pattern.

Ans.2) A - Mass Customisation.

Ans.3) C - adjusting a forecast up or down to compensate for specific events not included in the quantitative technique.

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