Quiz
Week 12: Short Term Decisions
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Questions in this quiz (15)
1Which of the following is not part of the causes of the bullwhip effect?
- APrice fluctuations
- BOrder batching
- CForecast Inaccuracies
- DInformation overload
2In the newsvendor model, if p is the selling price, and c is the cost of buying an item, which of the following is true?
- AThe underage cost is p minus c
- BThe underage cost is c minus p
- CThe overage cost is p minus c
- DThe overage cost is c minus p
3In the newsvendor model, if s is the salvage value for unsold items, and c is the cost of buying an item, which of the following is true?
- AThe underage cost is s minus c
- BThe underage cost is c minus s
- CThe overage cost is s minus c
- DThe overage cost is c minus s
4A merchandize buyer who intends to sell branded caps for an event to a group of students for $9.95 per cap purchases the same caps from a dealer for $8.40 per cap. After the event the caps retain a salvage value of $3.00 each. The buyer estimates demand to be normally distributed with a mean of 5000 caps and a standard deviation of 20. How many caps should the buyer order?
- A4800
- B4985
- C4850
- D5200
5According to the video, a prediction of future events used for planning purposes is?
- ADemand
- BForecasting
- CPlanning
- DTrending
6Forecasts are almost always wrong
- ATrue
- BFalse
7Statement 1: Forecasts are more accurate for longer periods than for shorter periods
Statement 2: Forecasts can be excellent substitutes for actual demand
Statement 3: Demand can show random variation over time- AOnly statement 2 and 3 are correct
- BNone of the statement is correct
- COnly statement 3 is correct
- DOnly statement 1 is correct
- EOnly statement 2 is correct
8Qualitative forecasting rely on data and analytical techniques
- ATrue
- BFalse
9Statistical techniques such as linear regression are a type of which forecasting method?
- AQualitative
- BQuantitative
- CDominant
- DRandom
10Quantitative methods are more suited for short term forecasting, while qualitative methods are suited for long term.
- ATrue
- BFalse
11For a particular product, demand for weeks 1-5 is 650, 680, 690, 710, 720, using a 4-period simple moving average to forecast demand for week 6 gives an estimate of?
- A690
- B700
- C710
- D720
12According to the video, sometimes we use trial and error to determine the weights for a weighted moving average forecast?
- ATrue
- BFalse
13Which of the following is not true for weighted moving average forecasting?
- AThe weights must always add up to 1
- BThe weights could all be equal
- CThis forecasting technique can be used to give importance to more recent data
- DThe weights do not have to add up to 1
14For exponential smoothing, if the alpha value is low, there is a lot of reaction to differences
- ATrue
- BFalse
15[blank_start]Tracking signal[blank_end] is a measure of how often the forecast is above or below actual demand
- ATracking signal
- BMean Forecast Error
- CMean Absolute Error
- DBias
Information
- Description
- Quiz on Week 12: Short Term Decisions, created by Ade Sauer on 26/11/2020.
- Author
- Ade Sauer
- Language
- English
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- 227
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