Here are the errors associated with a particular forecast over the past five months, in chronological order: 5, 10, -10, 0, 10. Which of the following statements is (are) true? I. The mean absolute deviation (MAD) over these five months is 3. II. The forecast was too low during the third month. III. The forecast was perfectly accurate during one of the months.

		I, II and III
		I and III
		II and III
		III only.
		I only.

A food court has a row of four stalls, or available locations for food vendors. The food court manager must decide which of four food vendors should be assigned which stall. Technically, any food vendor could be assigned any one of the four stalls. The four food vendors who wish to rent stalls are: Pops are Us, Taco Madness, Ice Cream Scream, and Mega Pretzel. Theoretically, how many different possible layouts does the developer have available to consider?

		10 layouts
		2 layouts
		24 layouts
		16 layouts
		4 layouts

Which of the following statements is (are) true?

I. Gasoline is a good example of a standardized product. II. A common term used to describe high-volume, highly standardized production is Make-to-Stock. III. Service systems tend to produce tangible outputs.

		III only
		I and II are true
		II and III are true
		I only
		II only

When using a "level capacity strategy" or level production strategy in aggregate planning, variations in demand are met by using which of the following options?

I. varying output during regular time without changing workforce size (for example, using overtime)

II. varying output during regular time by changing workforce size

III. varying inventory levels

		I and II
		II only
		II and III
		III only
		I only

Which of the following would not be considered a potential component of a firms holding costs?

		warehousing costs
		borrowing costs
		set-up costs
		cost of obsolescence
		opportunity cost of inventory investment

In a recent survey, a 17-year old gave a movie a score of 3, while a 42-year old gave it a score of 5, a 48-year old gave it a score of 5 and a 72-year old gave it a score of 3. Based on these four surveys, what is the correlation between age of movie-goer and score for the movie?

		0.01
		-0.72
		-0.97
		0.76
		0.51

A single Automated Teller Machine (ATM) is located on the ground floor of a popular shopping mall. Service time at this machine is exponentially distributed. On average, the ATM machine can serve a customer in 3 minutes. Customer arrivals at the machine are Poisson distributed, with an average of 15 customers an hour. Relevant formulas to analyze this M/M/1 model are available in your textbook.

On average, how many people are waiting to use this ATM machine?

		1.0
		0.75
		0
		5.333
		2.25

Suppose you are constructing either a mean chart with known variation or a p-chart to monitor some process. The process will only be stopped if a sample taken falls outside your control limits. If the process is in control, management wants only 1.2% of the samples taken to fall outside of your limits. (The company does not like stopping the process accidentally.) What Z value should you use for your chart?

		1.56
		2.18
		2.51
		2.05
		2.75

please help and show detailed explanation for each question thank you