In order to be useful, demand forecasts should be $\_\_\_\_\_\_.$

a complex #REF!

b time$-$consuming

c inaccurate

d consistent

$6$ The two broad categories of forecasting methods are $\_\_\_\_\_\_$

a dependent and independent #REF!

b time series and causal

c time series and regression analysis

d qualitative and quantitative

$7$

Exponential smoothing and weighted moving average are examples of $\_\_\_\_\_\_.$

a causal methods #REF!

b time series analysis

c qualitative methods

d simulation methods

$8$

$\_\_\_\_\_\_$ methods can be used if measurable, historical data are available, and

there is evidence that past demand is indicative of the future demand.

a Quantitative #REF!

b Simulation analysis

c Qualitative

d Market research

$9$ Increased retail sales in December and peak demand for snow shovels during

winter are examples of $\_\_\_\_\_\_$

a cyclical variations #REF!

b irregular variations

c random variations

d seasonal variations

$10\_\_\_\_\_\_$ is a forecasting method in which it is assumed that the demand in the

next period will be the same as it is in the current period.

a Na$$ve approach #REF!

b Moving average

c Simple average

d Sales force opinion

$11$

$\_\_\_\_\_\_$ is a short$-$term time series forecasting method in which forecasters assign

more weight to most recent values in the time series if they feel that these values

reflect how the actual demand will behave in the near future.

a Weighted moving average #REF!

b Moving average

c Linear trend multiplicative method

d Linear regression technique

$12$ New forecast $=[(\backslash$alpha $*$latest observation$)+((1-\backslash$alpha $)*$ old forecast$)]$ is the formula for

$\_\_\_\_\_\_.$

a moving average #REF!

b exponential smoothing

c weighted moving average

d factor rating method

$13$

$\_\_\_\_\_\_$ method results in a straight line that minimizes the sum of the squares of

the differences between the line and each of the actual observations.

a Least$-$squares #REF!

b Best$-$fit

c Straight$-$line

d Linear$-$line

$14$ The independent variable in linear regression analysis is also referred to as the

$\_\_\_\_\_\_.$

a predicted variable #REF!

b random variable

c predictor variable

d discrete variable

$15$ The correlation coefficient takes on a value between $\_\_\_\_\_\_.$

a $0$ and $1$ #REF!

b $-1$ and $+1$

c $-\backslash$infty to $+\backslash$infty

d $-2$ to $+2$

$16$ Which of following approaches should forecasters follow while choosing the best

forecasting method?

a Examine the performance of a single forecasting method over time. #REF!

b Select the method that results in the largest forecasting errors.

c Select the method that results in the fewest forecasting errors.

d There is no significance on the forecasting method selected since there will

always be differences between the forecasts and actual values.

$17\_\_\_\_\_\_$ is the average of the sum of the absolute differences between the actual

and forecasted demand values.

a Mean squared error $($MSE$)$ #REF!

b Mean absolute deviation $($MAD$)$

c Mean absolute percentage error $($MAPE$)$

d Cumulative sum error $($CSE$)$

$18$ The $\_\_\_\_\_\_$ is the average of the sum of the squared differences between the

actual and the forecasted demand values.

a mean absolute deviation $($MAD$)$ #REF!

b mean absolute percentage error $($MAPE$)$

c cumulative sum error $($CSE$)$

d mean squared error $($MSE$)$

$19$

According to lean philosophy, we should eliminate any activity or process $\_\_\_\_\_\_.$

a that does not add value to the product or service #REF!

b that has a high carbon footprint

c that is likely to be regulated by the government

d that does not conform to ISO standards

$20$ A just$-$in$-$time strategy $\_\_\_\_\_\_.$

a increases investment in inventory but reduces space requirements #REF!

b increases investment in inventory increases space requirements

c reduces investment in inventory but increases space requirements

d reduces investment in inventory and reduces space requirements

$21$

A smooth and rapid flow of materials and work can be achieved by $\_\_\_\_\_\_.$

a maintaining a highly structured and rigid system #REF!

b eliminating disruptions

c eliminating the carbon footprint

d beating employees till morale improves

$22$ Deciding whether to use a push or pull system depends upon $\_\_\_\_\_\_.$

a an organization$$s philosophy of sustainable operations #REF!

b the type of industry in which the organization competes

c the extent of regulation enforced by the government

d the impact of ISO standards on the company$$s operations

$23$ External logistics systems refer to $\_\_\_\_\_\_.$

a the flow of raw materials between steps in the manufacturing process #REF!

b the dispatch of goods from plant to quality control center

c the collection, transportation, and distribution of goods between suppliers and

the plant

d the collection, transportation, and distribution of goods between different work

stations inside one manufacturing facility

$24$ Safety stock $\_\_\_\_\_\_.$

a is the minimal level of inventory that a company seeks to maintain a buffer

against the mismatch between forecasted and actual demand #REF!

b is the level of finished products that a company maintains to take advantage