1. The time series method where the forecast for the next period equals the demand for the current period, is referred to as:
   1. Weighted moving average method
   2. Naive forecast method
   3. Simple moving average method
   4. Exponential smoothing method

2. The two inventory control systems based on the periodic review or periodic reorder (P) system are:
   1. Perpetual inventory system & visual system.
   2. Base stock system & periodic review system.
   3. Single-Bin system & Optional replenishment system.
   4. Safety stock & reorder point system.

3. Each of the following is a measure of forecast accuracy except:
   1. Standard deviation of the errors
   2. Cumulative absolute deviation of forecast error.
   3. Mean absolute deviation (MAD).
   4. Mean square error (MSE).

4. Estimating Activity times when planning for a project, requires:
   1. Managerial opinions
   2. Statistical methods C. Learning curve models

D. All of the above.

5. For proper demand forecasting, it is necessary to observe how demand for the applicable product or service, has varied over time in the past, and identify time series patterns including, but not limited to:
   1. Seasonal
   2. Random
   3. Trend increasing or decreasing
   4. Horizontal

6. In managing the Cycle type of Operational Inventory, the following lot sizing principles are applied:
   1. Lot size, Q, varies directly with the elapsed time (or cycle) between orders
   2. The longer the time between orders for a given item, the greater the cycle inventory must be
   3. Average cycle inventory is Q/2
   4. Ignore the above, and make the lot size based on how much cash is readily available to buy that quantity of material.

7. Supply chain planning software systems environment to aid procurement, materials management and logistics functions include:
   1. Demand planning
   2. Production planning
   3. Demand planning, Production planning and Logistics planning
   4. None of the above.

8. Accurate assessment with periodic evaluation of Economic Order Quantity (EOQ), appropriate for the particular merchandize, is critical to effective supply chain management and depends on the following assumptions:
   1. The only two relevant costs are the inventory holding cost and the fixed cost per lot for ordering or setup
   2. Demand rate is constant and known with certainty.
   3. The lead time is constant and known with certainty.
   4. None of the above.

9. Identify the incorrect statements below:
   1. Sales and Operations Planning (S&OP) is a time-phased plan of future aggregate resource levels so that supply is in balance with demand
   2. The Chase Strategy of S&OP keeps the workforce constant and considers the full range of supply options
   3. A Cyclical demand pattern is just a fancy verbiage for what goes around, comes around, and nothing more
   4. Linear regression is modeling the behavior of how a dependent variable changes in a linear fashion due to changes in one or more independent variables.

10. In terms of inventory, what are the three main sources of organizational risk?
    1. Status, Market, and Geography
    2. Market, Supply, and Financial
    3. Forecasting, Supply, and Manufacturers Quality
    4. Specialization, Market, and Financial

11. A method in which seasonal forecasts are generated by adding a constant to the estimate of average demand per season is:
    1. Multiplicative seasonal method.
    2. Weighted moving average method
    3. Additive seasonal method D. Exponential smoothing method.

12. Costs associated with S&OP include, but not limited to, the following:
    1. Costs of direct and indirect materials
    2. Regular and over-time labor hours
    3. Backorder & stockouts
    4. Hiring and layoff

13. Which one of these is NOT one of the four most successful judgement methods in forecasting?
    1. Market Research
    2. Data Analysis
    3. Executive Opinion
    4. Delphi Method

14. A group of customers, services or products that have similar demand requirements and common process, labor, and materials requirements is referred to as a:
    1. Business plan
    2. Operations planning and scheduling
    3. Product Family
    4. Annual Plan

15. The degree to which the same work can be done again is called:
    1. Anticipation inventory
    2. Pipeline inventory
    3. Repeatability
    4. Cycle counting

16. Following are mistakes caused by not understanding the role of projects in accomplishing strategy:
    1. Focusing on problems or solutions with low strategic priority
    2. Overemphasizing technology that results in projects that pursue exotic technology that does not fit the strategy or customer need
    3. Making the effort to ensure the Project charter is accurately documented and has full support of the sponsor and stakeholders.
    4. Focusing on the immediate customer rather than the whole marketplace and value chain.

17. Which of the following is NOT a level in operations planning and scheduling?
    1. Sales and Operations Planning
    2. Scheduling
    3. Financial Schedule Planning
    4. Resource Planning

18. The fixed order interval EOQ model is best used for SKUs with: A. Variable demand.
    2. Stable demand.
    3. Unknown demand.
    4. Seasonal demand