Week 12: Short Term Decisions

1

Which of the following is not part of the causes of the bullwhip effect?

1

In the newsvendor model, if p is the selling price, and c is the cost of buying an item, which of the following is true?

1

In 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?

1

A 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?

1

According to the video, a prediction of future events used for planning purposes is?

1

Forecasts are almost always wrong

1

Statement 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

1

Qualitative forecasting rely on data and analytical techniques

1

Statistical techniques such as linear regression are a type of which forecasting method?

1

Quantitative methods are more suited for short term forecasting, while qualitative methods are suited for long term.

1

For 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?

1

According to the video, sometimes we use trial and error to determine the weights for a weighted moving average forecast?

1

Which of the following is not true for weighted moving average forecasting?

1

For exponential smoothing, if the alpha value is low, there is a lot of reaction to differences

1

❌ is a measure of how often the forecast is above or below actual demand

Tracking signal

Mean Forecast Error

Mean Absolute Error

Bias

Quiz on Week 12: Short Term Decisions, created by Ade Sauer on 26/11/2020.

Week 12: Short Term Decisions

Week 12: Short Term Decisions

Which of the following is not part of the causes of the bullwhip effect?

In the newsvendor model, if p is the selling price, and c is the cost of buying an item, which of the following is true?

In 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?

According to the video, a prediction of future events used for planning purposes is?

Forecasts are almost always wrong

Statement 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

Qualitative forecasting rely on data and analytical techniques

Statistical techniques such as linear regression are a type of which forecasting method?

Quantitative methods are more suited for short term forecasting, while qualitative methods are suited for long term.

For 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?

According to the video, sometimes we use trial and error to determine the weights for a weighted moving average forecast?

Which of the following is not true for weighted moving average forecasting?

For exponential smoothing, if the alpha value is low, there is a lot of reaction to differences

❌ is a measure of how often the forecast is above or below actual demand

Statement 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