OPS Test 1

what is the best example of a strategic planning decision

• determining the workers to hire in the next three months

• forecasting demand for the next month

• a pant location and sizing decision

• determining the number of units to produce in the next two days

what's the best example of a tactical decision

• a lack of raw materials inventory leads to scheduling a rush shipment for next week

• a forecast for demand over the next 12 months

• a goal to increase market share in 3 years requires a new factory

• additional orders for next week lead to assigning overtime hours to workers

what is the best example of an operational decision

• a forecast for more demand next year leads to finding a new supplier

• a need for more workers next year leads to improving the employee benefits plan

• receiving an order from a customer leads to ordering a shipment from a wholesaler

• a goal to distribute a product globally leads to developing a partnership with a foreign company

this represents the central location in the data and is always present in a time series

• level

• trend

• seasonality

• random

this is an overall upward or downward movement in the data series over an observed time period

• level

• trend

• seasonaliity

• random

this is a recurring pattern evident in the data caused by the time period in which the data is summarized

• level

• trend

• seasonality

• random

this is any variation that is not associated with the other three elements

• level

• trend

• seasonality

• random

A forecasting method that uses only the most recent four periods to forecast the next period is:

• four period weighted moving average

• linear regression

• trend-adjusted exponential smoothing

• average seasonal adjustment

• exponential smoothing

This forecasting method uses the previous forecast plus a percentage of the forecast error as the forecast for next period.

• exponential smoothing

• trend-adjusted exponential smoothing

• average seasonal index

• linear regression

• weighted moving average

Which forecasting method best adapts to sustained upward or downward movements in a time series?

• trend-adjusted exponential smoothing

• weighted moving average

• exponential smoothing

• average seasonal index

• deseasonalized forecasting