WorksheetsProduction and Forecasting Concepts
Total questions: 79
Worksheet time: 40mins
What is the main goal of a lean system?
Increase inventory
Eliminate waste
Maximize production speed
Reduce employee workload
What does muda refer to in lean systems?
Inventory
Waste
Quality control
Forecast error
Which of the following is NOT a lean principle?
A) Pull method
B) Small lot sizes
C) Push method
D) Quality at the source
What is the purpose of jidoka?
Forecasting demand
Automating production
Stopping production when a defect is found
Increasing inventory turnover
What does 5S stand for in lean systems?
Sort, Set in order, Shine, Standardize, Sustain
Speed, Safety, Structure, Strategy, Sustain
Select, Sort, Shine, Standardize, Simplify
Sustain, Sort, Shine, Structure, Standardize
What is a value stream map (VSM) used for?
Tracking inventory levels
Mapping the flow of materials and information
Forecasting demand
Scheduling employee shifts
Which icon in a VSM represents inventory?
Triangle
Rectangle
What is a project?
A routine task
A temporary endeavor with a specific goal
A continuous process
A manufacturing operation
What is the critical path?
The path with the most slack
The longest duration path through the project
The shortest path through the project
The path with the least cost
Slack is defined as:
The time a task can be delayed without affecting the project
The total duration of a project
The cost of delaying a task
The difference between ES and EF
What does ES stand for?
Early Start
Estimated Schedule
Event Start
Expected Slack
What is crash time?
The time to complete a task under normal conditions
The shortest possible time to complete a task
The time lost due to delays
The time to complete a project with no resources
What are the four categories of project risk?
Cost, Time, Scope, Quality
Financial, Strategic, Operational, Compliance
Technical, External, Organizational, Project Management
Internal, External, Market, Legal
What distribution is used in statistical project analysis?
Normal
Binomial
Poisson
Exponential
What is the purpose of project scope?
To define the budget
To outline the project's objectives and boundaries
To assign team members
To determine the project's duration
A matrix organizational structure is:
a structure where employees report to both functional and project managers
a structure with only one manager for each employee
a structure based solely on product lines
a structure that eliminates all managerial roles
What is a demand pattern?
A type of inventory
A trend in customer orders
A method of forecasting
A production schedule
Which method is best when historical data is unavailable?
A) Time-series
B) Causal
C) Judgment
D) Regression
What does a high r2 value indicate?
A) High bias
B) Strong model fit
C) High error
D) Weak correlation
Which of the following is a time-series method?
Delphi method
Linear regression
Moving average
Simulation
What is forecast bias?
Random error
Consistent over- or under-prediction
Variation in demand
Seasonal fluctuation
What is the purpose of monitoring forecasts?
To reduce production time
To improve forecast accuracy
To increase inventory
To eliminate variation
Which method uses independent variables to predict demand?
A) Time-series
B) Causal
C) Judgment
D) Simulation
Inventory is best described as:
The goods and materials a business holds for the purpose of resale
The total amount of money a business earns in a year
The number of employees working in a company
The equipment used in manufacturing products
What is safety stock?
A) Inventory held for seasonal demand
B) Inventory held to prevent stockouts
C) Inventory in transit
D) Inventory used for promotions
What is EOQ used for?
Forecasting demand
Determining optimal order quantity
Scheduling production
Managing employees
At EOQ, what is true?
Holding cost > Ordering cost
Ordering cost > Holding cost
Holding cost = Ordering cost
Holding cost + Ordering cost = 0
What does ABC analysis classify?
Employees
Inventory by value
Forecasting methods
Project risks
What is a Q system?
A) Inventory reviewed at fixed intervals
B) Inventory reviewed continuously
C) Inventory ordered once per year
D) Inventory managed by suppliers
What is anticipation inventory?
A) Inventory held for promotions
B) Inventory held for expected demand increases
C) Inventory held for emergencies
D) Inventory held for safety
What is the key difference in ordering for seasonal items?
Demand is constant
Only one ordering opportunity
Holding cost is zero
Lead time is irrelevant
What value is critical in seasonal inventory decisions?
Setup cost
Salvage value
Holding cost
What is a supply chain?
A network of warehouses
A system of production only
A network of organizations involved in producing and delivering goods
A marketing strategy
What is backward integration?
Selling directly to customers
Acquiring suppliers
Outsourcing production
Offshoring labor
What is offshoring?
Moving production to another country
Hiring freelancers
Selling products online
Reducing inventory
What is the difference between efficient and responsive supply chains?
Efficient chains minimize cost; responsive chains maximize flexibility
Efficient chains use pull systems; responsive chains use push systems
Efficient chains are slower; responsive chains are faster
There is no difference
What is mass customization?
Producing one product for all customers
Customizing products for individual customers at scale
Outsourcing production
Reducing product variety
Why is supply chain design important?
It determines employee roles
It affects cost, speed, and flexibility
It eliminates forecasting
It reduces marketing expenses
A U.S. firm sourcing a component from Africa that it used to make domestically is engaging in:
Offshoring
Outsourcing
Forward integration
Vertical integration
Fill in the blank: ________ means to eliminate waste.
Eliminate waste
Increase cost
Delay process
Add complexity
Fill in the blank: ________ refers to waste in lean systems.
Waste
Inventory
Value
Flow
Fill in the blank: The ________ is a method used in lean systems to push production.
Push method
Pull method
Kanban system
Just-in-time
Fill in the blank: ________ is stopping production when a defect is found.
Stopping production when a defect is found
Continuing production despite defects
Ignoring defects during production
Speeding up production when a defect is found
Fill in the blank: The five S's in lean systems are Sort, Set in order, Shine, Standardize, and ________.
Sustain
Support
Simplify
Secure
Fill in the blank: ________ is mapping the flow of materials and information.
Mapping the flow of materials and information
Inventory management
Production scheduling
Quality control
Fill in the blank: The shape used to represent a process in lean systems is a ________.
Triangle
Circle
Rectangle
Hexagon
Fill in the blank: A temporary endeavor with a specific goal is called a ________.
project
routine
habit
operation
Fill in the blank: The longest duration path through the project is called the ________.
critical path
float path
resource path
shortest path
Fill in the blank: The time a task can be delayed without affecting the project is called ________.
float
lead time
buffer
lag
Fill in the blank: ________ is the earliest time a task can start in project management.
Early Start
Late Start
Critical Path
Float
Fill in the blank: The shortest possible time to complete a task is called the ________.
The shortest possible time to complete a task
Critical path
Slack time
Float
Fill in the blank: The four types of project management are Technical, External, Organizational, and ________.
Project Management
Financial
Legal
Strategic
Fill in the blank: The normal type of project management is called ________.
Normal
Agile
Critical Path
Extreme
Fill in the blank: To outline the project's objectives and boundaries is to ________.
To outline the project's objectives and boundaries
To assign team members to tasks
To estimate the project budget
To monitor project progress
Fill in the blank: Employees report to multiple managers in a ________ structure.
matrix
functional
divisional
network
Fill in the blank: A trend in customer orders is an example of ________.
A trend in customer orders
A random event
A seasonal fluctuation
A fixed cost
Fill in the blank: ________ is a type of forecasting based on judgment.
Judgment
Quantitative
Time Series
Causal
Fill in the blank: A strong model fit is important for ________.
Strong model fit
Weak predictions
Random sampling
Data collection
Fill in the blank: ________ is a method used to calculate the average over time in forecasting.
Moving average
Linear regression
Exponential growth
Random sampling
Fill in the blank: Consistent over- or under-prediction is a sign of ________.
bias
variance
random error
accuracy
Fill in the blank: To improve forecast accuracy, one should ________.
use reliable data sources
ignore historical data
make random guesses
avoid using technology
Fill in the blank: ________ forecasting is based on cause and effect relationships.
Causal
Qualitative
Time Series
Judgmental
Which of the following best describes inventory?
Inventory held to prevent stockouts
Inventory reviewed continuously
Any item held for future use or sale
Inventory held for expected demand increases
What is inventory held to prevent?
Overstock
Stockouts
Salvage value
Holding cost
What does determining optimal order quantity involve?
Inventory by value
Inventory reviewed continuously
Determining optimal order quantity
Inventory held for expected demand increases
Holding cost is equal to:
Inventory by value
Inventory reviewed continuously
Ordering cost
Holding cost = Ordering cost
Inventory by value is:
Inventory held for expected demand increases
Inventory by value
Salvage value
Only one order is placed
Inventory reviewed continuously is:
Inventory by value
Inventory reviewed continuously
Only one ordering opportunity
Efficient chains minimize cost
Inventory held for expected demand increases is:
Inventory by value
Inventory held for expected demand increases
Salvage value
Only one order is placed
In a single-period inventory model, what is true?
Only one order is placed
Only one ordering opportunity
Inventory reviewed continuously
Inventory held for expected demand increases
What is salvage value?
Inventory by value
Salvage value
Only one order is placed
Efficient chains minimize cost
In a single-period inventory model, what is true?
Inventory by value
Inventory reviewed continuously
Only one ordering opportunity
Only one order is placed
What is a supply chain?
Acquiring suppliers
Moving production to another country
A network of organizations involved in producing and delivering goods
Offshoring
What is the process of acquiring suppliers called?
Offshoring
Acquiring suppliers
Moving production to another country
Customizing products for individual customers at scale
What is moving production to another country called?
Efficient chains minimize cost
Offshoring
Moving production to another country
Acquiring suppliers
What is the difference between efficient and responsive supply chains?
Efficient chains minimize cost; responsive chains maximize flexibility
Efficient chains maximize flexibility; responsive chains minimize cost
Both minimize cost
Both maximize flexibility
What is customizing products for individual customers at scale?
Offshoring
Customizing products for individual customers at scale
Acquiring suppliers
Inventory by value
What does supply chain management affect?
Only cost
It affects cost, speed, and flexibility
Only speed
Only flexibility
What is offshoring?
Offshoring
Acquiring suppliers
Moving production to another country
Customizing products for individual customers at scale
