logo image

OPS Test 1

Which of the following assumptions apply to the production order quantity model but not to the EOQ model?
The production rate is finite
The difference between the basic EOQ model and the production order quantity model is that
the production order quantity model does not require the assumption of instantaneous delivery
Which of the following assumptions apply to the production order quantity model but not to the EOQ model?
The production rate is finite.
The difference between the basic EOQ model and the production order quantity model is that
the production order quantity model does not require the assumption of instantaneous delivery.
What is the cost to prepare a machine or process for production?
Setup cost
A statistical model applicable when product demand or any other variable is not known but can be specified by means of a probability distribution is referred to as
a probabilistic model
Which of the following is not one of the basic assumptions of the basic EOQ model?
Quantity discounts are possible
The appropriate level of safety stock is typically determined by
choosing the level of safety stock that assures a given service level
Extra units that are held in inventory to reduce stockouts are called
safety stock
Which of the following types of inventory describes inventory that has been purchased but not processed?
Raw material inventory
Cycle counting
is a process by which inventory records are verified
What is a system for ordering items that have little or no value at the end of a sales period?
Single-period inventory model
Inventory control models assume that demand for an item is
either independent or dependent on the demand for other items
A single period inventory model is not applicable for
furniture
In the single period inventory model, the overage cost is
cost per unit-salvage value per unit
Policies based on ABC analysis might include investing
more in supplier development for A items
With a probabilistic model, increasing the service level
will increase the cost of the inventory policy
Which of the following does not belong to ordering costs?
Interest payments
One use of inventory is
to provide a hedge against inflation
Inventory record accuracy would be decreased by
increasing stockroom accessibility
The objective of inventory management is to
strike a balance between inventory investment and customer service
Which of the following does not belong to holding costs?
Order processing
The creation of a unique advantage over competitors is referred as
competitive advantage
Competing on cost is
achieving maximum value as perceived by the customer
A large percentage of the revenue of most firms is spent on which function?
Operations
The creation of goods and services is referred to as
production
Competition in the 21 century is no longer between companies; it is between
supply chains
Which appears to provide the best opportunity for increases in productivity?
Management
The capital investments each year in the US usually
increases
Productivity increases when
inputs decrease while outputs remain the same
Which of the following is not one of the three strategic approaches to competitive advantage?
Innovation
What is the goal for mass customization?
The goal is to produce customized products, whenever and wherever needed
The person who believed that management must do more to improve the work environment and processes so that quality can be improved was
W. Edwards Deming
The person who introduced standardized, interchangeable parts was
Eli Whitney
Which of the following activities at an airline is not an operations activity?
Sales
The ratio of all resources to the goods and services produced referred as
multifactor productivity
Competing on differentiation is
concerned with uniqueness
The service sector constitutes what percentage of employment in the US?
Between 80 and 90%
A set of skills, talents, and capabilities in which a firm is particularly strong is referred to as
core competencies
Which of the following trends is not part of the exciting OM challenges currently facing operations managers?
Local focus
SWOT analysis refers to
strengths, opportunities, weaknesses, and threats
Which of these is not one of the 10 strategic OM decisions?
Marketing
Which of these is not one of the basic functions of the management process?
Inspecting
Which of the following is not considered to be a stakeholder?
Competitors
Which of the following tasks would not typically represent an operations management activity at Hard Rock Café?
Filing a tax return
A strategy is
an action plan to achieve a mission
Which of the following is not considered to be one of the three primary functions that all organizations preform?
Research and development
Which of the following is not one of the factors that fosters specialization and worldwide supply chains?
marketing
Which of the following is not one of the 10 strategic OM decisions listed in the text?
Finance/accounting
Which of the following statements is not true?
When excess capacity exists, cost can decrease
Which forecast error measure is probably the easiest to interpret?
MAPE
Linear regression is most similar to which of the following?
The trend projection method of forecasting
A forecast that addresses the business cycle by predicting planning indicators is
an economic forecast
Which forecasting method considers several variables that are related to the variable being predicted?
Multiple regression
Which forecasting model is based upon salesperson estimates of expected sales?
Sales force composite
A measure of strength of the relationship between two variables is referred to as the
coefficient of correlation
Which of the following is the final step in a forecasting system?
Validate and implement the results
With regard to a regression based forecast, the standard error of the estimate gives a measure of
the variability around the regression line
What is a data pattern that repeats itself after a period of days, weeks, months, or quarters?
Seasonality
The goal of CPFR is to
create significantly more accurate information that can power the supply chain
A forecasting technique consistently produces a negative tracking signal. This means that
the forecasting technique consistently over-predicts
A tracking signal
is a measurement of how well a forecast is predicting actual values
The forecasting time horizon that would typically be easiest to predict for would be the
short range
Which of the following statements is not true regarding forecasting?
Forecasting is exclusively an objective prediction
Which of the following is a reality each company faces regarding its forecasting system?
Outside factors that we cannot predict or control often impact the forecast
A forecast that projects a company’s sales is
a demand forecast
Which one of the following statements is not true about the forecasting in the service sector?
Detailed forecasts of demand are not needed
When using exponential smoothing, the smoothing constant
can be determined using MAD
Which of the following is not a time series model?
Linear regression
Which of the following is a qualitative forecasting method?
Delphi method
Which of the following is the first step in a forecasting system?
Determine the use of the forecast
Today’s forecast equals yesterday’s demand is referred to as
the naïve approach
Which of the following is a quantitative forecasting method
exponential smoothing
CPFR
is collaborative, planning, forecasting, and replenishment

Need essay sample on "OPS Test 1"? We will write a custom essay sample specifically for you for only .90/page

Can’t wait to take that assignment burden offyour shoulders?

Let us know what it is and we will show you how it can be done!
×
Sorry, but copying text is forbidden on this website. If you need this or any other sample, please register
Signup & Access Essays

Already on Businessays? Login here

No, thanks. I prefer suffering on my own
Sorry, but copying text is forbidden on this website. If you need this or any other sample register now and get a free access to all papers, carefully proofread and edited by our experts.
Sign in / Sign up
No, thanks. I prefer suffering on my own
Not quite the topic you need?
We would be happy to write it
Join and witness the magic
Service Open At All Times
|
Complete Buyer Protection
|
Plagiarism-Free Writing

Emily from Businessays

Hi there, would you like to get such a paper? How about receiving a customized one? Check it out https://goo.gl/chNgQy