LOGI 1020

  1. Forecasts are more accurate for larger groups of items
  2. Forecasts are more accurate for nearer periods of time
  3. Every forecast should include an estimate of error
  4. All of the above are general principles of forecasting
  5. None of the above is a general principle of forecasting.

 

  1. Which of the following statements is (are) best?
  2. Dependent demand items should be forecast
  3. A forecast for sales next week will not be as accurate as for a year from now
  4. Forecasts for families of products should be built up from individual product forecasts
  5. All of the above are true
  6. None of the above is true

 

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Order Essay
  1. Which of the following is NOT true?
  2. The number of orders shipped is a good measure of demand for an item
  3. The circumstances relating to historical data should be recorded
  4. The demand for different groups should be recorded separately
  5. None of the above is true

 

  1. Which of the following statements is (are) best regarding forecasting techniques?
  2. Qualitative techniques are based on judgment
  3. Techniques that use external economic indicators are classified as extrinsic
  4. Intrinsic techniques use historical data.
  5. All of the above are true
  6. None of the above is true

 

  1. What important assumption is made about statistical (quantitative) forecasting methods?
  2. The past is a valid indicator of the future
  3. The demand trend is seldom linear
  4. Seasonal variations are small.
  5. Random variations are small
  6. all of the above

 

  1. Which of the following methods can be used to forecast the demand for a NEW product?
  2. equation fitting
  3. moving averages
  4. qualitative techniques
  5. all of the above
  6. none of the above

 

  1. A forecasting technique that takes the average demand for some past number of periods is called:
  2. trend time analysis
  3. moving average
  4. exponential smoothing
  5. none of the above
  6. all of the above

 

  1. Demand over the past three months has been 700, 750, and 900. Using a three-month moving average, what is the forecast for the fourth month?
  2. 700
  3. 750
  4. 900
  5. 783
  6. 822

 

  1. Select the best statement from the following:
  2. The mean absolute deviation can be used as a measure of forecast error
  3. Usually forecast error is distributed normally about the average demand
  4. In a normal distribution the error will be within 1 MAD of the average about 60% of the time.
  5. All of the above are true
  6. None of the above is true

 

  1. Which of the following is NOT a source of demand?
  2. internal customers
  3. external customers
  4. stockholders
  5. spare parts

 

  1. Which of the following are NOT assumptions on which the economic order quantity (EOQ) is based?
  2. Demand is relatively constant and known
  3. The item is produced continuously
  4. Order preparation costs, inventory carrying costs, and lead times are constant and known.
  5. Replacement occurs all at once
  6. All of the above are true assumptions.

 

  1. In developing the standard economic order quantity formula, the following assumption(s) is (are) made:
  2. Demand for the item is relatively uniform
  3. Replenishment is in lots or batches that arrive at once.
  4. Lead time is constant
  5. All of the above are assumed
  6. None of the above is assumed.

 

  1. In determining the economic order quantity (EOQ), which of the following costs are considered?
  2. costs of a stockout and ordering costs
  3. costs of a stockout and inventory holding costs
  4. ordering costs and inventory carrying costs
  5. ordering costs and costs of changing production levels
  6. inventory holding costs and costs of changing production levels

 

  1. If the order quantity is increased, the annual cost of carrying inventory will:
  2. increase
  3. decrease
  4. remain the same
  5. not be affected
  6. none of the above

 

  1. In the simple EOQ model, annual inventory carrying costs and annual ordering costs:
  2. vary according to the time of year
  3. vary with seasonally adjusted demand
  4. vary with the order quantity
  5. do not vary in any way
  6. vary in an unknown manner

 

  1. A supplier offers a quantity discount. Which of the following will influence the decision to accept the discount or not?
  2. purchase cost
  3. cost of carrying inventory
  4. cost of placing one order
  5. all of the above
  6. none of the above

 

  1. Quantity discounts cause companies to:
  2. order sooner
  3. order less at a time
  4. increase their inventory
  5. increase ordering costs
  6. always save money

 

  1. Quantity discounts:
  2. make buyers order more than is economical
  3. decrease the annual carrying costs, but increase the ordering costs
  4. can be a good decision if the total annual costs are reduced
  5. always advantage the seller at a cost to the buyer
  6. persuade the buyer to buy more often

 

  1. When using the order point system, which of the following is true?
  2. Order quantities are usually fixed.
  3. The order point depends on the demand during the lead time plus safety stock
  4. Time intervals between orders are constant
  5. Order quantities are usually fixed, and the order point depends on the demand during the lead time plus safety stock
  6. The order point depends on the demand during the lead time plus safety stock, and time intervals between orders are constant

 

  1. Select the description that most closely fits the term SAFETY STOCK:
  2. the time it takes to replenish an item in inventory
  3. extra inventory of an item carried to protect against variations in demand during lead time
  4. a listing of components required to manufacture a product
  5. the time when an order should be placed
  6. none of the above

 

  1. Select the description that most closely fits the term LEAD TIME:
  2. the time it takes to replenish an item in inventory
  3. extra inventory of an item carried to protect against variations in demand during lead time
  4. a listing of components required to manufacture a product
  5. the time when an order should be placed
  6. none of the above

 

  1. Which of the following statements is best?
  2. Safety stock depends on the service level desired
  3. Safety stock depends on the length of the lead time
  4. Safety stock depends on the variation of demand during the lead time
  5. All of the above are correct
  6. None of the above is correct

 

  1. ____________ is an inventory record system that keeps a continuous account of transactions as they occur.
  2. Perpetual inventory system
  3. Periodic inventory system
  4. Two-bin system
  5. Safety stock system
  6. All of the above keep a continuous account.

 

  1. The distribution inventory management system that forecasts when various demands will be made by the system on central supply is called:
  2. pull system
  3. push system
  4. distribution requirements planning
  5. inventory replenishment
  6. order point system

 

  1. A company that has regular replenishments of small-value items such as a grocery store would use the _____________ system.
  2. order point
  3. materials requirements planning
  4. push
  5. Kanban
  6. periodic review

 

 

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