Exam Two

Question 1

how to forecast prices

Answer 1

moving average of number of months, put it in last month slot, actual-forecast, absolute value of error, square error

Question 2

where to put weights for weighted moving average model

Answer 2

array 2

Question 3

sum of absolute differences between actual value and forecast, divided by number of observations

Answer 3

mean absolute deviation (MAD)

Question 4

widely-used error metric, sum of squared errors divided by number of observations

Answer 4

mean square error (MSE)

Question 5

square root of MSE

Answer 5

root mean squared error (RMSE)

Question 6

types of forecasting

Answer 6

what-if analysis, goal seek, trendline, [weighted] moving average, exponential smoothing, regression analysis, solver​

Question 7

types of time series data

Answer 7

seasonal, trend, cyclical, random

Question 8

type of time series data, repeated over specific period

Answer 8

seasonal

Question 9

type of time series data, increase/decrease predictably

Answer 9

trend

Question 10

type of time series data, changes not of fixed frequency, usually due to economic conditions

Answer 10

cyclical

Question 11

type of time series data, not any other type

Answer 11

random

Question 12

a document that lists all the raw materials, components, parts, and subassemblies needed to manufacture or repair a product

Answer 12

bill of materials (BOM)

Question 13

what is the x-axis and y-axis of the sawtooth diagram?

Answer 13

time and quantity on hand

Question 14

what is the area between the minimum and maximum on the sawtooth diagram?

Answer 14

safety stock

Question 15

another word for max in sawtooth diagram

Answer 15

cycle stock

Question 16

dotted line on sawtooth diagram

Answer 16

reorder point

Question 17

diagonal green lines on sawtooth diagram

Answer 17

usage rate

Question 18

space between green lines on sawtooth diagram

Answer 18

lead time

Question 19

what does Kaizen mean?

Answer 19

change good, “change for good”

Question 20

what are the Kaizen principles?

Answer 20

know your customer, let it flow (zero waste, most efficient), go to gemba (go to where action is happening), empower people, be transparent

Question 21

when was Kaizen introduced to the workplace?

Answer 21

introduced in 1986 to the world as systematic management methodology

Question 22

who worked to introduce Kaizen to the workplace?

Answer 22

Masakki Imai and Taiichi Ohno spread Toyota production system

Question 23

constant improvement of yourself

Answer 23

personal SAPD

Question 24

what does personal SAPD stand for?

Answer 24

STUDY: self-awareness​
ADJUST: set a goal/intention​
PLAN: what will I practice​
DO: frequent practice

Question 25

coordination of all activities involved in the production and delivery of goods and services from raw materials to the end customer

Answer 25

supply chain management

Question 26

integration of suppliers, manufacturers, distributors, retailers, and customers

Answer 26

what supply chain management does

Question 27

what does integrating the supply chain management do?

Answer 27

optimize efficiency and effectiveness

Question 28

utilizes a hub-and-spoke distribution model to improve efficiency in their supply chain, centralized inventory management, consolidated transportation, improved delivery times, better customer service

Answer 28

Walmart supply chain management

Question 29

uses data analytics to forecast demand and optimize inventory management, predictive analytics, dynamic pricing, machine learning algorithms

Answer 29

Amazon supply chain management

Question 30

phenomenon whereby orders become more variable upstream in the supply chain (lowest at customer, highest at manufacturer)

Answer 30

bullwhip effect

Question 31

excess inventories, quality problems, increased expenses and time

Answer 31

what the bullwhip effect results in

Question 32

caused disruptions in production, transportation, logistics, increased cost and delays due to supply chain shortages, manufacturing shutdowns, transportation bottlenecks

Answer 32

pandemic's effect on global supply chain

Question 33

companies are re-evaluating supply chain strategies to build resilience and agility

Answer 33

result of pandemic's effect on global supply chain

Question 34

simple, crystalline concept that flows from deep understanding about the intersection of three circles

Answer 34

hedgehog concept

Question 35

what are the three circles of the hedgehog concept?

Answer 35

what you can be the best in the world at, what drives your economic engine, what you are deeply passionate about

Question 36

group of the right people who participate in dialogue and debate guided by the three circles, iteratively and over time, about vital issues and decisions facing the org

Answer 36

the council

Question 37

ask questions, dialogue and debate, executive decisions, autopsies and analysis

Answer 37

parts of the council process

Question 38

four parts of culture of discipline

Answer 38

build a culture within a framework rinse your cottage cheese adhering to the hedgehog concept don't confuse culture of discipline with tyrannical disciplinarian​

Question 39

disciplined people, thoughts, actions

Answer 39

build a culture within a framework

Question 40

going to extremes to become great, super discipline in even the little things, Dave Scott

Answer 40

rinsing your cottage cheese

Question 41

be disciplined to stay within the three circles

Answer 41

adhering to the hedgehog concept

Question 42

crawl, walk, run company

Answer 42

Walgreen's technology philosophy

Question 43

pioneered application of carefully selected technologies

Answer 43

how G2G companies used technology

Question 44

technology is a _______ of momentum, not a ________ of it

Answer 44

accelerator creator

Question 45

flywheel parts

Answer 45

steps forward consistent with hedgehog concept accumulation of visible results people line up engaged by results flywheel builds momentum

Question 46

doomloop parts

Answer 46

disappointing results reaction without understanding new direction, program, leader, event, fad, acquisition no buildup no accumulated momentum

Question 47

what must you have for business parts in the flywheel

Answer 47

consistency and coherence

Question 48

what does BHAG stand for?

Answer 48

big hairy audacious goal

Question 49

huge daunting goal that serves as a unifying focal point of effort

Answer 49

BHAG

Question 50

what is a good BHAG set with?

Answer 50

understanding

Question 51

what is a bad BHAG set with?

Answer 51

bravado

Question 52

what is core ideology made of?

Answer 52

core values and core purpose

Question 53

preserve the core and stimulate progress

Answer 53

key dynamic of greatness