Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Hospitality Business > Operations Management > Flashcards

Operations Management Flashcards

1
Q

What is MAPE?

A

Mean Absolute Percentage Error

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What is MSE?

A

Mean Squared Error (Error Squared)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

How do you calculate Forecast?

A

Trend Value multiplied by seasonal index’s

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What is a seasonal index?

A

A measure of how a particular season through some cycle compares with the average season of that cycle.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What is a coefficient?

A

An integer that is written along with a variable, it is a constant in the formula.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What is the trend line formula?

A

Y = A + Bx

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What is MAD?

A

Mean absolute deviation.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What is Bias in forecasting?

A

The average error.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What are the 4 time series components of forecasting?

A

Trend
Cyclical
Seasonal
Random

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What is the exponential smoothing formula?

A

F+1 = F-1+a*(A-1-F-1)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

How do you calculate MAPE?

A

Absolute error divided by absolute demand.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What is the formula for a regression line?

A

Y = A + Bx

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Forecast is the same as?

A

Predicted Demand

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What is MA3?

A

Monthly average of the last 3 months is the current forecast.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What is a in exponential smoothing?

A

Alpha - or the smoothing element.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What is naive forecasting?

A

A technique where last quarters actual are used as this periods forecast.

17
Q

What is the Trendline equation?

A

Intercept + Slope multiplied by the period

18
Q

How do you calculate MSE (mean squared error)?

A

Bias (error) squared

19
Q

How do you calculate bias (error)?

A

Actual demand - forecast

20
Q

Demand is the same as?

A

Actual

21
Q

What is the DMAIC method?

A

Define
Measure
Analyze
Improve
Control

22
Q

What are the 3 different views on quality?

A

User based
Manufacturing based
Product based

23
Q

How do you calculate seasonal index?

A

By averaging the total demand of each of the days in the “season”.

24
Q

How do you De-Seasonalize Data?

A

Divide demand by seasonal index.

25
Q

How do you calculate trend?

A

Intercept + Slope multiplied by the period.

26
Q

How do you calculate the forecast on the multiplicative model?

A

Trend times seasonal index.

27
Q

How do you calculate ratio in the multiplicative model?

A

Demand divided by average demand.

28
Q

What is a cost driver?

A

A factor that has a strong influence on a firms cost.

Hospitality Business (4 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions