OPERMAN

Question 1

An incorporated in labor demand planning system that matches staffing schedules with anticipated demand

Answer 1

Forecasts

Question 2

The process of protecting the values of more or more variables into the future.

Answer 2

Forecasting

Question 3

BASIC IN CONCEPTS OF FORECASTING

Answer 3

a.) Forecasts Planning Horizon
b.) Time Bucket
c.) Date patterns in time series
d.) Forecasts error and accuracy

Question 4

Forecasts of future demand are needed at all levels of organizational decision-making the planning horizon in the length of which a forecast is based

Answer 4

Forecasts Planning Horizon

Question 5

Is the unit of measure for the time period used in forecast

Answer 5

Time Bucket

Question 6

is a set of observations measured at successive points in time or over successive period of time

Answer 6

Data Patterns in time series

Question 7

All forecasts are subject to error, and understanding the nature and size of errors is important in making good decisions

Answer 7

Forecasts error and accuracy

Question 8

is based on the assumption that the future will be an extrapolation of the past

Answer 8

Statistical Forecasting

Question 9

is an average of the most recent “K” observations in a time series.

Answer 9

Simple Moving Average

Question 10

a forecasting technique that uses weighted average past time series values to forecast the value of the time series in the next period

Answer 10

Single Exponential Smoothing (SES)

Question 11

a method for building statistical model that defines a relationship between a single dependent variable and one or more independent variables, all of which are numerical.

Answer 11

Regression Analysis

Question 12

Excel provides a very simple tool to find the best fitting regression model for a time series.

Answer 12

Excel’s Add trendline option

Question 13

A linear regression model with more than are independent variable is called

Answer 13

multiple linear
regression model.

Question 14

relies upon opinions and expertise of people in developing forecasts

Answer 14

judgmental forecasting

Question 15

is asking those who are close to the end consumer, such as salespeople, about the consumer’s purchasing plan.

Answer 15

Grassroots forecasting

Question 16

consist forecasting by expert opinion by gathering judgments and opinions of key personnel based on their experience and knowledge of the situation

Answer 16

Delphi method

Question 17

TEN PRACTICAL PRINCIPLES OF FORECASTING

Answer 17

1. Use quantitative rather than qualitative methods.
2. Limit subjective adjustments of quantitative forecasts
3. Adjust for events expected int he future
4. Ask experts to justify their forecasts in writing.
5. Use structured procedures to integrate judgmental and quantitative methods
6. Combine forecasts, begin with equal weights
7. If combining forecasts, begin with equal weights.
8. Compare past performance of various forecasting methods.
9. Seek feedback about forecasts.
10. Use multiple measures of forecast accuracy.

Question 18

is the capability of a manufacturing or service resource such as facility, process, workstation, or piece of equipment to accomplish its purpose over a specified time period.

Answer 18

Capacity

Question 19

Capacity can be viewed in one or two ways:

Answer 19

1. As the maximum rate of output per unit of time;
2. As units of resource availability

Question 20

are achieved when the average unit cost of a goods or service decreases as the capacity or volume of throughput increases

Answer 20

Economies of Sale

Question 21

court systems in most major cities are strained past their capacity with case backlogs and long delays, often resulting in freeing criminals before they go to trial or incarcerating defendants who are subsequently acquitted for long periods of time.

Answer 21

Clogged courts

Question 22

occur when the average unit cost
of the good or service begins to increase as the capacity
or volume of throughput increases.

Answer 22

Diseconomies of scale

Question 23

is a way to achieve economies of scale,
without extensive investments in facilities and capacity,
by focusing on a narrow range of goods or services, target
market segments, and dedicated processes to maximize
efficiency and effectiveness.

Answer 23

Focused factory

Question 24

are used in many ways in long-term
planning and short-term management activities.

Answer 24

Capacity measures

Question 25

defines
as an amount of capacity reserved for unanticipated events
such as demand surges, materials shortages, and
equipment breakdowns.

Answer 25

safe capacity (capacity cushion)

Question 26

is a specification of work to be performed for a customer or a client

Answer 26

work order

Question 27

Four Basic Strategies for Expanding Capacity, over some
fixed time horizon:

Answer 27

1. One large capacity increase
2. Small capacity increases that match demand
3. Small capacity increases that lead demand
4. Small capacity increases that lag demand

Question 28

If short-term demand is stable and sufficient capacity is
available, then managing operations ti ensure that demand
is satisfied is generally easy.

Answer 28

SHORT-TERM CAPACITY MANAGEMENT