SCM - Chapter 2 w/ Quiz 2: Forecasting
"Translates the business strategy into specific actions and coordinates with other areas" is the definition of
functional strategy
The firm's targeted customers and the operations and supply chain functions needed to provide value to them are identified in the
business strategy
McDonald's focuses the employee on a specific task such as cashier or grill cook. Subway employees have broad skills and can run the entire restaurant by themselves. The choice of employee roles is an example of which of the following types of business elements?
infrastructural
Companies must prioritize and determine the performance dimensions on which they will focus and excel. Each performance dimension has several sub-dimensions. Performance, conformance, and reliability are sub-dimensions of
quality
Which of the following is a structural element of a business strategy?
computer systems
"Performance dimensions for which customers expect a minimum level of performance, but do not provide a competitive advantage" is the definition of
order qualifier
No other company in the world is as proficient at "just-in-time" production as Toyota. This technique is a great competitive advantage for them and is clearly
a core competency
Companies must prioritize and determine the performance dimensions on which they will focus and excel. Each performance dimension has several sub-dimensions. Mix, changeover, and volume are sub-dimensions of
flexibility
McDonald's invests significantly more in their equipment than Subway. This is an example of which type of strategy element?
structural
"Performance dimensions which differentiate a company's products and services" is the definition of
order winner
"A mechanism for coordinating and guiding decisions regarding the elements of a businesslong dash—identifies core competencies and targeted customers; sets time frames and performance objectives" is the definition of
business strategy
Which of the following is an infrastructural element of a business strategy?
policies
"Asset acquisition, new product planning and technology investments are most closely assocated with:
long-range forecasts
Which of the following statements about forecasts is true?
Forecasts for the near term tend to be more accurate.
The situation is stable and historical data exists, as in the case of mature products or technologies. In this case, which of the following forecasting approachs isused?
quantitative method
One qualitative forecasting method bases the forecast for a new product or service on the actual sales history of a similar product or service. An example is forecasting demand for the newest model of iPod by using the demand history from the previous model of iPod. This method is
life cycle analogy
"What is the basic assumption of Time Series forecasting?
historical time series data are good predictors of the future
"Which of the following is most closely associated with the Weighted Moving Average forecast model?
responsiveness is determined by the choice of weight values
"Which of the following is not associated with forecast bias?
commonly measured by the Mean Absolute Deviation
"Error metrics may indicate that the forecast model is producing poor results. What action may a manager take to remidy this problem?
change forecast method to better match the demand pattern
"Which of the followoing is most closely associated with forecast trend
consistent upward or downward movement of sales
One qualitative forecasting method uses experts working individually. The individual forecasts are shared among the group, after which each participant is allowed to modify his or her forecast based on the shared information. This method is
Delphi