Final Exam - Questions & Answers (Rated A+) 100% Guaranteed Best Update 2024

Capacity Planning Time Durations {Ans: long range - greater than one year - deploying productive resources take time - usually requires top management approval intermediate range - montly or quarterly plans covering the next six to eighteen months - resource and roughcut capacity planning (RCCP)- best to have 12 rolling months min - capacity varied by hiring and firing - new tools and minor equpment short range - less than one month or so - detail capacity planning- only accurate in very short planning horizon - reduce variance between planned and actual - capacity varied using over time, transfers, routings}exponential smoothing {Ans: A time series forecasting technique in which each increment of past demand data is decreased by (1 - α)}Request for Proposal (RFP) {Ans: used for purchasing items that are more complex or expensive and where there may be a number of potential vendors}Lean Warehousing {Ans: Eliminate non-value-added steps and waste in storage process - functions include: receiving materials, putting away and storing inventroy, picking inventory, packing shipments, shipping}Sources of Error {Ans: errors can come from a variety of sources - common one is that many forecasters are unaware of its projecting past trends