Mgsc 395 Exam 3 Exams Questions And Answers 100% Verifed Answers A.docx

What are the pressures and costs driving higher vs. lower inventory levels? {Ans: High: -customer service -ordering cost -setup cost -transportation costs -quantity discount Low: -inventory holding cost -risk of deterioration}What are characteristics of all forecasts? {Ans: -ALL wrong to some degree -"aggregate" are more accurate -"short-term" more accurate}What are some current pressures to create an effective supply chain? {Ans: 1. Dynamic sales volume(more volatile now) 2. service/product proliferation(variety makes forecasting hard) 3. customer service/quality expectations going up 4. social responsibility(every1 wants transparency) 5. emerging markets(create pressure on critical resources)}What are judgement methods of forecasting?(4) How should they be used? {Ans: They use contextual knowledge gained through experience -salesforce estimates -executive opinion -market research -delphi method(gaining consensus from group) When an adequate history file isn't available}What is mass customization? What is its purpose? What are enablers of mass customization? {Ans: When firms use highly divergent processes to generate a wide variety at low cost. Purpose is to deliver HIGH variety while still being cost effective -High volume/high variety -Enablers: -assemble to order}How to find the average time between orders(continuous) {Ans: TBO(eoq)= Q/D * 52weeks}