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QUESTION
4
1
.
Monthly demand forecast of STX-4
3
is
8
00 units
, averaged over all 1
2
months of the year. The product is known to have a seasonal pattern and July monthly index is 1.2
5
. What is the seasonal sales forecast for July?
A
nswer
|
6 40 units |
||
|
7 9 9 units |
||
| 800 units | ||
|
10 00 units |
||
|
C annot be calculated with the information given |
5 points
QUESTION 5
1.
The last four weekly values of sales were 85, 91, 99, and 94 units. The last four forecasts were 73, 82, 91, and 81 units. These forecasts illustrate:
Answer
|
qualitative methods |
|
exponential smoothing |
|
slope |
|
trend projection |
|
None of the above |
5 points
QUESTION 6
1.
Week
ly sales of copy paper at A
B
C Suppliers are in the table below. Which forecasting method is more accurate to forecast week 8 sale? Initial forecast for week 1 was 17 cases.
| Week |
Sales (cases) |
||||||||||||
|
1 |
18 |
||||||||||||
|
2 |
23 |
||||||||||||
|
3 |
31 |
||||||||||||
|
4 |
32 |
||||||||||||
|
5 |
|||||||||||||
|
6 |
16 |
||||||||||||
| 7 |
24 |
Answer
|
3-weeks moving average |
|
exponential smoothing-Alpha= 0.1 |
|
exponential smoothing-Alpha= 0.9 |
|
Weight ed moving average. Weights of 0.5 for the most recent period, then 0.3 and 0.2 for previous two periods |
|
Regression analysis |
5 points
QUESTION 7
1.
A fast-food restaurant owner operates a dozen outlets in California. One menu item is the most popular among others, and its sales (X, in millions of dollars) is related to Profits (Y, in hundreds of thousands of dollars). Forecasting equation obtained based on the historical data is
Y = 7.31 + 0.54 X
What is your forecast of profit for a store with sales of $40 million?
Answer
|
$ 1,2 89,007 |
|
|
$2 1,6 00,007 |
|
|
$2,891,000 |
|
|
$289,100,000 |
|
|
None of the above are correct |
5 points
QUESTION 8
1.
ABC Inc. started producing its new line of parts at the end of year 0. In year 1, it produced 45000 parts at a total cost of $6
60
,000. In year 2, its production increased to 85,000 parts at a total cost of $1,140,000. If the Fixed cost and variable cost per unit are the same, what must be the variable cost per part (c) and the fixed cost (F)?
Answer
|
F is less than $80,000, and c is greater than $7 |
|
F is greater than $60,000, and c is less than $9 |
|
F is greater than $100,000, and c is greater than $13 |
|
F is greater than $ 11 0,000, and c is less than $16 |
5 points
5 points
QUESTION 10
1. The ABC Company is screening three new product ideas. Only one idea must be selected. The following estimates have been made for the performance criteria that management feels are most important, along with the weight of each in decision making. What are the best and worst alternatives?
|
Estimated Rating |
|||||||||
|
Performance criterion |
Weight | A | B | C | |||||
|
D emand uncertainty |
0.1 | 0.3 | 0.9 | 0.2 | |||||
|
Similarity to present products |
0.15 |
0.7 |
0.8 |
0.6 |
|||||
|
Expected return on investment |
0.35 |
0.4 |
|||||||
|
Compatibility with current process |
0. 25 |
||||||||
|
Competitive advantage |
0.5 |
Answer
|
A is best, and B is worst |
|
B is best, and C is worst |
|
B is best, and A is worst |
|
C is best, and A is worst |
|
None of the above is correct |
5 points
QUESTION 11
1.
ABC Inc. is evaluating alternative production methods using a decision tree. Production manager has developed estimates of payoffs based on high or low demand. Probability of high demand is 40% and that of low demand 60%. Which alternative will provide the best payoff?
Answer
| D |
5 points
QUESTION 12
1.
A company of six departments has the following closeness factors and current locations of departments. Assume rectilinear distance. Which pair of departments has the greatest weighted-distance score?
| 1 | 2 | 3 |
| 4 | 5 | 6 |
|
Department pair |
Closeness factor |
|
| 1,2 | 10 | |
|
1,3 |
9 | |
|
1,4 |
8 | |
|
1,5 |
||
| 1,6 | ||
|
2,3 |
||
|
2,4 |
||
|
2,5 |
||
|
2,6 |
||
|
3,4 |
||
|
3,5 |
||
|
3,6 |
||
|
4,5 |
||
|
4,6 |
||
|
5,6 |
Answer
|
1, 2 |
|
3, 6 |
|
3, 4 |
|
5, 6 |
|
2, 4 |
5 points
QUESTION 13
1.
1. A company of six departments has the following closeness factors and current locations of departments. There are two alternative configurations. Assume rectilinear distance. Which configuration has the lowest weighted-distance score?
|
initial configuration |
|
Alternative 1 |
Alternative 2 |
Department pair Closeness factor 1,2 10 1,3 9 1,4 8 1,5 7 1,6 5 2,3 4 2,4 3 2,5 2 2,6 1 3,4 8 3,5 7 3,6 5 4,5 4 4,6 3 5,6 2 |
Answer
|
Current configuration |
|
Both the current and alternative 2 |
5 points
QUESTION 14
1.
A company is considering two options for the production of a part needed downstream in the manufacturing process. Particulars are as follows:
|
Specialized automation |
Fixed Costs = $10,000 / month |
Variable Cost / Unit = $2 |
|
General automation: |
Fixed Costs = $4,000 / month |
Variable Cost / Unit = $6 |
What is the monthly break-even quantity for choosing between the two automation approaches?
Answer
|
1000 |
|
1500 |
|
20 00 |
|
2300 |
|
2500 |
5 points
QUESTION 15
1.
You observed a worker assembling parts and recorded the data as following:
|
Time (seconds) |
Observations |
||||
| 25 | |||||
| 20 |
29 |
What is the average time for this job element?
Answer
|
16.1 seconds |
|
|
18.3 seconds |
|
|
18 seconds |
|
|
17.2 seconds |
5 points
QUESTION 16
1.
You observed a worker assembling parts and recorded the data as following:
Time (seconds)
Observations
16
18
18
25
20
29
What is the normal time for this job element if the rating factor is 75%?
Answer
|
15.4 seconds |
|
14.2 seconds |
|
13.7 seconds |
5 points
QUESTION 17
1.
You observed a worker assembling parts and recorded the data as following:
Time (seconds)
Observations
16
18
18
25
20
29
What is the standard time for this job element if rating factor is 75% and the allowance for the process is 20%?
Answer
|
14.6 seconds |
|
14.9 seconds |
|
15.6 seconds |
|
16.2 seconds |
5 points
QUESTION 18
1.
A restaurant manager tracks complaints from the diner satisfaction cards that are turned in at each table. The data collected from the past week’s diners appear in the following table.
|
Complaint |
Frequency |
|
Food taste |
60 |
|
Food temperature |
11 |
|
Order mistake |
|
|
Slow service |
|
|
Table/utensils dirty |
47 |
|
Too expensive |
Using a classic Pareto analysis, how was the cumulative value for the second most important complaint calculated?
Answer
|
47/60+11+3+18+47+5 |
|
3+5+11+18+47/60+11+3+18+47+5 + 60/60+11+3+18+47+5 60 |
|
3+5+11+18+47-60/60+11+3+18+47+5 |
|
47/60+11+3+18+47+5 + 60/60+11+3+18+47+5 |
5 points
QUESTION 19
1.
The UCL and LCL for an X_bar chart are 25 and 15 respectively. The central line is 20, and the process variability is considered to be in statistical control. The results of the next six sample means are 18, 23, 17, 21, 26, and 16. What should you do?
Answer
|
Nothing; the process is in control. |
|
|
Explore the assignable causes because the second, fourth, and fifth samples are above the mean. |
|
|
Explore the assignable causes because there is a run. |
|
|
Explore the assignable causes because there is a trend |
|
|
Explore the assignable causes because the process is out of control |
5 points
QUESTION 20
1.
The central line on a p-chart is 0.50 with a UCL of 0.65 and an LCL of 0.35. The results of the next six samples are 0.60, 0.37, 0.55, 0.48, 0.55, and 0.42. What should you do?
Answer
|
Nothing; the process is behaving as expected. |
|
Explore the assignable causes because three observations are above the central line. |
|
Explore assignable causes because there is a run. |
|
Increase the sample size to get a better measure. |
