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business
introduction to materials management

Questions and Answers of Introduction To Materials Management

Identify the goods. Items are identified with the appropriate stock-keeping unit(SKU) number (part number) and the quantity received is recorded. LO.1
Receive goods. The warehouse accepts goods from outside transportation or an attached factory and accepts responsibility for them. This means the warehouse must:a. Check the goods against an order
Has Jan’s operation grown too large for her to control well? Why or why not?What would you suggest she do? What additional information would you suggest she look for to help her situation? LO.1
Are there other possible approaches that might improve Jan’s operation and situation? What would they be and how could they help? LO.1
How, if at all, could we use Jan’s knowledge of the market to improve the forecast?Would it be better to forecast in quarterly increments instead of monthly?Why or why not? LO.1
Which method from question 2 is “better”? How do you know that? LO.1
Use at least two different methodologies to develop as accurate a forecast for the demand as possible. Use each of those methods to project the next four months demand. LO.1
Plot the data and describe what you see. What does it mean and how would you use the information from the plot to help you develop a forecast? LO.1
A company uses a tracking signal trigger of 4 to decide whether a forecast should be reviewed. Given the following history, determine in which period the forecast should be reviewed. MAD for the
For the following data, calculate the mean absolute deviation.Period Forecast Actual Demand Absolute Deviation 1 100 105 2 105 95 3 110 90 4 115 135 5 120 105 6 125 120 Total 675 650 LO.1
Given the following forecast and actual demand, calculate the mean absolute deviation.Period Forecast Actual Demand Absolute Deviation 1 110 85 2 110 105 3 110 120 4 110 100 5 110 90 Total LO.1
The Fast Track Ski Shoppe sells ski goggles during the four months of the ski season.Average demand follows:a. Calculate the deseasonalized sales and the seasonal index for each of the four months.b.
The old deseasonalized forecast is 100 units, and the actual demand for the last month was 150 units. If the seasonal index for the last month is 1.2 and the next month is 0.8, calculate:a. The
Calculate the deseasonalized demands for the following:1 130 0.62 2 170 1.04 3 375 1.82 4 90 0.52 Total LO.1
If the actual demand for April was 1440 units and the seasonal index was 2.5, what would be the deseasonalized April demand? LO.1
Using the data in problem 8.12 and the seasonal indices you have calculated, calculate expected monthly demand if the annual forecast is 2000 units.Month Seasonal Index Forecast January February
Given the following average demand for each month, calculate the seasonal indices for each month.Month Average Demand Seasonal Index January 30 February 50 March 85 April 110 May 125 June 245 July
The average demand for January has been 90, and the average annual demand has been 1800. Calculate the seasonal index for January. If the company forecasts annual demand next year at 2000 units, what
Using the data in problem 8.9, if the forecast for next year is 800, calculate the forecast for first quarterly demand next year. LO.1
If the average demand for the first quarter was 140 and the average demand for all quarters was 175, what is the seasonal index for the first quarter? LO.1
Weekly demand for an item averaged 100 units over the past year. Actual demand for the next eight weeks is shown in what follows:a. Plot the data on graph paper.b. Letting , calculate the smoothed
Using exponential smoothing, calculate the forecasts for the same months as in problem 8.3c. The old average for month 3 was 96 and What is the difference between the two forecasts for month 11? =
Using exponential smoothing, calculate the forecasts for months 2, 3, 4, 5, and 6. The smoothing constant is 0.2, and the old forecast for month 1 is 245.Month Actual Demand Forecast Demand 1 260 2
If the old forecast is 100 and the latest actual demand is 85, what is the exponentially smoothed forecast for the next period? Alpha is 0.2. LO.1
If the forecast for February was 122 and actual demand was 135, what would be the forecast for March if the smoothing constant (α) is 0.15? Use exponential smoothing for your calculation. LO.1
Monthly demand over the past ten months is given in what follows.a. Graph the demand.b. What is your best guess for the demand for month 11?c. Using a three-month moving average, calculate the
Given the following data, calculate the three-month moving average forecasts for months 4, 5, 6, and 7.Month Actual Demand Forecast 1 60 2 70 3 40 4 50 5 70 6 65 7 LO.1
Over the past three months, the demand for a product has been 255, 219, and 231.Calculate the three-month moving average forecast for month 4. If the actual demand in month 4 is 228, calculate the
What might it mean if a forecasting method has no bias yet has a large MAD? LO.1
What is the P/D ratio? How may it be improved? LO.1
What action should be taken when unacceptable error is found in tracking a forecast? LO.1
What is the mean absolute deviation (MAD)? Why is it useful in forecasting? LO.1
What is random variation? LO.1
What is bias error in forecasting? What are some of the causes? LO.1
What is meant by the term tracking the forecast? In which two ways can forecasts go wrong? LO.1
What is meant by the term deseasonalized demand? LO.1
What is a seasonal index? How is it calculated? LO.1
Describe and give the advantages and disadvantages of (a) moving averages and(b) exponential smoothing. LO.1
Describe the characteristics and differences between qualitative, extrinsic, and intrinsic forecasting techniques. LO.1
Name and describe the three principles of data collection. LO.1
The text discusses four principles of forecasting. Name and describe each. LO.1
Describe trend, seasonality, random variation, and cycle as applied to forecasting. LO.1
The text describes three characteristics of demand. Name and describe each. LO.1
Describe the purpose of forecasting for strategic business planning, production planning, and master production scheduling. LO.1
What factors influence the demand for a firm’s products? LO.1
Why must we forecast? LO.1
What is demand management? What functions does it include? LO.1
For the following data, calculate the number of workers required for level production and the resulting month-end inventories. Each worker can produce 9 units per day, and the desired ending
For the following data, calculate the number of workers required for level production and the resulting month-end inventories. Each worker can produce 14 units per day, and the desired ending
The opening backlog is 1100 units. Forecast demand is shown in the following. Calculate the weekly production for level production if the backlog is to be increased to 1200 units.Week 1 2 3 4 5 6
The opening backlog is 900 units. Forecast demand is shown in the following. Calculate the weekly production for level production if the backlog is to be reduced to 200 units.Week 1 2 3 4 5 6 Total
If the opening backlog is 500 units, forecast demand is 700 units, and production is 800 units, what will be the ending backlog? LO.1
Because of its labor contract, a company must hire enough labor for 100 units of production per week on one shift or 200 units per week on two shifts. It cannot hire, lay off, or assign overtime.
A company wants to develop a level production plan for a family of products. The opening inventory is 600 units, and a decrease to 200 units is expected by the end of the plan.The demand for each of
A company wants to develop a level production plan for a family of products. The opening inventory is 100 units, and an increase to 130 units is expected by the end of the plan.The demand for each
If the cost of carrying inventory is $50 per unit per period and stockouts cost $500 per unit, what will be the cost of the plan developed in problem 2.9a? What will be the cost of the plan developed
A company wants to develop a level production plan. The beginning inventory is zero.Demand for the next four periods is given in what follows.a. What production rate per period will give a zero
A company wants to develop a level production plan for a family of products. The opening inventory is 500 units, and a decrease to 300 units is expected by the end of the plan.The demand for each of
A company wants to develop a level production plan for a family of products. The opening inventory is 100 units, and an increase to 160 units is expected by the end of the plan.The demand for each
A production line is to run at 1000 units per month. Sales are forecast as shown in the following. Calculate the expected period-end inventory. The opening inventory is 500 units. All periods have
In problem 2.3, how much will be produced in each of the 3 months? LO.1
In problem 2.2, how much will be produced in each of the 3 months? LO.1
A company plans to produce 20,000 units in a 3-month period. The months have 22, 21, and 20 working days respectively. What should the average daily production be? LO.1
A company wants to produce 500 units over the next 3 months at a level rate. The months have 19, 20, and 21 working days, respectively. On the average, how much should the company produce each day to
If the opening inventory is 400 units, demand is 900 units, and production is 800 units, what will be the ending inventory? LO.1
What kind of production environment would you expect to see if a company uses a chase strategy? What if it uses a level strategy? LO.1
What is a resource bill? At what level in the planning hierarchy is it used? LO.1
What is the general procedure for developing a level production plan in a make-to-order environment? LO.1
What information is needed to develop a make-to-order production plan? How does this differ from that needed for a make-to-stock plan? LO.1
What is the difference between make to order and assemble to order? Give an example of each. LO.1
What are the steps in developing a make-to-stock production plan? LO.1
What information is needed to develop a make-to-stock production plan? LO.1
Describe four conditions under which a firm would make to stock or make to order. LO.1
What is a hybrid strategy? Why is it used? LO.1
Describe each of the three basic strategies used in developing a production plan. What are the advantages and disadvantages of each? LO.1
What are five typical characteristics of the production planning problem? LO.1
On what basis should product groups (families) be established? LO.1
When making a production plan, why is it necessary to select a common unit or to establish product families? LO.1
In the short run, how can capacity be changed? LO.1
What two changing conditions led to the development of ERP systems? LO.1
What is MRP II? LO.1
What is closed-loop MRP? LO.1
What is the difference between strategic business planning and sales and operations planning (SOP)? What are the major benefits of SOP? LO.1
Describe the relationship among the production plan, the master production schedule, and the material requirements plan. LO.1
Describe the responsibilities and inputs of the marketing, production, finance, and engineering departments to the strategic business plan. LO.1
Describe each of the following plans in terms of their purpose, planning horizon, level of detail, and planning cycle:a. Strategic business plan.b. Production plan.c. Master production schedule.d.
Define capacity and priority. Why are they important in production planning? LO.1
What are the four questions a good planning system must answer? LO.1
What do we need? LO.1
What do we have? LO.1
What does it take to make it? LO.1
What are we going to make? LO.1
What are four savings that can result from adopting a supply chain management approach?LO.1
Type of product is a factor that influences the approach to negotiation. Name the four categories of products and state what room there is for negotiation.LO.1
What is the concept of “best buy”?LO.1
Describe the six factors that should be used in selecting a supplier.LO.1
Name and describe the three types of sourcing.LO.1
Why is it important to select the right supplier and to maintain a relationship with him or her?LO.1
What are the advantages of using standard specifications?LO.1
Describe the advantages and disadvantages of the following ways of describing functional requirements. Give examples of when each is used.a. By brand.b. By specification of physical and chemical

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