Project #34449 - Supply Chain Modeling IET 671

 

BOOK: Supply Chain Management: Strategy, Planning, and Operations,

 

by Chopra, S. and Meindl, P. (Prentice Hall)

 

Calculus I & II; Statistical Method I

 

Question 1

 

The criteria to use in choosing forecast method and parameter choices include

 

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a.

Minimizing MAPE

b.

Above all

c.

Tracking signal around the zero (axis) line

d.

Minimizing MAD, or MSE

e.

Minimizing bias

 

2 points

 

Question 2

 

A high Level of Product Availability requires large Inventories that ________.

 

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Lower costs

 

Raise costs

 

No change

 

All of the above

 

could raise or lower costs

 

2 points

 

Question 3

 

Autoregressive Integrated Moving Average ARIMA (p, d, q) Models attempt to describe the systematic pattern of a time series by 3 parameters. What is the best statement below.

 

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Autoregressive (AR-terms) provides p

 

Differences to achieve stationarity provides d

 

Moving average terms (MA-terms)provides q

 

Above first, second and third answers

 

Seasonal autoregressive terms (AR-terms) provide p

 

2 points

 

Question 4

 

Collaborative planning, forecasting, and replenishment (CPFR) is a concept that encourages and facilitates collaborative processes between

 

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Members of a value chain

 

Members of a supply chain

 

Members of a distribution chain

 

All of the above

 

None of the above

 

2 points

 

Question 5

 

Just-in-time is an approach that produces or delivers a product or service just at the time primarily because

 

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Supplier wants it

 

Distributor wants it

 

Customer wants it

 

Seller wants it

 

Senior managers want it

 

2 points

 

Question 6

 

Which of the following is not a correct statement for inventory management?

 

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Inventory is the stock of any item or resource used in an organization.

 

An inventory system is the set of policies and controls that monitors levels of inventory or determines what levels should be maintained.

 

Inventory is an asset that company always preserves for future investment

 

Inventory is being acquired or produced to meet the need of customers

 

Inventory relates to independent and dependant demand as well as material requirement planning of a finished product.

 

2 points

 

Question 7

 

Goal of aggregate planning

 

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Maximize profit, Utilize maximum capacity

 

Best meet customers demand

 

Must meet the constraints

 

Improve customer service level

 

All of the above

 

2 points

 

Question 8

 

What is the goal of a customer relationship management system?

 

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To gain customers

 

To eliminate negative interactions with customers

 

To eliminate the need for customers

 

To maximize profit

 

None of the above

 

2 points

 

Question 9

 

A high Level of Product Availability contributes to

 

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Lower cost

 

Raises costs

 

No change

 

None of the above

 

Both the first and third answer above

 

2 points

 

Question 10

 

An appropriate strategy to achieve timely, accurate, paperless information flow is:

 

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Joint activities of all supply chain planning

 

Revision of organization processes supported by information systems

 

Efficient replacement

 

Efficient store assortments

 

None of the above

 

2 points

 

Question 11

 

The upstream supply chain is:

 

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Exclusively inside an organization

 

Involved with procurement of material from suppliers

 

Distribution of products or delivery of services to customers

 

Both the first and third answer above

 

None of the above

 

2 points

 

Question 12

 

The downstream supply chain is:

 

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Exclusively inside an organization

 

Involved with procurement of material from suppliers

 

Distribution of products or delivery of services to customers

 

Both the second and third answer above

 

None of the above

 

2 points

 

Question 13

 

Which is not an appropriate statement that coping with uncertainties in supply chain

 

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Uncertainty in demand

 

Uncertainty in lead time

 

Uncertainty in supply

 

Uncertainty of production capacity

 

Uncertainty of investment risks

 

2 points

 

Question 14

 

The estimate of the random component is the measure of demand _____________

 

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Uncertainty

 

Just-in-time

 

Flexibility

 

Both first and third answers above

 

None of the above

 

2 points

 

Question 15

 

In supply chain management, make plans ___________ because forecasts are always wrong

 

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Flexible

 

Fixed

 

Dynamic

 

Both first and third answers above

 

Uncompromised

 

2 points

 

Question 16

 

The bullwhip effect

 

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Is an effective way to motivate warehouse employees

 

Applies to rodeos and has nothing to do with supply chain management

 

Refers to the “swaying” motion associated with triple trailers

 

Refers to variability in demand orders among supply chain participants

 

Is an excellent way to increase market sales

 

2 points

 

Question 17

 

Which of the following is not a way to reduce inventory levels?

 

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Supply-push replenishment

 

Smaller, more frequent orders

 

Use of premium transportation

 

Elimination of slower moving products

 

Just-in-time system

 

2 points

 

Question 18

 

Cooperative supply chain relationships developed to enhance overall business performance of both parties is a definition of:

 

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Third-party logistics

 

Supply chain collaboration

 

Dovetailing

 

Relationship marketing

 

Operational agreement

 

2 points

 

Question 19

 

Which of the following is not a barrier to supply chain management?

 

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Regulatory and political considerations

 

Lack of top management commitment

 

Reluctance to share, or use, relevant data

 

Incompatible corporate cultures

 

All are barriers

 

2 points

 

Question 20

 

Supply chain management includes all except ?

 

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Demand fulfillment

 

Revenue and profit

 

Spend

 

Job security

 

Customer Satisfaction

 

2 points

 

Question 21

 

A supply chain management system automates inventory tracking but still requires that information be transferred manually.

 

True

 

False

 

1 points

 

Question 22

 

Forecast error measures provide important information for choosing the best forecasting method for a service or product.

 

True

 

False

 

1 points

 

Question 23

 

Research during the last two decades suggests that combining forecasts from multiple sources often does not produce very accurate forecasts.

 

True

 

False

 

1 points

 

Question 24

 

Aggregate planning is a process to determine ideal level of capacity and inventory needed

 

True

 

False

 

1 points

 

Question 25

 

Collaborative Planning, Forecasting and Replenishment (CPFR) is a business practice that not essentially combines the intelligence of multiple trading partners, but external business activities.

 

True

 

False

 

1 points

 

Question 26

 

Some companies are hesitant to enter into long-term relationships because such relationships might be perceived as limiting a company’s operational flexibility.

 

True

 

False

 

1 points

 

Question 27

 

Optimal Level of ‘Product Availability’ maximize supply chain profit

 

True

 

False

 

1 points

 

Question 28

 

Fill rate increases if safety inventory is increased. This also increases the cycle service level.

 

True

 

False

 

1 points

 

Question 29

 

Inventory carried for the purpose of satisfying demand that exceeds the amount forecasted in a given period is called reorder point of inventory

 

True

 

False

 

1 points

 

Question 30

 

Given the demand forecast for each period in the planning horizon, the aggregate plan is to determine all of the following: production rate, workforce, overtime, machine capacity level, subcontracting, backlog, inventory level, and capacity level for each period and profit over the planning horizon.

 

True

 

False

 

 

Question 1

 

Managing Uncertainty in Supply Chain

 

Assume the weekly demand for iPad at a B&B Computer World is normally distributed with a mean of 500 and a standard deviation of 150. The manufacturer takes two weeks to fill an order placed by the B&B manager. Suppose B&B manager currently orders 1200 iPads when inventory drops to a Reorder point. B&B is targeting a cycle service level of 95 percent and monitors its inventory continuously. Assume average flow time is average inventory by demand rate.

 

Question 2

 

H-D Company has its engine assembly plant in Starkville, MS and its motorcycle assembly plant in Jackson, MS. Engines are transported between the two plants using trucks. Each truck trip costs $1,000. The motorcycle plant assembles and sells 250 motorcycles each day. Assume 300 operating days. Each engine costs $500 and H-D Company incurs a holding cost of 20 percent per year.

 

H-D Company has decided to implement Just-in-Time (JIT) at the motorcycle assembly plant. As part of this initiative it has reduced the number of engines loaded on each truck to 900. If each truck trip still costs $1,000, it impacts the annual costs at H-D Company?

 

Question 3

 

Consider the following forecast and actual demand of an automotive part in a car dealer.

 

Data set: Demand of an automotive part

 

#

Forecast

Demand

1

1200

1100

2

1400

1220

3

1300

1140

4

1500

1280

5

1600

1350

 

Evaluate the following Forecasting Error Indexes for the (last) year five.

 

Subject Business
Due By (Pacific Time) 07/01/2014 06:00 pm
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