Study Guide

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  • Topic: Forecasting, Exponential smoothing, Inventory
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  • Published : October 21, 2012
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Study Guide for the Second Exam

Aggregate Production Planning (APP)

1. What are the major inputs, constraints, and outputs of the aggregate production plan (APP)?

2. Does APP have to be in terms of a real product?

3. Where does APP fit in the hierarchy of plans?

4. What is a pure strategy? What is a mixed strategy? Give examples? How do we determine (judge) whether one plan is better than the other?

5. What is relevant (incremental) cost? Does it exist in accounting books?

6. Is it appropriate for a company, which competes on the basis of quality, to construct a chase plan? Explain and give examples if necessary?

7. What is the major cost (excluding regular production cost) for the level plans?

8. Describe the (computational) steps involved in constructing a level plan?

9. What is the major cost (excluding regular production cost) for the chase plan?

10. What is backordering? It is usually mixed with what other type of strategy? (Hint: The example on the handout.)

11. Arrange in order of increasing cost (left to right, from least to most expensive): overtime, subcontract, backorder ?

12. Describe the APP strategy (including their competitive priorities) Japanese car manufacturers used in 1980s.

13. All the problems assigned and/or done in class. Concentrate on the practice problems (for the test) and problems on the handout. Do not worry too much about the problems in the book. But read the book.

Forecasting

1. Do forecasting accuracy increase or decrease as the planning horizon increases?

2. Do forecasting accuracy increase or decrease as items are grouped (aggregated?)

3. What is Delphi method? What makes it work?

4. What problems do you see with sales force composite estimate?

5. What is causal (associative) forecasting?

6. What is time series forecasting?

7. What are the components of time series?

8. Which statistic do we use to...
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