Podcast
Questions and Answers
What is the primary purpose of demand planning?
What is the primary purpose of demand planning?
Which type of forecasting relies primarily on market research and customer feedback?
Which type of forecasting relies primarily on market research and customer feedback?
What is the difference between observed and forecasted values called?
What is the difference between observed and forecasted values called?
Which of the following is NOT a goal of demand planning?
Which of the following is NOT a goal of demand planning?
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Which forecasting approach considers external factors such as economic conditions?
Which forecasting approach considers external factors such as economic conditions?
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What does the term 'planning horizon' refer to in forecasting?
What does the term 'planning horizon' refer to in forecasting?
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Which characteristic of time series indicates a consistent increase or decrease over time?
Which characteristic of time series indicates a consistent increase or decrease over time?
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What is the main benefit of using Enterprise Resource Planning (ERP) systems?
What is the main benefit of using Enterprise Resource Planning (ERP) systems?
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What does Deming emphasize as essential for fostering quality improvement?
What does Deming emphasize as essential for fostering quality improvement?
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Which of the following is one of Juran's steps to quality improvement?
Which of the following is one of Juran's steps to quality improvement?
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Philip Crosby's approach to quality emphasizes which of the following principles?
Philip Crosby's approach to quality emphasizes which of the following principles?
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What aspect does Total Quality Management (TQM) use the cost of quality to measure?
What aspect does Total Quality Management (TQM) use the cost of quality to measure?
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What is one of the enabling mechanisms promoted by Deming?
What is one of the enabling mechanisms promoted by Deming?
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What does Continuous Quality Improvement emphasize according to the key TQM principles?
What does Continuous Quality Improvement emphasize according to the key TQM principles?
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Which of the following steps is NOT part of Juran's Trilogy?
Which of the following steps is NOT part of Juran's Trilogy?
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Which key point is central to Deming's management philosophy?
Which key point is central to Deming's management philosophy?
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What is a key objective of capacity management?
What is a key objective of capacity management?
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Which type of variation describes unpredictable fluctuations in demand?
Which type of variation describes unpredictable fluctuations in demand?
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Which capacity represents the maximum output under normal conditions?
Which capacity represents the maximum output under normal conditions?
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What is the primary purpose of inventory management?
What is the primary purpose of inventory management?
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Which of the following is NOT a type of inventory?
Which of the following is NOT a type of inventory?
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What is one of the key activities in capacity management?
What is one of the key activities in capacity management?
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Which factor does NOT influence capacity management?
Which factor does NOT influence capacity management?
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What is the time between order placement and receipt known as?
What is the time between order placement and receipt known as?
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What is the primary goal of Total Quality Management (TQM)?
What is the primary goal of Total Quality Management (TQM)?
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Which inventory management technique helps in optimizing stock levels based on demand and supply variability?
Which inventory management technique helps in optimizing stock levels based on demand and supply variability?
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What does the concept of Vendor-Managed Inventory (VMI) primarily involve?
What does the concept of Vendor-Managed Inventory (VMI) primarily involve?
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Which of the following is NOT a challenge faced in inventory management?
Which of the following is NOT a challenge faced in inventory management?
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What aspect of supply chain management focuses on coordinating activities to fulfill orders efficiently?
What aspect of supply chain management focuses on coordinating activities to fulfill orders efficiently?
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What does Green Sustainable Supply Chain refer to?
What does Green Sustainable Supply Chain refer to?
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Which organizational function is NOT part of the product lifecycle in TQM?
Which organizational function is NOT part of the product lifecycle in TQM?
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What is a primary focus of the logistics aspect of supply chain management?
What is a primary focus of the logistics aspect of supply chain management?
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Study Notes
Forecasting and Demand Planning
- Forecasting is the process of predicting future values of one or more variables.
- Qualitative forecasting uses market research and customer feedback.
- Quantitative forecasting uses historical data, trends, and seasonal patterns.
- Time-series analysis focuses on patterns in historical data.
- Causal forecasting considers external factors like economic conditions.
- Planning horizon is the timeframe of a forecast.
- Time bucket is the unit of measure for a forecast period.
- Time series shows observations at successive points or periods.
- Time series characteristics include trends, seasonality, cyclical patterns, and random variation.
- Forecast error is the difference between observed and forecasted values.
- Demand planning analyzes and manages demand forecasts to optimize supply chains.
- Demand planning goals include improving forecast accuracy, optimizing inventory, reducing overstocking, enhancing supply chain efficiency, and improving customer satisfaction.
- Demand planning benefits include improved forecast accuracy, lower inventory costs, flexible supply chains, better decision-making, and higher customer satisfaction.
Enterprise Resource Planning (ERP)
- ERP is software that automates and integrates business processes across departments.
- ERP examples include Cogsy, Kinaxis, Rapid Response, Atlas Planning Platform, Oracle Cloud Supply Chain Planning, and Pecan AI.
Capacity Management
- Capacity management is the planning, monitoring, and controlling of an organization's resources to meet changing demands.
- Capacity management aims to use resources efficiently in response to changing demands.
Inventory Management
- Inventory management plans, coordinates, and controls the acquisition, storage, and distribution of inventory to meet customer needs.
- Key inventory aspects include the number of items and time periods, lead time, and stockouts.
- Key inventory activities include forecasting demand, setting inventory levels, managing replenishment, tracking inventory, optimizing inventory allocation, and monitoring levels.
- Inventory types include raw materials, components, work-in-progress (WIP), finished goods, maintenance, repair, and operations (MRO), and seasonal inventory.
- Inventory management techniques include Just-in-Time (JIT), Economic Order Quantity (EOQ), reorder point (ROP), material requirements planning (MRP), vendor-managed inventory (VMI), and drop shipping.
Total Quality Management (TQM)
- TQM integrates all organizational functions and processes to ensure continuous improvement in the quality of goods and services for customer satisfaction.
- Key features of TQM include cultural change, enabling mechanisms, and implementation steps.
- Cultural change focuses on meeting customer requirements, embracing continuous improvement, and encouraging employee involvement and teamwork.
- Enabling mechanisms include training and education, effective communication, recognition, and feedback, and a supportive environment for continuous quality improvements.
- Implementation steps include defining the organization's mission, identifying customer needs, developing specifications to meet objectives, and establishing activities to meet customer goals.
- Quality pioneers and their frameworks include Deming's 14 points, Juran's 10 steps to quality improvement, and Crosby's 14 steps to quality.
- TQM principles include emphasis on customer-centric approaches, continuous improvement, and strategic planning, using structured methodologies and statistical tools.
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Description
This quiz covers key concepts in forecasting and demand planning, highlighting methods such as qualitative and quantitative forecasting. It delves into time-series analysis, causal forecasting, and the importance of understanding forecast errors and demand planning goals. Test your understanding of these essential concepts in supply chain management.
