12 Questions
What is the definition of Standard Error of Estimate?
A measure of the scatter of points around a regression line
Which forecasting method gives more weight to recent data?
Exponential Smoothing
What does Tracking Signal measure?
Accuracy of a forecast
Which analysis is used to identify trends, seasonality, cycles, and irregular variations?
Time-Series Analysis
What is the formula for calculating Productivity?
$(\text{output} \div \text{input})$
Which forecasting method replaces the oldest data with the most recent data?
Simple Moving Average
Which of the following is the primary focus of operations management?
Designing and improving the production system
What is the primary difference between efficiency and effectiveness in operations management?
Efficiency focuses on cost, while effectiveness focuses on value creation
Which of the following is the primary purpose of strategic planning in operations management?
Determining how to address customer needs and align production capabilities
What is the primary difference between order qualifiers and order winners?
Order qualifiers are minimum requirements, while order winners distinguish a product from competitors
What is the primary purpose of the transformation process in operations management?
To convert inputs into desired outputs in the production system
Which of the following is the primary advantage that a company seeks through operations management?
Competitive advantage over competitors
Test your knowledge on operations management, efficiency, effectiveness, production, production systems, and strategic planning. Explore key concepts related to designing, operating, and improving systems for delivering products and services.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
