Production, Purchasing, and Marketing Managers Quiz
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Questions and Answers

What is the primary objective of forecasting?

  • To make capital budgeting decisions
  • To reduce the risk or uncertainty in decision-making (correct)
  • To implement long-range strategic objectives
  • To project future sales and revenues

    • Who makes use of the forecast as a tool for long-range planning?

  • Operational management
  • Middle management
  • Top management (correct)
  • Frontline employees

    • What is included in the variables that are helpful in the firm's operations?

  • Future sales, revenues, earnings, costs, and other possible variables (correct)
  • Future sales and revenues only
  • Historical data only
  • Future uncertainties

    • What does forecasting help management do before planning and implementation?

    <p>Reduce the risk or uncertainty in decision-making</p> Signup and view all the answers

    What is the main purpose of a Production Manager's use of forecasts?

    <p>To determine the amount of raw materials needed in production and other production-related activities</p> Signup and view all the answers

    Which forecasting approach incorporates factors such as intuition, emotion, and personal experiences?

    <p>Expert Opinions</p> Signup and view all the answers

    What is the Delphi Method primarily useful for?

    <p>Long-range forecasting</p> Signup and view all the answers

    What is the main advantage of Consumer Market Surveys?

    <p>Determining consumer behavior</p> Signup and view all the answers

    What does the PERT-derived Forecast require the expert to provide?

    <p>Three estimates: pessimistic, most likely, and optimistic</p> Signup and view all the answers

    Which forecasting approach relies on historical data and/or causal variables to forecast demand?

    <p>Time Series Forecasting</p> Signup and view all the answers

    What is the primary responsibility of a Purchasing Manager according to the text?

    <p>Purchase the amount of materials needed for production</p> Signup and view all the answers

    Which approach to forecasting is useful for formulating short-term forecasts and incorporates factors like intuition?

    <p>Expert Opinions</p> Signup and view all the answers

    What does the Program Evaluation and Review Technique (PERT) methodology require the expert to provide?

    <p>Pessimistic, most likely, and optimistic estimates</p> Signup and view all the answers

    Which department utilizes forecasts to estimate how much sales should be made for the products?

    <p>Marketing Manager</p> Signup and view all the answers

    What is the main focus of a Finance Manager's use of forecasts?

    <p>To anticipate the funding needed by the firm</p> Signup and view all the answers

    What is one purpose of Sales Force Polling according to the text?

    <p>To estimate sales in different regions through individual salesperson estimates</p> Signup and view all the answers

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