Operations Management 11th Edition By Jay Heizer – Test Bank

Operations Management 11th Edition By Jay Heizer – Test Bank

Operations Management, 11e (Heizer/Render)

Chapter 4  Forecasting

Section 1   What is Forecasting?

1) Forecasts may be influenced by a product’s position in its life cycle.

Answer:  TRUE

Diff: 1

Learning Outcome:  Describe major approaches to forecasting

2) Demand forecasts serve as inputs to financial, marketing, and personnel planning.

Answer:  TRUE

Diff: 2

Key Term:  Demand forecasts

Learning Outcome:  Describe major approaches to forecasting

3) What two numbers are contained in the daily report to the CEO of Walt Disney Parks & Resorts regarding the six Orlando parks?

A) yesterday’s forecasted attendance and yesterday’s actual attendance

B) yesterday’s actual attendance and today’s forecasted attendance

C) yesterday’s forecasted attendance and today’s forecasted attendance

D) yesterday’s actual attendance and last year’s actual attendance

E) yesterday’s forecasted attendance and the year-to-date average daily forecast error

Answer:  A

Diff: 2

Learning Outcome:  Describe major approaches to forecasting

4) As compared to long-range forecasts, short-range forecasts:

A) are less accurate.

B) deal with less comprehensive issues supporting management decisions.

C) employ similar methodologies.

D) all of the above

E) none of the above

Answer:  B

Diff: 2

Objective:  LO1

Learning Outcome:  Describe major approaches to forecasting