Exam Reviewer (comp of quizzes)

Question 1

It refers to a person who creates products partly or entirely by hand.

Answer 1

Artisan

Question 2

It refers to a person who works for an expert to learn a trade.

Answer 2

Apprentice

Question 3

It refers to an association of experts who practice the same craft.

Answer 3

Guild

Question 4

It led to the Industrial Revolution.

Answer 4

Steam Engine

Question 5

It is a manufacturing system in which a product is made in a series of machines and workers as it moves along a conveyor belt.

Answer 5

Assembly Line

Question 6

It made the manufacture and repair of products faster and cheaper.

Answer 6

Interchangeable Parts

Question 7

It is dividing work into smaller segments among a group of individuals.

Answer 7

Division of Labor/Work

Question 8

It refers to the determination of the most economical movement to do a task.

Answer 8

Time and Motion Study

Question 9

It led to the Digital Revolution.

Answer 9

Transistor

Question 10

In technology and business, the acronym AI means _____________.

Answer 10

Artificial Intelligence

Question 11

Forecasting based on customer feedback.

Answer 11

Customer Survey

Question 12

Forecasting based on opinion of managers, salespeople, consultants and customers.

Answer 12

Delphi Method

Question 13

Forecasting based on experiences of managers.

Answer 13

Executive Opinion

Question 14

Forecasting based on knowledge of salespeople.

Answer 14

Salesforce Opinion

Question 15

Using Simple Moving Average, compute for the demand in the 4th week if the past weekly demand were 30, 40 and 50.

Answer 15

40

Question 16

Using Weighted Moving Average, compute for the demand in 4th week if the past weekly demand were 30 (0.2) 40 (0.3) and 50 (0.5).

Answer 16

43

Question 17

How does inflation affect demand for products?

Answer 17

Price

Question 18

How does employment rate affect demand for products?

Answer 18

Income

Question 19

How does consumer taste affect demand for products?

Answer 19

Frequency of Purchase
Volume of Purchase

Question 20

How does population affect demand for products?

Answer 20

Frequency of Purchase
Volume of Purchase

Question 21

How does availability of substitutes affect demand for products?

Answer 21

Switching

Question 22

How does marketing affect demand for products?

Answer 22

Information
Persuasion

Question 23

How does seasonality affect demand for products?

Answer 23

Supply
Preference

Question 24

How does government regulation affect demand for products?

Answer 24

Price
Supply

Question 25

Product demand may be increased thru ___________.

Answer 25

Advertising Pricing

Question 26

Product demand may be decreased thru ________.

Answer 26

Pricing Designing

Question 27

_____ is a forecasting method that computes for the average of the recent actual demand for a product.

Answer 27

Simple Moving Average

Question 28

____ is a forecasting method that assigns a weight to the recent actual demand for a product.

Answer 28

Weighted Moving Average

Question 29

_____ is a forecasting method based on past forecast and a margin of error.

Answer 29

Exponential Smoothing

Question 30

_____ is a forecasting method based on a statistical tool that uses dependent and independent variables.

Answer 30

Linear Regression

Question 31

The formula is: (A1 + A2 + …… + An) / n.

Answer 31

Simple Moving Average

Question 32

The formula is: (A1*W1 + A2*W2 + …… + An*Wn).

Answer 32

Weighted Moving Average

Question 33

The formula is: (C – P) * (2 / (n + 1)) + P.

Answer 33

Exponential Smoothing

Question 34

The equation is: Y= a + b X.

Answer 34

Linear Regression

Question 35

The purpose of demand management is to __________

Answer 35

coordinate and control all sources of demand so the productive system can be used efficiently, and the product delivered on time

Question 36

Two basic sources of demand

Answer 36

Dependent Demand Independent Demand

Question 37

is the management of that part of an organization that is responsible for producing goods and services.

Answer 37

Operations Management

Question 38

Operations function includes _______

Answer 38

Forecasting Capacity Planning Product Design Process Selection Managing Inventory Assuring Quality

Question 39

results in a tangible output such as a refrigerator.

Answer 39

Production of Goods

Question 40

generally implies an act such as auto repair.

Answer 40

Delivery of service

Question 41

is more challenging in services.

Answer 41

Quality Assurance