What are the Four Classifications of Forecasting Methods?

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  • Balance of Robotics and human elements
  • Quality management
  • Line balancing

 

SKU: Repo048658

Logistical Inventory Control and Material Management, 

 

1. ____________________________collects, checks, organizes, stores, analyses and presents information in the most appropriate formats for management and decision makers in an organization.

 

2. _____________________________describe goals for customer service, productivity, stock turnover, return on inventory investment, overall investment in stock, improvements, and balance between competing objectives.

 

3.What are two other names ABC analysis is commonly referred to?

__________________________________

 

4.Define the “A” “B” and “C” items in ABC analysis:

A___________________________________________________________

B___________________________________________________________

C___________________________________________________________

 

5.____________________________is the most important single factor for inventory management.

 

6.What are the three alternatives for the storage of inventory, material, and handling equipment?

__________________________________

 

7.What are the four classifications of forecasting methods?

__________________________________

 

 

8.Which forecast looks to indicate demand for the next few weeks?

_________________________________

 

9.Which method forecasting looks at the pattern of past demand and extends the pattern into the future?

_________________________________

 

10.Which forecasting method is usually based on opinions of experts in the supply chain?

_________________________________

 

11.Five of the most widely used methods of _____________________________are personal insight, panel consensus, market surveys, historical analogy and the Delphi method.

 

12.Quantitative forecasts are often based on time series, which are a series of observations taken at regular intervals of time. What are the three most common?

__________________________________

 

 

13._________________________decisions are translated into tactical and operational decisions within an organization.

 

14.Which strategy uses the least amount of resources such as people, space, inventory, equipment, time, and money?

_________________________________

 

15.Which strategy responds quickly to changes in the business environment or customer service requirements?

_________________________________

 

16. A strategy of low costs will lead to strategic decisions about stock that does what to long term costs?

_________________________________

 

17.What sets the maximum amount that can be produced by an organization in a given period?

_________________________________

 

18.What two items bridges the gap between strategic capacity plans and operational details?

__________________________________

Week 6 Individual Assignment

 Video review and analysis

Inventory Control and Materials Management

The video in the below link captures many of the inventory control and materials management concepts, processes and or objectives covered throughout this course.

 

In three paragraphs, describe and discuss your individual perspective on at least three inventory control and materials management processes/concepts taking place in this video as well as behind the scenes activities taking place that resulted in the manufacturing of Nissan automobiles … that ultimately end up in the hands of the end user…global customers?   Please note: one paragraph for each concept and or process

 

Nissan Manufacturing Video

https://www.youtube.com/watch?v=Ewtjgpsd2Nc

 

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