operations management exam 1

Which of the following is NOT a typical service attribute? A. intangible product B. easy to store C. customer interaction is high D. simultaneous production and consumption E. difficult to resell

B. easy to store

Which of the following would NOT be part of a firm's low-cost supply chain strategy? A. minimizing inventory B. high flexibility C. sell through discount distributors D. maximize product design performance E. low-cost sourcing

B. high flexibility

A SWOT analysis determines: A. internal strengths and weaknesses and internal opportunities and threats. B. internal strengths and weaknesses and external opportunities and threats. C. external strengths and weaknesses and internal opportunities and threats. D. external strengths and weaknesses and external opportunities and threats. E. internal strengths and opportunities and external weaknesses and threats.

B. internal strengths and weaknesses and external opportunities and threats.

A forecast with a time horizon of about 3 months to 3 years is typically called a: A. long-range forecast. B. medium-range forecast. C. short-range forecast. D. weather forecast. E. strategic forecast.

B. medium-range forecast.

Which approach uses multiple integrated channels of both communication and shipping? A. cross-sourcing B. omnichannel C. dual-sourcing D. unichannel

B. omnichannel

The primary method for associative forecasting is: A. sensitivity analysis B. regression analysis C. simple moving averages D. centered moving averages E. exponential smoothing

B. regression analysis

The forecasting method which uses anonymous questionnaires to achieve a consensus forecast is: A. sales force opinions B. consumer surveys C. the Delphi method D. time series analysis E. executive opinions

C. the Delphi method

Which of the following is NOT a trend in operations management? A. increased use of electronic commerce B. increased globalization C. decreased delivery times D. decreased customization

D. decreased customization

Which of the following is not a characteristic of service operations? A. intangible output B. high customer contact C. high labor content D. easy measurement of productivity E. low uniformity of output

D. easy measurement of productivity

37. If you were selecting from a variety of forecasting models based on MAD, which of the following MAD values from the same data would reflect the most accurate model? A. 0.2 B. 0.8 C. 1.0 D. 10.0 E. 100.0

A. 0.2

Consider a firm with an annual net income of $35 million, revenue of $150 million and cost of goods sold of $90 million. If the balance sheet amounts show $6 million of inventory and $1,000,000 of property, plant & equipment, how many weeks of supply does the firm hold? A. 3.47 B. 6.00 C. 5.43 D. 0.67 E. 4.16

A. 3.47

Which of the following is the best example of competing on low-cost leadership? A. A firm produces its product with less raw material waste than its competitors do B. A firm offers more reliable products than its competitors do. C. A firm's products are introduced into the market faster than its competitors' products are. D. A firm's research and development department generates many ideas for new products. E. A firm advertises more than its competitors do.

A. A firm produces its product with less raw material waste than its competitors do

The inventory turnover ratio used in measuring supply chain efficiency is found by the ratio of which of the following? A. Cost of goods sold/Average aggregate inventory value B. Fixed costs/Variable costs C. Sales costs/Marketing costs D. Cost of goods sold/Cost to sell goods E. Operations flow costs/Supplier flow costs

A. Cost of goods sold/Average aggregate inventory value

A sequence of activities that leads from the starting node to the finishing node is called a _________. A. Path B. Sequel C. Trail D. Critical sequence E. Time line

A. Path

Which of these forecasts is the most accurate? A. The one with a MAD of zero. B. The one with the tracking signal of +4. C. The one with the tracking signal of -4. D. The one where the tracking signal times the MAD equals zero.

A. The one with a MAD of zero.

Concerning PERT and CPM: A. These are two different names for essentially the same technique. B. CPM tends to focus more on the critical path; PERT focuses on the parallel paths. C. PERT gives a clearer indication of activity slack, while CPM gives a better picture of path slack. D. Because of its recent discovery, much less is known about CPM than PERT. E. All of the above are true

A. These are two different names for essentially the same technique.

Maquiladoras: A. are Mexican factories frequently located along the U.S.-Mexico border. B. are subject to increased duties and tariffs under NAFTA. C. is the name of the free trade agreement between USA, Canada and Mexico. D. is the name of special manufacturing units located in Spain. E. is an operational hedging strategy for building extra production capacity

A. are Mexican factories frequently located along the U.S.-Mexico border.

Which of the following techniques uses variables such as price and promotional expenditures, which are related to product demand, to predict demand? A. associative models B. exponential smoothing C. weighted moving average D. moving average E. trend projection

A. associative models

Which strategic operations management decision requires judgments regarding nearness to customers, suppliers, and talent, while considering costs, infrastructure, logistics, and government? A. location strategies B. scheduling C. process and capacity strategies D. layout strategies E. job design and work measurement

A. location strategies

Which strategic operations management decision involves establishing policies and procedures to identify and achieve the customer's quality expectations? A. managing quality and statistical process control B. capacity strategies C. layout strategies D. job design and work measurement

A. managing quality and statistical process control

Which of the following attributes is most typical of a service? A. production and consumption occur simultaneously B. tangible C. mass production D. consistency E. easy to automate

A. production and consumption occur simultaneously

The two general approaches to forecasting are: A. qualitative and quantitative. B. mathematical and statistical. C. judgmental and qualitative. D. historical and associative. E. judgmental and associative.

A. qualitative and quantitative.

Companies can improve the triple bottom line with sustainability by minimizing what four things? A. raw material, energy, water, and waste B. raw material, transport, manufacture, and disposal C. people, planet, profit, and pollution D. pollution, carbon footprint, profit, and people E. lawsuits, advertisements, coupons, and layoffs

A. raw material, energy, water, and waste

Warehouses sometimes perform certain other functions besides storing goods. Which of the following is NOT typically one of those functions? A. research & development B. break-bulk activities C. consolidation point D. cross-docking

A. research & development

Forecasts are usually classified by time horizon into which three categories? A. short-range, medium-range, and long-range B. finance/accounting, marketing, and operations C. strategic, tactical, and operational D. exponential smoothing, regression, and time series E. departmental, organizational, and industrial

A. short-range, medium-range, and long-range

A car wash services 200 customers in an hour on a lovely Saturday afternoon. The car wash employs 5 washers at $6 per hour and uses $50 of water and $5 of electricity per hour. An appropriate measure of productivity is: A. 80% B. 2.35 cars/$ C. 8 cars/$ D. 0.425 $/car

B. 2.35 cars/$

If the average aggregate inventory value is $100,000 and the cost of goods sold is $450,000, which of the following is inventory turnover? A. 19.23 B. 4.5 C. 0.8654 D. 0.2222 E. None of these

B. 4.5

A company hires you to develop a linear regression forecasting model. Based on the company's historical sales information, you determine the intercept value of the model to be 1,200. You also find the slope value is minus 50. If, after developing the model, you are given a value of X = 10, which of the following is the resulting forecast value using this model? A. -1,800 B. 700 C. 1,230 D. 1,150 E. 12,000

B. 700

What is a work breakdown structure? A. A list of the activities making up the higher levels of the project B. A definition of the hierarchy of project tasks, subtasks, and work packages C. A depiction of the activities making up a project D. A Gantt chart E. A structure that is incompatible with the critical path method

B. A definition of the hierarchy of project tasks, subtasks, and work packages

A company has calculated its running sum of forecast errors to be 500, and its mean absolute deviation is exactly 35. Which of the following is the company's tracking signal? A. Cannot be calculated based on this information B. About 14.3 C. More than 35 D. Exactly 35 E. About 0.07

B. About 14.3

The ________ distribution is used by PERT analysis to calculate expected activity times and variances. A. Normal B. Beta C. Alpha D. Gaussian E. Binomial

B. Beta

In the product life cycle, the best stage to increase market share is: A. Introduction. B. Growth. C. Maturity. D. Stability. E. Decline.

B. Growth

Which of the following is NOT one of the five parts of the Supply Chain Operations Reference (SCOR) model? A. Make B. Sell C. Plan D. Source E. Return

B. Sell

Vertical integration appears particularly advantageous when the organization has: A. a very specialized product. B. a large market share. C. a very common, undifferentiated product. D. little experience operating an acquired vendor. E. purchases that are a relatively small percent of sales.

B. a large market share.

Short-range forecasts tend to ________ longer-range forecasts. A. be less accurate than B. be more accurate than C. have about the same level of accuracy as D. employ the same methodologies as E. deal with more comprehensive issues than

B. be more accurate than

A firm can effectively use its operations function to yield competitive advantage through all of the following EXCEPT: A. customization of the product. B. setting equipment utilization goals below the industry average. C. speed of delivery. D. constant innovation of new products. E. maintaining a variety of product options.

B. setting equipment utilization goals below the industry average.

Which of the following is NOT one of the risk mitigation tactics for the "Political" category of supply chain risk? A. political risk insurance B. single-country specialization C. franchising D. licensing E. operating in multiple countries

B. single-country specialization

The expected activity time in PERT analysis is calculated as: A. the simple average of the optimistic, pessimistic, and most likely times. B. the weighted average of a, m, and b, with m weighted 4 times as heavily as a and b. C. the sum of the optimistic, pessimistic, and most likely times. D. the sum of the optimistic, pessimistic, and most likely times, divided by six. E. the sum of the activity variances, divided by six.

B. the weighted average of a, m, and b, with m weighted 4 times as heavily as a and b.

Given an actual demand this period of 100, a forecast value for this period of 110, and an alpha of .7, what is the exponential smoothing forecast for next period? A. 93 B. 100 C. 103 D. 107 E. 110

C. 103

20. If the average aggregate inventory value is $1,200,000 and the cost of goods sold is $600,000, which of the following is weeks of supply? A. 1,040 B. 606 C. 104 D. 60.6 E. 2.0

C. 104

A company wants to generate a forecast for unit demand for year 2014 using exponential smoothing. The actual demand in year 2013 was 120. The forecast demand in year 2013 was 110. Using these data and a smoothing constant alpha of 0.1, which of the following is the resulting year 2014 forecast value? A. 100 B. 110 C. 111 D. 114 E. 120

C. 111

Consider a firm with an annual net income of $35 million, revenue of $150 million and cost of goods sold of $90 million. If the balance sheet amounts show $6 million of inventory and $1,000,000 of property, plant & equipment, what is the inventory turnover? A. 12.50 B. 10.00 C. 15.00 D. 25.00 E. 30.00

C. 15.00

A company has actual unit demand for four consecutive years of 100, 105, 135, and 150. The respective forecasts were 120 for all four years. Which of the following is the resulting MAD value that can be computed from these data? A. 2.5 B. 10 C. 20.25 D. 22.5 E. 30

C. 20.25

A company has actual unit demand for three consecutive years of 124, 126, and 135. The respective forecasts for the same three years are 120, 120, and 130. Which of the following is the resulting MAD value that can be computed from these data? A. 1 B. 3 C. 5 D. 15 E. 123

C. 5

Given forecast errors of 4, 8, and - 3, what is the mean absolute deviation? A. 4 B. 3 C. 5 D. 6 E. 12

C. 5

Larry's Auto Body Repair Shop had revenues that averaged $60,000 per week in April and $50,000 per week in May. During both months, the shop employed six full-time (40 hours/week) workers. In April the firm also had four part-time workers working 25 hours per week, but in May there were only two part-time workers and they only worked 10 hours per week. What is the percentage change in labor productivity from April to May for Larry's Auto Body Repair? A. -20.00% B. -15.82% C. 8.95% D. 2.3% E. -25.00%

C. 8.95%

Gradual upward or downward movement of data over time is called: A. seasonality. B. a cycle. C. a trend. D. exponential variation. E. random variation.

C. A trend

The effect of the lack of synchronization among supply chain members is referred to as which of the following? A. Forward buying B. Continuous replenishment C. Bullwhip effect D. Metcalf's law E. Being out of step

C. Bullwhip effect

What forecasting systems combine the intelligence of multiple supply chain partners? A. FORE B. MULTISUP C. CPFR D. SUPPLY E. MSCP

C. CPFR

While freight rates are often based on very complicated pricing systems, in general, the primary freight price factor is based on which of the following attributes? A. damage record B. door-to-door service C. speed of shipment D. consolidation capabilities

C. speed of shipment

Which of the following statements is TRUE? A. Corporate mission is shaped by functional strategies. B. Corporate strategy is shaped by functional strategies. C. Functional strategies are shaped by corporate strategy. D. External conditions are shaped by corporate mission. E. Functional area missions are merged to become the organizational mission.

C. Functional strategies are shaped by corporate strategy.

Which of the following statements is (are) true? I. When using a differentiation strategy for supply chain management, a firm should focus on minimizing cost with a low set-up time. II. The supply chain for a brewery would include raw ingredients such as hops and barley as well as manufactured goods such as bottles and cans. III. When using the low-cost strategy for supply chain management, a firm should design its distribution network to sell through discount distributors/ retailers. IV. Because service firms do not acquire goods and services externally, their supply chain management issues are insignificant. A. I only. B. I and IV only. C. II and III only. D. II and IV only. E. III only.

C. II and III only.

Project scheduling serves all the following purposes EXCEPT which one? A. It shows the relationship of each activity to others. B. It identifies the precedence relationships among activities. C. It encourages the setting of fuzzy time and cost estimates for each activity. D. It shows the relationship of each activity to the whole project.

C. It encourages the setting of fuzzy time and cost estimates for each activity.

Which of the following statements about time-series forecasting is TRUE? A. It is always based on the assumption that future demand will be the same as past demand. B. It makes extensive use of the data collected in the qualitative approach. C. It is based on the assumption that the analysis of past demand helps predict future demand. D. Because it accounts for trends, cycles, and seasonal patterns, it is always more powerful than associative forecasting. E. All of these are true.

C. It is based on the assumption that the analysis of past demand helps predict future demand.

_____________ expresses the error as a percent of the actual values. A. MAD B. MSE C. MAPE D. FIT E. The smoothing constant

C. MAPE

In which stage of the product life cycle is it important to defend market position? A. Introduction B. Growth C. Maturity D. Stability E. Decline

C. Maturity

PERT is an abbreviation for which of the following methodologies? A. Product evaluation, result, and treatment B. Programming and evaluation realization technology C. Program evaluation and review technique D. Process evaluation and review technology E. It is a name, not an abbreviation for anything.

C. Program evaluation and review technique

Which of the following statements regarding PERT analysis is NOT true? A. Each activity has three estimates of its duration. B. Project variance is the sum of all critical activity variances. C. Project standard deviation is the sum of all critical activity standard deviations. D. Only critical activities contribute to the project variance. E. The most likely time is different from the expected activity time

C. Project standard deviation is the sum of all critical activity standard deviations.

Which of the following statements regarding PERT times is TRUE? A. The optimistic time estimate is usually the same as the most likely time estimate. B. The optimistic time estimate is an estimate of the maximum time an activity will require. C. The expected time estimate is calculated as t = (a + 4m + b)/6. D. The pessimistic time estimate is an estimate of the minimum time an activity will require. E. The most likely time estimate is an estimate of the maximum time an activity will require.

C. The expected time estimate is calculated as t = (a + 4m + b)/6.

Which of the following statements about the operations function is NOT correct? A. Inputs to operations can take many different forms. B. Nearly all operations activities require coordination with other business functions. C. The outputs of an operations function are always tangible. D. Operations management activities are information intensive.

C. The outputs of an operations function are always tangible.

Henry Ford is noted for his contributions to: A. material requirements planning. B. statistical quality control. C. assembly line operations. D. scientific management. E. time and motion studies

C. assembly line operations.

When Daimler and BMW pooled resources to develop standardized auto components, the sourcing strategy could best be described by which of the following? A. keiretsu B. virtual companies C. joint venture D. vertical integration E. few suppliers

C. joint venture

The forecasting technique that pools the opinions of a group of experts or managers is known as: A. weighted moving average B. multiple regression. C. jury of executive opinion. D. market survey. E. management coefficients

C. jury of executive opinion.

Forecasts used for new product planning, capital expenditures, facility location or expansion, and R&D typically utilize a: A. short-range time horizon. B. medium-range time horizon. C. long-range time horizon. D. naive method, because there is no data history. E. trend extrapolation.

C. long-range time horizon.

The mean absolute deviation (MAD) is used to: A. estimate the trend line B. eliminate forecast errors C. measure forecast accuracy D. seasonally adjust the forecast E. all of the above

C. measure forecast accuracy

One way to think of sustainability is to consider the systems necessary to support the triple bottom line of the three Ps, which are: A. price, promotion, and product. B. people, places, and products. C. people, planet, and profit. D. price, promotion, and profit. E. people, pollution, and profit.

C. people, planet, and profit.

Which of the following smoothing constants would make an exponential smoothing forecast equivalent to a naive forecast? A. 0 B. 1 divided by the number of periods C. 0.5 D. 1.0 E. cannot be determined

D. 1.0

Which of the following is an example of competing on the basis of differentiation? A. A firm manufactures its product with less raw material waste than its competitors do. B. A firm's products are introduced into the market faster than its competitors' products are. C. A firm's distribution network routinely delivers its product on time. D. A firm offers a much broader product line than its competitors do. E. A firm advertises more than its competitors do.

D. A firm offers a much broader product line than its competitors do.

Which of the following most requires long-range forecasting (as opposed to short-range or medium-range forecasting) for its planning purposes? A. job scheduling B. production levels C. cash budgeting D. capital expenditures E. purchasing

D. capital expenditures

Which of the following statements regarding CPM is TRUE? A. The critical path is the shortest of all paths through the network. B. The critical path is that set of activities that has positive slack. C. Some networks have no critical path. D. All activities on the critical path have their LS equal to the maximum EF of all immediate predecessors. E. All activities on the critical path have their ES equal to their LF

D. All activities on the critical path have their LS equal to the maximum EF of all immediate predecessors.

Which of the following statements comparing exponential smoothing to the weighted moving average technique is TRUE? A. Exponential smoothing is more easily used in combination with the Delphi method. B. More emphasis can be placed on recent values using the weighted moving average. C. Exponential smoothing is considerably more difficult to implement on a computer. D. Exponential smoothing typically requires less record keeping of past data. E. Exponential smoothing allows one to develop forecasts for multiple periods, whereas the weighted moving average technique does not.

D. Exponential smoothing typically requires less record keeping of past data.

Which is NOT true regarding differences between goods and services? A. Services are generally produced and consumed simultaneously; tangible goods are not. B. Services tend to be more knowledge-based than goods. C. Services tend to have a more inconsistent product definition than goods. D. Goods tend to have higher customer interaction than services. E. Reselling is unusual in services; goods often have some residual value.

D. Goods tend to have higher customer interaction than services.

Heidi runs a multiple regression for the output of cheese curds by using the daily temperature and the consumption of sweet clover. The intercept term is 23, the slope coefficient for the daily temperature is 1.5 and the slope coefficient for the consumption of sweet clover is 0. Which of these conclusions is most appropriate? A. Heidi should collect more data. B. The most important term in Heidi's model is the intercept. C. As the daily temperature rises, the intercept term probably decreases. D. Heidi should drop the sweet clover term from her model.

D. Heidi should drop the sweet clover term from her model.

Which of the following statements is (are) true? I. Productivity is the total value of all inputs to the transformation process divided by the total value of the outputs produced. II. Productivity is generally more difficult to improve in the service sector than in the manufacturing sector. III. Productivity can be improved by increasing inputs while holding outputs constant. IV. Productivity can be improved by reducing inputs while holding outputs constant. A. I only. B. I and IV only. C. II and III only. D. II and IV only. E. III only

D. II and IV only.

Which of the following statements regarding CPM networks is TRUE? A. There can be multiple critical paths on the same project, all with different durations. B. The early finish of an activity is the latest early start of all preceding activities. C. The late start of an activity is its late finish plus its duration. D. If a specific project has multiple critical paths, all of them will have the same duration. E. None of these are true.

D. If a specific project has multiple critical paths, all of them will have the same duration.

Nora Damus reviews her forecasting triumphs and failures as part of her annual report to the Chief Operating Officer. She notes that her monthly forecast for batteries has a mean forecast error of 20, and a mean absolute deviation of 20. Which of the following statements about her forecast is best? A. Nora has miscalculated her mean forecast error. B. Nora has miscalculated her mean absolute deviation. C. Nora has a strongly negative tracking signal. D. Nora has a strongly positive tracking signal.

D. Nora has a strongly positive tracking signal.

Fed up with her working conditions at the call center, Lisa decides to invest in a state-of-the-art sewing machine and produce limited quantities of her own clothing designs. After a few months of operation, she decides to apply some of the forecasting techniques she mastered in school. Which of these statements about her forecasts is correct? A. Her forecasts will probably be 100% accurate. B. Her demand forecasts for a year from now will probably be more accurate than her demand forecasts for three months from now. C. Her demand forecasts for each style of skirt will be more accurate than her demand forecasts for all skirts. D. The best way for her to determine the amount of fabric she needs is to forecast it based on her customer orders for each type of skirt. E. All of above statements are correct

D. The best way for her to determine the amount of fabric she needs is to forecast it based on her customer orders for each type of skirt.

Which of the following is a similarity between goods and services? A. mass production B. consistency C. automation D. both have quality standards E. both can usually be kept in inventory

D. both have quality standards

Outsourcing manufacturing is also known as: A. license manufacturing. B. sublease manufacturing. C. concurrent manufacturing. D. contract manufacturing

D. contract manufacturing

The fundamental purpose for the existence of any organization is described by its: A. policies B. procedures C. corporate charter D. mission statement E. bylaws

D. mission statement

The transfer of some of what are traditional internal activities and resources of a firm to outside vendors is: A. a standard use of the make-or-buy decision. B. not allowed by the ethics code of the Supply Management Institute. C. offshoring. D. outsourcing. E. keiretsu.

D. outsourcing.

In time series, which of the following CANNOT be predicted? A. large increases in demand B. cycles C. seasonal fluctuations D. random variations E. large decreases in demand

D. random variations

Which of the following is NOT a condition that favors the success of vertical integration? A. availability of capital B. availability of managerial talent C. sufficiently high demand D. small market share

D. small market share

A disadvantage of the "few suppliers" sourcing strategy is: A. the risk of not being ready for technological change. B. the lack of cost savings for customers and suppliers. C. possible violations of the Sherman Antitrust Act. D. the high cost of changing partners. E. the suppliers are less likely to understand the broad objectives of the procuring firm and the end customer.

D. the high cost of changing partners.

Operations management is applicable: A. mostly to the service sector. B. to services exclusively. C. mostly to the manufacturing sector. D. to all firms, whether manufacturing or service. E. to the manufacturing sector exclusively.

D. to all firms, whether manufacturing or service.

WBS stands for which of the following project management tools? A. work break schedule B. work breakdown status C. work breakdown schedule D. work breakdown structure E. work break status

D. work breakdown structure

Which of the following is NOT an example of competing on the basis of differentiation? A. A car manufacturer offers the best warranty in the automobile industry. B. A firm designs its smart phone product with unique features. C. A movie theater distinguishes itself by offering cinema suites and dine-in options. D. A firm offers a much broader product line than its competitors do. E. A firm advertises more than its competitors do.

E. A firm advertises more than its competitors do.

Reasons to study operations management include learning about: A. how people organize themselves for productive enterprise. B. how goods and services are produced. C. what operations managers do. D. a costly part of the enterprise. E. all of these.

E. All of these

In supply chain management, ethical issues: A. are particularly important because of the enormous opportunities for abuse. B. may be guided by company rules and codes of conduct. C. become more complex the more global is the supply chain. D. may be guided by the principles and standards of the Institute for Supply Management. E. All of these are true.

E. All of these are true.

The measure of total greenhouse gas emissions caused directly or indirectly by an organization, a product, an event, or a person is known as: A. radioactive decay. B. nitrogen footprint. C. ozone factor. D. pollution index. E. carbon footprint.

E. Carbon footprint

Which of the following does not use operations management? A. A CPA firm B. A bank C. A hospital D. A supermarket E. None of the above; they all use it (or should use it, at least)

E. None of the above; they all use it (or should use it, at least)

A strategy is a(n): A. set of opportunities in the marketplace. B. broad statement of purpose. C. simulation used to test various product line options. D. plan for cost reduction. E. action plan to achieve the mission.

E. action plan to achieve the mission.

Cost reduction in international operations can take place because of: A. lower taxes and tariffs. B. lower wage scales. C. lower indirect costs. D. less stringent regulations. E. all of the above.

E. all of the above.

The difference between AON and AOA networks is that: A. AOA networks sometimes require dummy activities. B. nodes consume no resources or time in AOA networks. C. both are acceptable in practice; however, Microsoft Project uses AON. D. nodes designate activities in AON, while arrows designate activities in AOA. E. all of these are true.

E. all of these are true.

Corporate social responsibility involves managerial decision-making that considers what three impacts? A. environmental, legal, and financial B. environmental, legal, and societal C. educational, environmental, and societal D. societal, legal, and financial E. environmental, societal, and financial

E. environmental, societal, and financial

If a business adopts a low-cost strategy, it should build a supply chain with: A. product development skills. B. modular design in products. C. fast transportation. D. buffer stock. E. minimized inventory.

E. minimized inventory.

Which of the following is NOT a type of qualitative forecasting? A. jury of executive opinion B. sales force composite C. market survey D. Delphi method E. moving average

E. moving average

Advantages of outsourcing do NOT include: A. cost savings. B. gaining outside expertise. C. maintaining a focus on core competencies. D. accessing outside technology. E. potential creation of future competition.

E. potential creation of future competition.

Which of the following tasks within a manufacturing firm is performed by the operations function? A. market research B. borrowing funds C. sales promotion D. stock price estimation E. quality assurance and control

E. quality assurance and control

What term is used to describe the outsourcing of logistics? A. e-logistics B. shipper-managed inventory (SMI) C. hollow logistics D. sub-logistics E. third-party logistics (3PL)

E. third-party logistics (3PL)