Supply Chain Test 2

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Wiedmer Corporation is preparing an aggregate production plan for widgets for the next four months. The company's expected monthly demand is given in the following chart. The company will have 50 widgets in inventory at the beginning of the first month and wishes to maintain at least that number at the end of each month. Following is other critical data: Production cost per unit = $50 Inventory carrying cost per month per unit = $10 (based on ending month inventory) Hiring cost per worker = $300 Firing cost per worker = $200 Beginning number of workers = 16 Each worker can produce = 50 units per month. LEVEL PLAN Picture What is the total inventory carrying cost for the level plan?

$8,000 Inventory carrying cost = 800 units ×$10 = $8,000

A master production schedule shows the beginning inventory is 40 units, the forecast is 100 units and actual customer orders are 80 units. What is the quantity that is available to promise in period 1?

An MRP record for a motor is shown in the following table. Picture What is the planned order release for week 4?

8,000

Which of the following is true concerning sales and operations planning?

A benefit of the process is that the firm should achieve high service levels with lower inventory. False By keeping the schedule stable, production can be optimized. There is a specific set of steps all firms should follow in the sales and operations planning process. Once the plan is finalized, it should not be changed during the planning period.

A relationship with a supplier that is characterized by high levels of distrust, little communication, and short-term transactions is called a(n):

Adversarial relationship.

The following table shows capacity requirements data for making table tops. Picture Which of the following is TRUE?

All of the excess demand in days 4 and 5 can be shifted to day 3. With the current capacity, exactly 48 units can be made each day. The demand in day 4 is 6 and in day 5 is 2. These units can be shifted to day 3, and capacity would exactly meet demand in days 3 through 5.

If you are evaluating whether a supplier's workforce is receiving fair wages, you are most likely doing a(n):

Assessment of sustainability.

A detailed description of an "end item" along with a list of all of its raw materials, parts, and subassemblies is shown in a:

BOM

Which of the following is NOT one of the costs considered in aggregate production planning?

Capital equipment cost. What is considered? Firing (layoff) cost. Subcontracting cost. Inventory cost.

Zanda Company is looking for a requirements planning system to help plan replenishment of its finished goods throughout its network of distribution centers. The type of system Zanda should consider is known as:

DRP

Negotiation is typically used when

Early supplier involvement is needed in new product development.

A company has the data shown in the chart below concerning its forecast performance over the past four time periods. Complete the chart and compute the MAD.

A master production schedule shows the following information: Picture What is the available to promise for period 2?

20. The available to promise in period 2 is the forecast minus the actual customer orders, which is 200 - 180 = 20.

A company has the information shown in the chart below regarding its forecast performance in the past three periods. Picture What is the mean absolute deviation (MAD)?

200 Summing the absolute values of the errors and determining the average results is (300 + 200 + 100)/3 = 200.

The Williams Manufacturing Co. uses a weighted-point model to evaluate new suppliers. Based on its competitive priorities, quality performance is weighted 40%, delivery performance is 30%, and cost is 30%. On a 5-point scale, a supplier is rated, 5 on quality, 3 on delivery, and 4 on cost, what is its overall weighted score?

4.1.

A master production schedule shows the beginning inventory is 200 units, the forecast is 600 units and the actual customer orders is 500 units. Using a lot-for-lot rule, what is the MPS quantity for period 1?

400

Demand-driven MRP:

Extends planning across the supply chain.

All of the following are outputs from an MRP system EXCEPT:

Forecasts. Outputs Order releases. Change orders. Exception reports. Forecasts are inputs to an MRP system.

A forecasting technique that seeks inputs from people who are in close contact with customers is known as:

Grassroots forecasting.

If a company strongly prefers that its aggregate output plan be closer to a level plan than a chase plan, this implies that it is concerned about minimizing:

Hiring and layoff costs.

All of following can increase supply chain risk except:

Holding higher levels of inventory of critical materials.

A company requires its suppliers to make its products in at least three different locations around the world. Which supply management goals does this BEST accomplish?

Identifying, assessing, and mitigating supply chain risk.

If the planning horizon is 12 weeks, the cumulative lead time must be:

Less than or equal to 12 weeks.

A bill-of-materials file contains:

Lists of materials required to produce end item products.

Jones Company has identified an item for which the supply risk is high and the value of the purchase to the firm is low. A recommended sourcing strategy for Jones is to:

Multiple Source

Floor cleaning supplies for an elementary school would be considered to be:

Noncritical

Outsourcing is often a good choice when:

The planned order releases in week 5 are 100 units. Each unit must be processed for 5 minutes at the work station. If the available capacity at the work station is one hour:

Overtime will be needed.

Local sourcing:

Reduces delivery costs. Because of proximity, local sourcing reduces delivery costs.

The process of replanning each period for a given number of periods into the future is referred to as which of the following terms?

Rolling planning horizon

Each month the sales and operations team at Johnson Company meets to develop plans for each of the next six months. This process is known as:

Rolling planning horizons.

Which approach is likely to be used for leverage purchases?

Standardizing purchases

Constant changing of the master schedule and the resulting changes in the requirements for components is referred to as:

System nervousness.

Decisions being made about the aggregate production plans represent what type of planning?

Tactical Planning

When you need to identify a supplier for a new purchase, the FIRST place that you should look is:

The list of your company's current suppliers.

A primary reason for using global suppliers is to:

Work with the same suppliers in many different regions of the world.

1,250 5,000/4 = 1,250

Over a six-month period, the demand for a product has been: June = 200, July = 210, August = 240, September = 240, October = 260, and November = 280. The three-month moving average forecast for December is

260. (240 + 260 + 280)/3 = 260

The positioning and replenishment of finished goods inventories at the retail level can be determined using:

DRP. DRP (distribution requirements planning) is the system used to help in positioning and replenishing finished goods inventory in a system.

The primary difference between demand management and demand forecasting is:

Demand management is proactive, while forecasting attempts to predict.

What is the relationship between demand management and demand forecasting?

Demand management plans are usually an input to demand forecasting

Distribution requirements planning:

Uses logic similar to MRP, beginning at the point closes to the customer. DRP uses logic similar to MRP to create gross requirements beginning at retailers or the point closest to consumers.

Which of the following is not uncovered during a market analysis?

Which of the company's current purchases are from which supplier.

Distribution requirements planning:

Uses logic similar to MRP, beginning at the point closes to the customer.

$260,700 Inventory carrying cost = 800 units ×$10 = $8,000 Hiring cost = 9 hires ×$300 = $2,700 Regular production cost = 5,000 units ×$50 = $250,000 Total cost = $8,000 + $2,700 + $250,000 = $260,700

Zanda Corporation is preparing an aggregate production plan for its product for the next four months. The company's expected monthly demand is given in the following chart. The company will have 100 units in inventory at the beginning of the month and wishes to maintain at least 100 units at the end of each month. Following is other critical data: Production cost per unit = $125 Inventory carrying cost per month per unit = $10 (based on ending month inventory) Hiring cost per worker = $50 Firing cost per worker = $100 Beginning number of workers = 25 Each worker can produce 25 units per month. Picture What is the total cost of a CHASE plan (using hiring/firing)?

$380,300

Zanda Corporation is preparing an aggregate production plan for its product for the next four months. The company's expected monthly demand is given in the following chart. The company will have 100 units in inventory at the beginning of the month and wishes to maintain at least 100 units at the end of each month. Following is other critical data: Production cost per unit = $125 Inventory carrying cost per month per unit = $10 (based on ending month inventory) Hiring cost per worker = $50 Firing cost per worker = $100 Beginning number of workers = 25 Each worker can produce 25 units per month. Picture The total inventory carrying cost of a chase plan is:

$4,000

Dave's Stove-Top Popcorn currently has three full-time employees who are each paid $1,500 per month. An employee can only work a maximum of 100 hours per month because production normally takes place at night. They do receive $1,500 even if they do not work 100 hours, however. Part-time employees can be hired at a cost of $25 per hour. Dave's Stove-Top Popcorn has forecasted that demand for the next six months will be as follows: Picture What is the total cost if Dave hires one more full-time employee to meet additional demand?

$40,750 Full-time cost = 4 employees ×$1,500/month ×6 months = $36,000 Part-time cost = 190 total hours ×$25/hour = $4,750 Total cost = $40,750

Dave's Stove-Top Popcorn currently has three full-time employees who are each paid $1,500 per month. An employee can only work a maximum of 100 hours per month because production normally takes place at night. They do receive $1,500 even if they do not work 100 hours, however. Part-time employees can be hired at a cost of $25 per hour. Dave's Stove-Top Popcorn has forecasted that demand for the next six months will be as follows: Picture What is the total cost if Dave relies on part-time employees to meet additional demand?

$43,500

Wiedmer Corporation is preparing an aggregate production plan for widgets for the next four months. The company's expected monthly demand is given in the following chart. The company will have 50 widgets in inventory at the beginning of the first month and wishes to maintain at least that number at the end of each month. Following is other critical data: Production cost per unit = $50 Inventory carrying cost per month per unit = $10 (based on ending month inventory) Hiring cost per worker = $300 Firing cost per worker = $200 Beginning number of workers = 16 Each worker can produce = 50 units per month. CHASE PLAN Picture What is the total cost of hiring and firing the workers in a chase plan which uses only hiring and firing?

$5,000 Hiring/firing cost = (14 hires ×$300) + (4 ×$200) = $5,000

ones Corporation is preparing an aggregate production plan for washers for the next four quarters. The company's expected quarterly demand is given in the following chart. The company will have 1,000 washers in inventory at the beginning of the year and wishes to maintain at least that number at the end of each quarter. Following is other critical data: Production cost per unit = $250 Inventory carrying cost per quarter per unit = $10 (based on quarter-ending inventory) Hiring cost per worker = $1,000 Firing cost per worker = $2,000 Beginning number of workers = 10 Each worker can produce 100 units per quarter. Any worker on the staff at the end of the year will not be fired at that time. Picture Given this data, what is the total cost of a LEVEL plan?

$5,110,000

Jones Corporation is preparing an aggregate production plan for washers for the next four quarters. The company's expected quarterly demand is given in the following chart. The company will have 1,000 washers in inventory at the beginning of the year and wishes to maintain at least that number at the end of each quarter. Following is other critical data: Production cost per unit = $250 Inventory carrying cost per quarter per unit = $10 (based on quarter-ending inventory) Hiring cost per worker = $1,000 Firing cost per worker = $2,000 Beginning number of workers = 10 Each worker can produce 100 units per quarter. Any worker on the staff at the end of the year will not be fired at that time. Picture Given this data, what is the inventory carrying cost of a LEVEL plan?

$70,000 Inventory carrying cost = 7,000 ×10/unit = $70,000

Using the BOM, if 2 units of A are needed, how many used of K will be required? Assume that there is no on-hand inventory of any items.

104 Ks are used in B and C. In B, 4 Ks are needed (4 × 1). For C, the number of Ks is 4 × 4 = 16. To make one A requires 1 B and 3 Cs, so the number of Ks is 4 × 1 + 3 × 16 = 52. Two As requires 52 × 2 = 104 Ks.

End item A is made by assembling 2 parts of B and 4 parts of C. Part C is made from 3 parts of D and 2 parts of E. Gross requirements for end item A are 100 units. Picture What is the net requirement for part C?

125 units The gross requirements for A is 100, but there are 50 units of A in inventory, so only 50 units of A need to be produced. There are 4 Cs for each A, so the gross requirement for C is 4 × 50 = 200, but there are 75 units of C in inventory, so only 125 Cs must be produced.

A master production schedule shows the beginning inventory is 50 units, the forecast is 200 units and actual customer orders are 220 units. What is the quantity that is available to promise in period 1?

170

End item A is made by assembling 2 parts of B and 4 parts of C. Part C is made from 3 parts of D and 2 parts of E. Gross requirements for end item A are 100 units. Picture What is the gross requirement for part E?

250

The Rodriguez Manufacturing Co. uses a weighted-point model to evaluate new suppliers. Based on its competitive priorities, quality performance is weighted 50%, delivery performance is 20%, and cost is 30%. On a 5-point scale, a supplier is rated, 3 on quality, 2 on delivery, and 5 on cost, what is its overall weighted score?

3.4

A master production schedule shows the beginning inventory is 50 units, the forecast is 80 units and actual customer orders are 70 units. Using a lot-for-lot rule, what is the MPS quantity for period 1?

Jones Corporation is preparing an aggregate production plan for washers for the next four quarters. The company's expected quarterly demand is given in the following chart. The company will have 1,000 washers in inventory at the beginning of the year and wishes to maintain at least that number at the end of each quarter. Following is other critical data: Production cost per unit = $250 Inventory carrying cost per quarter per unit = $10 (based on quarter-ending inventory) Hiring cost per worker = $1,000 Firing cost per worker = $2,000 Beginning number of workers = 10 Each worker can produce 100 units per quarter. Any worker on the staff at the end of the year will not be fired at that time. Picture If Jones prefers a level plan, what will be the regular production rate per quarter?

5,000 units 20,000/4 = 5,000

A master production schedule shows the following information: Picture Based on the information in the MPS, what is the amount that is available to promise in week 4?

500

A master production schedule shows the following information: Picture Using a lot-for-lot rule, what is the MSP quantity for week 4?

500 The MPS in week 4 is 500, which is the greater of the forecast or actual orders.

Demand planning for the intermediate term (tactical plans) would be done using dollar or unit sales for:

A product family in a region

Outsourcing is often a good choice when:

A product is in the mature phase of the life cycle.

Zanda Corp. is considering trying to develop a full partnership with a particular supplier. This suggests that the item Zanda buys from the supplier is:

A strategically important part.

Moderate- to high-risk purchases with low to moderate levels of spend are categorized as:

Bottleneck.

An online auction used for sourcing:

Can hurt supplier relationships. Online auctions can damage supplier relationships. Typically, online auctions drive prices down; they are used in the same situations as competitive bidding, and the software can consider factors other than price.

Sustainability:

Can lower a company's total cost. Sustainability can reduce a company's total costs by reducing waste and avoiding problems.

Outsourcing:

Can reduce a company's capital requirements Outsourcing reduces a company's capital requirements because it does not need to invest in equipment or facilities to make the sourced product.

Significant changes in an MPS quantity several weeks into the planning horizon can:

Cause inconsistencies in the MRP. Changes in the MPS during the planning horizon can cause nervousness, which cam cause inconsistencies in the MRP plan.

Which activity is a university least likely to outsource?

Classroom Instruction.

In recent years some companies have begun to work closely with their customers and/or suppliers by sharing information to develop demand plans and execute those plans. The procedure they are following is known as:

Collaborative planning, forecasting, and replenishment.

Zanda Corp. and Jones Corp. are identical in every way (products produced, costs, demand, etc.) except for one. Zanda uses a level production plan while Jones prefers a chase production plan. Which of the following is most likely to be true?

Correct Answer All of the selections are true. Jones will have higher hiring and firing costs. Jones will have higher investment in plant and equipment. Jones will have lower inventory carrying costs.

Which of the following is NOT an input into the S&OP?

Correct Answer: Lot Sizing Logic What is a part of S&P? Spare Parts Demand Promotion Safety Stocks

Generally speaking, the sales function and operations function differ in objectives. Which of the following is NOT one of those differences?

Correct answer: Sales prefers detailed forecasts for setting bonuses, operations prefers aggregate forecasts Non differences Sales prefers many product variations, operations prefers few variations. Sales prefers rapid response, operations prefers stable production schedules. Sales emphasizes revenue, operations emphasizes cost minimization. Generally, the sales function only wants aggregate forecasts, while operations needs detailed forecasts for planning purposes.

The longest lead time path in the BOM is the:

Cumulative lead time. The cumulative lead time is the longest lead time path in the BOM.

The type and level of assessment of suppliers during the selection process:

Depends upon factors such as the level of spend and type of relationship desired.

Software that consolidates all of the business planning systems and data throughout an organization is:

ERP

Zanda Corp. had outsourced its production to a company located in Asia. Recently it decided to continue to outsource but bring the production back to a company located in the United States. This decision was likely made after Zanda:

Examined total cost of ownership. The decision to bring production closer to home could only come after an analysis of total cost of ownership.

Benefits of ERP systems include all of the following EXCEPT:

Except: Easy implementation. Benefits More informed business decisions. Improved customer service. Fewer data entry errors. ERP systems are complex and can be difficult to implement.

All of following can increase supply chain risk except:

Except: Holding higher levels of inventory of critical materials. Increase sc risk Single sourcing. Using suppliers in Thailand. Using a supplier that is having financial difficulty. Holding higher inventory levels is one way to mitigate supply chain risk.

Benefits of single sourcing include all of the following EXCEPT:

Except: Less supply risk. Benefits Better supplier relationships. Quantity discounts. More consistent quality. Single sourcing increases supply risk.

The focus of an aggregate production plan, in general, is on all of the following EXCEPT:

Facilities and capital equipment rather than labor and inventory. Focus The intermediate-term future rather than the very short-term future. Product lines rather than specific items. Inventory levels rather than new plants.

Which of the following is an advantage of a chase production strategy (as compared to a level plan)?

Lower inventory investment.

John Jones, senior VP for Zanda Corp., is looking at three alternative aggregate production plans for the next six-month period. At his company, demand varies by month with substantial month-to-month differences. The three alternatives are a "pure level plan," which keeps an absolutely constant workforce, a "pure chase plan" relying on hiring and layoffs, and a hybrid plan. He is most likely to find that the hybrid plan:

Has lower inventory carrying cost than the level plan and lower hiring/layoff cost than the chase plan.

Which of the following is (are) advantages of full partnerships with suppliers, as compared to traditional adversarial relationships? I. They help reduce uncertainties for both buyer and supplier. II. The full partnership is easier to establish and maintain than other relationships, so more suppliers can be dealt with. III. The full partnership assures the lowest material price.

I only

Increasing the value of alpha (α) in an exponential smoothing model would produce which of the following results?

Increase the sensitivity of the forecast process to recent changes in demand

Within the hierarchy of planning, the Sales & Operations Planning system occurs at which of the following levels?

Intermediate range

If a make-to-stock manufacturing firm with highly seasonal demand follows a level production strategy, which of the following is likely to be true?

Inventory will fluctuate significantly during the year.

Supply management:

Is essential for an organization to attain its strategic objectives.

Supply management:

Is essential for an organization to attain its strategic objectives. Supply management plays a strategic role in an organization.

An end item A is made by assembling 4 of component B and 1 of component C. Component B is made from 2 of part D and 4 of part E. Within the bill of materials, component B is considered to be

Level 1.

End item A is made by assembling 2 of part B and 3 of part C. Part C is made from 2 of component D and 2 of component E. Component D is considered to be a:

Level 2 input.

Which type of aggregate production plan is likely to have the LEAST negative impact on the local community and the workforce?

Level plan Chase with hiring/firing or with overtime both have potential negative impacts on the community and/or the workforce. Level plans tend to minimize these.

The available capacity of a worker, machine, work center or facility during a specific period of time is compared against the capacity needed for a specific work schedule in a:

Load profile. A load profile compares weekly capacity needs against the actual capacity that is available.

Which of the following is NOT a benefit of outsourcing?

Lower supply management costs Benefit Greater flexibility to change product specifications Better access to market information Less capital needed for investment When outsourcing, a company has to spend more time and effort managing a supplier, so supply management costs are likely to increase rather than to decrease.

Gathering data on the supply market's structure, price forecasts, and supply chain risk are assessed during a/an:

Market analysis.

Gathering data on the supply market's structure, price forecasts, and supply chain risk are assessed during a/an:

Market analysis. Gathering data on the supply market's structure, price forecasts, and supply chain risk are assessed during a/an market analysis.

The primary purpose of an MRP system is to:

Match supply and demand. The primary purpose of an MRP system is to match supply and demand.

Which of the following would NOT be a step in conducting an insourcing/outsourcing analysis?

NOT: Conducting a detailed internal audit of purchasing practices Steps Assessing quantitative costs of outsourcing Evaluating new suppliers who could make the SKU Assessing the relationship of the product to the firm's core competencies All are steps in make/buy analysis except reviewing internal purchasing practices.

Advanced Manufacturing Company is evaluating two suppliers for a component sourcing. After much internal discussion, AMC's management has determined that the critical factors in choosing suppliers are: quality, delivery, price, and service. Further, management has rated the importance of these factors as 0.4, 0.3, 0.2, and 0.1, respectively. On a scale of 1 to 5, Supplier A is rated at 5, 3, 3, and 3, respectively. Supplier B's ratings are 4, 4, 3, and 4. Which supplier has the better weighted score?

Neither, they both have the same weighted score.

Which of the following is NOT included in the information about the inventory records file for an item?

Not Net requirements Included Safety stock Preferred order quantity Lead time

Which of the following is NOT an input to an MRP system?

Order releases. Order releases are outputs from an MRP system.

Which of the following is not typically considered as a component driver of demand?

Perturbation

Which of the following information is NOT contained in a MRP secondary report?

Planned order releases. Planned order releases are contained in primary reports not secondary reports.

The entire time period covered by the MPS is the:

Planning horizon. The entire time period covered by the MSP is the planning horizon.

MRP is a process that would be most applicable in which situation?

Planning requirements for bicycle seats in a bicycle production plant. MRP is used for dependent demand items, such as planning requirements for bicycle seats in bicycle production.

Competitive bidding should be used when:

Product specifications are known and clear.

Which of the following would benefit the most from MRP:

Production of Vacuum Cleaners

All of the following are supply management goals EXCEPT:

Purchase at the lowest price. Goals Ensure timely availability of resources. Enhance quality. Assess technology and innovation.

A legally binding document that signals to a supplier that goods and services are needed is a(n):

Purchase order.

A legally binding document that signals to a supplier that goods and services are needed is a(n):

Purchase order. A legally binding document that signals to a supplier that goods and services are needed is a purchase order.

Capacity requirements planning does all of the following EXCEPT:

Recalculates the MRP plan. Planning requirements Develops a load profile. Determines if a work center has the capacity to implement the MRP plan. Uses planned order releases and scheduled receipts to estimate work center loads. Rough-cut capacity planning does not revise the MRP.

Planning for which of the following products would see the LEAST benefit from the use of an MRP system?

Shampoo

Squeaky Klean, a small consumer products company, purchases custom-designed plastic bottles for its cleaning products that are made at a single plant in Cleveland, Ohio. To make these bottles, specialized tooling must be purchased at a high cost and installed at a supplier's plant. Its sourcing strategy for bottles should be to:

Single Source

The identification, evaluation, selection and management of suppliers is called:

Sourcing. Sourcing is the identification, evaluation, selection of and management of suppliers.

Aspen Corporation has discovered that it uses 10 different suppliers for a particular type of item, has bought 20 different models of that item, and total expenditures last year for the item were $100,000. Aspen most likely is conducting:

Spend analysis.

The process of understanding how a firm is spending its money and with which suppliers is called:

Spend analysis. Spend analysis refers to analyzing the dollars spent with which suppliers.

Williams Inc. has acquired software to help manage interactions with its supply base. This suggests that Williams Inc. is involved in:

Supplier relationship management.

A comprehensive system, facilitated by software, that management the firm's interactions with its supply base is:

Supplier relationship management. A comprehensive system, facilitated by software, that management the firm's interactions with its supply base is supplier relationship management.

Determining the right number of supplier that a company should use is:

Supply base optimization.

The capability to resist and recover from supply chain disruptions is:

Supply chain resilience.

The capability to resist and recover from supply chain disruptions is:

Supply chain resilience. Supply chain resilience is the capability to resist and recover from supply chain disruptions.

The identification, acquisition, positioning, and management of resources and capabilities that a firm needs to attain it strategic objectives is:

Supply management.

A company has decided to outsource the production of key components for its main product to suppliers. What affect will this have on the product's bill of materials?

The bill of materials will be flatter.

If a make-to-stock manufacturing firm with highly seasonal demand follows a chase demand strategy, which of the following is likely to be true?

The firm likely will have higher capital investment than if it followed a level plan.

Outsourcing is least likely when:

The process in highly innovative.

Which of the following is true about the use of weighted scoring models for supplier selection?

There is a good deal of subjectivity in developing and using the model.

Which of the following is true about the use of weighted scoring models for supplier selection?

There is a good deal of subjectivity in developing and using the model. Both the weights (which should be developed by a team that includes the key departments influenced by the purchase) and the supplier ratings are subjective. Judgment should be used to make the final selection decision. Weights should change when company priorities change.

All of the following are true about supplier scorecards EXCEPT:

They reduce the need for incoming quality inspection. True They are used to provide performance feedback to suppliers. They are used to measure supplier performance based on key performance indicators. They are often used to categorize suppliers based on an overall score.

Advanced planning and scheduling systems:

Use a simpler logic than the logic used in MRP.

Every year around mid May, the Grand Hotel on Mackinac Island runs a special to coincide with the Lilac Festival. This special offers visitors a three day stay (3 days/2 nights) combined with all meals and a guided tour of the various Lilac displays. Which of the following terms best captures this program?

Yield Management

You are sitting next to a person in business class on a flight from Los Angeles to Sydney, Australia. You mention to that person that you got your ticket two months ago for only $12,500. The person responds that she bought her ticket two days ago for $7,800. This sometimes happens because airlines often use an approach called:

Supply Chain Test 2

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