Reference no: EM133211458

Assignment:

1. A forecasting model that only uses historical data for the variable being forecast is called a

• Time series model
• Causal model
• Delphi model
• Variable model

2. Which of the following is a basic component of an inventory control system?

• Planning what inventory to stock and how to acquire it
• Forecasting the demand for parts and products
• Controlling inventory levels
• Developing and implementing feedback measurements for revising plans and forecasts
• All of the above are components of an inventory control system

3. A JIT system will usually result in

• A low annual holding cost
• Very few orders per year
• Frequent shutdowns in an assembly line
• High levels of safety stock

4. In an LP problem, at least one corner point must be an optimal solution if an optimal solution exists.

• True
• False

5. Which of the following does not represent a factor manager might consider when employing LP for production scheduling

• Labour capacity
• Space limitation
• Product demand
• Risk assessment
• Inventory costs