Production Operations Management
MGT 613Quiz 01
Fill in the Blanks
- strategy that focuses on reduction of time needed to accomplish tasks is called time based strategy
- Mission is the reason for existence of an organization
- Judgmental forecasts are the forecasts that use subjective inputs such as opinions from consumer surveys, sales staff, managers, executives and experts.
- A long term upward or downward movement in data is called trend
- The forecast for any period that equals the previous period's actual value is called naive forecast
- A decision tree is a schematic representation of the available alternatives and their possible consequences.
- A measure of the effective use of resources, usually expressed as the ratio of output to input is called productivity
- The ability to adapt quickly to changes is called flexibility
- The operations function involves the conversion of inputs into output
- The considering of events and trends that present threats or opportunities for a company are called environmental scanning
