Question

There are 5 Steps in determining the Forecasting System and they are as follows: 1 Determine the use of the forecast:   2. Select the items to be forecasted:   3. Determine the time horizon of the forecast:   4. Select the forecasting model(s):   5. Gather the data needed to make the forecast: 6. Make the forecast. 7. Validate and implement the results.

True

False

Definition of Operations management (OM) is the set of activities that creates value in the form of customer service and management by transforming businesses into successful companies.

True

False

Because most products have a limited and even predictable life cycle, companies must constantly be looking for products and maintaining it rather than to design new products, develop, and marketing it.

True

False

CPM works with fixed activity time, and PERT works with estimated activity time.

True

False

Answer 1

1. True

In order to generate a forecast, we have to develop the need, select the values and then determine the time frame which would be used in order to generate the forecast which would need data collection.

2. True.

OM refers to the conversion of input to the required output and everything that is required to plan, execute and manage the changes in order to be able to provide value to the customers.

3. False

No matter the given nature of the life cycle of a product, we have to make sure that there is a constant endeavor which makes sure that the companies use its resources in order to create and design new designs and services which enable them to stay relevant in the market.

4. True

CPM uses fixed time estimates and PERT uses optimistic, most likely and pessimistic time estimates.

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