Ops Chp 9

Home > Preview

The flashcards below were created by user bendmar on FreezingBlue Flashcards.

  1. Contingency plans?
    Alternative or back-up plans to be used if an unexpected event makes the normal plans infeasible. 
  2. Planning horizon?
    The distance into the future one plans. 
  3. Life cycle?
    pattern of demand growth and decline that occurs from the introduction of a product to its obsolescence. 
  4. Introduction stage?
    First state of a produt or service life cycle
  5. Growth stage?
    Second stage of a product or service life cycle, where demand begins to increase. 
  6. Maturation stage?
    Third stage of a product or service life cycle when demand begins to level off.
  7. Saturation stage?
    Fourth stage of a product or service life cycle when demand shifts to the beginning of its decline
  8. Decline stage?
    Final stage of a product or service life cycle as demand disappears
  9. Qualitative forecast?
    forecast bases on qualitative information 
  10. Quantitative forecast?
    forecast based on quantitative data
  11. Causal forecast?
    forecast that uses extrinsic data as a predictor of demand 
  12. Time series forecasting?
    using past demand to forecast the future
  13. Cycle
    component of a time series that is a pattern that repeats over a long period of time. 
  14. Trend?
    component of a time series that causes demand to increase or decrease
  15. Seasonality?
    pattern in a time series that repeats itself at last once a year
  16. Random fluctuation 
    unpredicable variation in demand. This is not due to trend, seasonality, or cycle. 
  17. Simple exponential smoothing?
    a sophisticated type of moving average that uses a smooth constant to weight the previous demand and establish the responsiveness of the forecast 
  18. Trend adjusted exponential smoothing?
    an exponential smoothing technique that includes a smoothing constant for trend
  19. Forecast including trend (FIT)
    Trend-adjusted exponential smoothing
  20. Absolute error?
    the absolute value of the forecast error
  21. Forecast bias?
    the tendency of a forecast to be too high or too low 
  22. Mean absolute deviation (MAD)
    A measure of the absolute forecast error that is the mean of the absolute values of the forecast errors .
  23. Mean foreacst error (MFE)
    measure of forecast bias that is the mean of the forecast errors. 
  24. Running sum of forecast error (RSFE)
    measure of forecast bias that is the sum of forecast error, and is updated as each new error is calculated 

Card Set Information

Ops Chp 9
2012-11-12 18:22:22
Ops Chp

Ops Chp 9
Show Answers:

Home > Flashcards > Print Preview