311_Fall09_SampleMidterm_II_Solution

311_Fall09_SampleMidterm_II_Solution - 311 _ Operations...

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311 _ Operations Management Fall 09, Chen Sample Midterm 2 Solutions BUAD311 – Operations Management Section A: Multiple Choices [No partial credits.] Circle only one. 1. Of the following five expressions, how many are linear? y x y x y x y x y x 2 5 2 5 2 5 3 log 3 2 + - - + - a) Only one expression. The other four are non-linear. b) Exactly two of them. The other three are non-linear. c) Exactly three. The other two are non-linear. d) Exactly four. The other is non-linear. e) All the five are. b) 2. The three pieces of information needed when using the simple exponential smoothing forecasting method are: a) the most recent forecast, the actual demand which occurred for that period, and a smoothing constant. b) the usual average demand, the MAD, and a smoothing constant. c) the actual demand for the most recent past period, the seasonal influence factor, and a smoothing constant. d) the most recent forecast, the actual demand that occurred for that period, and the standard error. e) the most recent three actual demand data. a) 1
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311 _ Operations Management Fall 09, Chen 3. Changing alpha value in simple exponential smoothing from 0.2 to 0.5 would make: a) forecasts more dependent on most recent actual. b) no difference. c) forecasts slower to respond to most recent actual. d) the equations invalid. e) forecasts be able to trace seasonality. a) 4. Which of the following will induce an airline to reserve less full-fare seats: a) An increase in the full-fare ticket price. b) An increase in the discounted ticket price. c) An increase in the full-fare demand. d) A delayed departure. e) None of the above. b) 5. You observe that sales are following a gradual upwards trend. Which of the following statements is true: i. Moving average with large period generates better forecast than the one with small period ii. Moving average with small period generates better forecast than the one with large period iii. Exponential smoothing with large alpha generates better forecast than exponential smoothing with small alpha iv. Exponential smoothing with small alpha generates better forecast than exponential smoothing with large alpha a) i and iv b) ii and iv c) i and iii d) ii and iii e) None of the above d) 6. Revenue management can involve all of the following tools we have studied except: a) Linear programming b) Double exponential smoothing c) M/M/1 queues d) Decision Trees e) All of the above can be used c) 2
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311 _ Operations Management Fall 09, Chen 7. When implementing a revenue management system, a company must consider which of the following trade-offs: a) Spoilage vs. denied boarding b) Spoilage vs. cannibalization c) Cost of implementing the system vs. revenue generated. d) All of the above
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311_Fall09_SampleMidterm_II_Solution - 311 _ Operations...

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