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Ma6 - months 2 medium-range cover periods of time from 3...

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Important Questions for Exam 1: What was Eli Whitney’s most important contribution to operations management? -Standardized parts What are the three essential functions of the firm? -Marketing, production/operations, and finance/accounting Who is considered the “Father of Scientific Management?” -Frederick Taylor What is the most important source of productivity gains in the United States? -Management What value of r indicates a perfect positive correlation? -r= +1 What value of r indicates a perfect negative correlation? -r= -1 What value of r indicates no correlation? -r= 0 If the coefficient of determination (r squared) = .81, we can conclude what? -81% of the variation in the dependent variable is explained by changes in the independent variable. What are the 3 different ranges of forecasts (describe them): 1. short-range: cover periods of time up to one year but generally less than 3
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Unformatted text preview: months 2. medium-range: cover periods of time from 3 months to 3 years 3. long-range: cover periods of time greater than 3 years What are the 5 types of forecasts (describe them): 1. Economic: planning indicators that are valuable in helping organizations prepare medium to long range forecasts 2. Technological: long-term forecasts concerned with the rates of technological progress 3. Demand: projections of a company’s sales for each time period in the planning horizon 4. Quantitative: forecasts that employ one or more mathematical models that rely on historical data and/or causal variables to forecasts demand 5. Qualitative: forecasts that incorporate such factors as the decision maker’s intuition, emotions, personal experiences, and value system....
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