In a time series forecasting model, the demand for five time periods was 10, 13, 15, 18 and 22. A linear regression fit resulted in an equation F = 6.9 + 2.9 t where F is the forecast for period t. The sum of absolute deviations for the five data is:
Sum of absolute deviation
= (D1 – F1) + (D2 – F2) + (D3 – F3) + (D4 – F4) + (D5 – F5)
= (10 – 6.9 – 2.9x1) + (13 – 6.9 – 2.9x2) + (15 – 6.9 – 2.9x3) + …………….
Production scheduling is simpler, and high volume of output and high labour efficiency are achieved in the case of:
Which one of the following is not a purpose of long-term forecasting?
A manufacturer's master product schedule of a product is given below:
Each product requires a purchased component A in its subassembly. Before the start of week-1, there are 400 components of type A in stock. The lead time to procure this component is 2 weeks and the order quantity is 400. Number of components A per product is only one. The manufacturer should place the order for
Which one of the following is not a technique of Long Range Forecasting?
Correlation and Regression method is used for short and medium range forecasting.
Which one of the following charts gives simultaneously, information about the progress of work and machine loading?
A man-machine chart graphically represents the relationship between the manual work performed by one or more operators and one or more machines involved in a manufacturing process.
Assertion (A): Time series analysis technique of sales-forecasting can be applied to only medium and short-range forecasting.
Reason (R): Qualitative information about the market is necessary for long-range forecasting.
Which one of the following is required for the preparation of the load chart machine?
Which one of the following forecasting techniques is most suitable for making long range forecasts?
Despatching function of production planning and control refers to:
Which one of the following methods can be used for forecasting when a demand pattern is consistently increasing or decreasing?
Which one of the following statements is correct in relation to production, planning and control?
Which one of the following statements is correct?
Consider the following statement
1. Is the action of operations planning and control
2. Releases work to the operating divisions.
3. Conveys instructions to the shop floor.
Of these statements:
Given T = Underlying trend, C = Cyclic variations within the trend, S = Seasonal variation within the trend and R = Residual, remaining or random variation, as per the time series analysis of sales forecasting, the demand will be a function of:
Sale forecasting should not be influenced by the random variations in demand.
Which one of the following statements correctly defines the term ‘despatching’?
Which one of the following methods can be used for forecasting the sales potential of a new product?
In production, planning and control, the document which authorizes the start of an operation on the shop floor is the
Match List-I with List-II and select the correct answer using the codes given below the lists:
The value engineering technique in which experts of the same rank assemble for product development is called
Assertion (A): Moving average method of forecasting demand gives an account of the trends in fluctuations and suppresses day-to-day insignificant fluctuations.
Reason (R): Working out moving averages of the demand data smoothens the random day-to-day fluctuations and represents only significant variations.
Which one of the following is the preferred logical sequence in the development of a new product?
Which one of the following is a qualitative technique of demand forecasting?
Consider the follow aspect.
Which of the above aspects is/are to be analyzed in connection with the product development?
Match List-I (Methods) with List-II (Problems) and select the correct answer using the codes given below the lists:
Consider the following statements:
The immediate objective of a product is:
1. To simulate sales function
2. To utilize the existing equipment and power
3. To monopolize the market
Which of the above statements is/are correct?
Using the exponential smoothing method of forecasting, what will be the forecast for the fourth week if the actual and forecasted demand for the third week is 480 and 500 respectively and α = 0·2?
The following activities are to be performed in a particular sequence for routing a product
1. Analysis of the product and breaking it down into components
2. Determination of the lot size
3. Determination of operations and processing time requirement
4. Taking makes or buys decisions
The correct sequence of these activities is
The demand for a product in the month of March turned out to be 20 units against an earlier made forecast of 20 units. The actual demand for April and May turned to be 25 and 26 units respectively. What will be the forecast for the month of June, using exponential smoothing method and taking smoothing constant α as 0.2?
Which of the following are the objectives of scheduling?
1. Reducing average waiting time of a batch
2. To meet the deadline of order fulfillment
3. To improve quality of products
4. To increase facility utilization
Select the correct answer using the code given below: