Practice Operations And Supply Chain (18.2.3) - Data Science for Business and Decision- Making

Practice: Operations and Supply Chain

Lesson 18.2.3Data Science for Business and Decision- Making

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8 questions

Flashcard drill
4 cards from this section. Quick, good the night before a test.
Exercise
6 questions · about 4 min · pass mark 70%. Hints available.
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Quiz
2 questions · about 1 min · pass mark 70%. Hints available.
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6 sample questions

Question 1.
What is inventory optimization?
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Think about how a store balances stock.
Question 2.
What is the purpose of demand forecasting?
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Consider why companies want to know what customers will buy.
3Question 3.
What technique is often used for inventory optimization?
- Linear Programming
- Regression Analysis
- Time Series Analysis
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Think about balancing stock and costs.
4Question 4.
True or False: Demand forecasting helps in planning inventory.
- True
- False
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Think about how businesses prepare for customer needs.
Question 5.
A company struggles with high inventory costs while facing fluctuating customer demands. Create a linear programming model that can optimize their inventory management.
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Think about how each product affects overall costs.
Question 6.
A food delivery startup uses past order data to predict future sales. How could they implement a demand forecasting model to accommodate peak and off-peak hours?
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Consider seasonality and local events.

4 more questions in this section. Enroll free to practise them all.