Operations Management Q&A For Practice
Operations Management Q&A For Practice
Operations Management Q&A For Practice
6. Define quality?
Ans. Quality has several definitions. Early definitions were “fitness for purpose” and
“conformance to specifications”. Quality is also defined as the totality of characteristics of an
entity that bears on its ability to meet the stated and implied needs of the customer” (ISO
9000).
7. What is total quality management?
Ans. Total Quality Management (TQM) is a Management Approach of an Organization centered
on Quality based on participation of all its members and aiming at long term success through
customer satisfaction, and benefits to all members of the organization and to society. TQM is
based on continuous improvement and involves a cultural change in the organization.
23. Mention some simple forecasting models for time series data?
Ans. Some simple forecasting models using time series data are simple average, moving
average and simple exponential smoothing.
28. In the equation Y = a + bt + ε, what does ε represent? What can you say about the
mean and variance of ε?
Ans. The symbol ε represents the error term. It is assumed to be normally distributed with
mean = 0 and with small variance. This means that the errors are expected to cancel out each
other. The error term is also expected to be small.