Question 1

The last four weekly values of sales were 80,100,105,and 90 units.The last four forecasts were 60,80,95,and 75 units.These forecasts illustrate:

Accepted Answer

A)  qualitative methods.
B)  adaptive smoothing.
C)  slope.
D)  bias.
E)  trend projection.F) B) and E)
G) A) and C)

Question 2

Which of the following is NOT a step in the forecasting process?

Accepted Answer

A)  Determine the use of the forecast.
B)  Eliminate any assumptions.
C)  Determine the time horizon of the forecast.
D)  Select the forecasting model.
E)  Validate and implement the results.F) A) and C)
G) B) and C)

Question 3

A time-series trend equation is 25.3 + 2.1x.What is your forecast for period 7?

Accepted Answer

A)  23.2
B)  25.3
C)  27.4
D)  40.0
E)  179.2F) None of the above
G) A) and E)

Question 4

What two numbers are contained in the daily report to the CEO of Walt Disney Parks & Resorts regarding the six Orlando parks?

Accepted Answer

A)  yesterday's forecasted attendance and yesterday's actual attendance
B)  yesterday's actual attendance and today's forecasted attendance
C)  yesterday's forecasted attendance and today's forecasted attendance
D)  yesterday's actual attendance and last year's actual attendance
E)  yesterday's forecasted attendance and the year-to-date average daily forecast errorF) B) and E)
G) C) and D)

Question 5

The three major types of forecasts used by organizations in planning future operations are:

Accepted Answer

A)  strategic,tactical,and operational.
B)  economic,technological,and demand.
C)  exponential smoothing,Delphi,and regression.
D)  causal,time-series,and seasonal.
E)  departmental,organizational,and territorial.F) A) and C)
G) A) and D)

Question 6

Weekly sales of copy paper at Cubicle Suppliers are provided in the table below.Compute a three-period moving average and a four-period moving average for weeks 5,6,and 7.Compute the MAD for both forecasting methods.Which model is more accurate? Forecast week 8 with the more accurate method.
Week Sales (cases)
1 17
2 21
3 27
4 31
5 19
6 17
7 21

Accepted Answer

<img  loading="lazy" src="/assets/images/blured-textbook.svg" class="d-inline m-1" alt="blured image" width="139" height="30"> The MAD for the 3-week moving average i...

Question 7

Time-series data may exhibit which of the following behaviors?

Accepted Answer

A)  trend
B)  random variations
C)  seasonality
D)  cycles
E)  They may exhibit all of the above.F) All of the above
G) A) and C)

Question 8

Which of the following is NOT a characteristic of exponential smoothing?

Accepted Answer

A)  smoothes random variations in the data
B)  uses an easily altered weighting scheme
C)  weights each historical value equally
D)  has minimal data storage requirements
E)  uses the previous period's forecastF) D) and E)
G) A) and B)

Question 9

A trend projection equation with a slope of 0.78 means that there is a 0.78 unit rise in Y per period.

Accepted Answer

A) True 
 B)False

Question 10

What is focus forecasting?

Accepted Answer

It is a forecasting method tha...

Question 11

Explain,in your own words,the meaning of the coefficient of determination.

Accepted Answer

The coefficient of determinati...

Question 12

The forecasting technique that pools the opinions of a group of experts or managers is known as:

Accepted Answer

A)  the expert judgment model.
B)  multiple regression.
C)  jury of executive opinion.
D)  market survey.
E)  management coefficients.F) B) and E)
G) A) and E)

Question 13

________ is a forecasting technique based upon salespersons' estimates of expected sales.

Accepted Answer

Sales forc...

Question 14

Suppose that the demand in period 1 was 7 units and the demand in period 2 was 9 units.Assume that the forecast for period 1 was for 5 units.If the firm uses exponential smoothing with an alpha value of .20,what should be the forecast for period 3? (Round answers to two decimal places. )

Accepted Answer

A)  9.00
B)  3.72
C)  9.48
D)  5.00
E)  6.12F) A) and B)
G) A) and C)

Question 15

What does it mean to "decompose" a time series?

Accepted Answer

To decompose a time series mea...

Question 16

A six-month moving average forecast is generally better than a three-month moving average forecast if demand:

Accepted Answer

A)  is rather stable.
B)  has been changing due to recent promotional efforts.
C)  follows a downward trend.
D)  exceeds one million units per year.
E)  follows an upward trend.F) B) and E)
G) A) and D)

Question 17

Demand for individual products can be driven by product life cycles.

Accepted Answer

A) True 
 B)False

Question 18

Which of the following statements comparing exponential smoothing to the weighted moving average technique is TRUE?

Accepted Answer

A)  Exponential smoothing is more easily used in combination with the Delphi method.
B)  More emphasis can be placed on recent values using the weighted moving average.
C)  Exponential smoothing is considerably more difficult to implement on a computer.
D)  Exponential smoothing typically requires less record keeping of past data.
E)  Exponential smoothing allows one to develop forecasts for multiple periods,whereas the weighted moving average technique does not.F) A) and C)
G) B) and E)

Question 19

Most forecasting techniques assume that there is some underlying stability in the system.

Accepted Answer

A) True 
 B)False

Question 20

The department manager using a combination of methods has forecast sales of toasters at a local department store.Calculate the MAD for the manager's forecast.Compare the manager's forecast against a naive forecast covering the same time period.Which is better?

Accepted Answer

<img  loading="lazy" src="/assets/images/blured-textbook.svg" class="d-inline m-1" alt="blured image" width="139" height="30"> The manager's forecast has a ...

Exam 4: Forecasting

Demand for individual products can be driven by product life cycles.

Correct Answer
verified

Which of the following is NOT a characteristic of exponential smoothing?

Correct Answer
verified

What two numbers are contained in the daily report to the CEO of Walt Disney Parks & Resorts regarding the six Orlando parks?

Correct Answer
verified

A trend projection equation with a slope of 0.78 means that there is a 0.78 unit rise in Y per period.

Correct Answer
verified

Suppose that the demand in period 1 was 7 units and the demand in period 2 was 9 units.Assume that the forecast for period 1 was for 5 units.If the firm uses exponential smoothing with an alpha value of .20,what should be the forecast for period 3? (Round answers to two decimal places. )

Correct Answer
verified

The last four weekly values of sales were 80,100,105,and 90 units.The last four forecasts were 60,80,95,and 75 units.These forecasts illustrate:

Correct Answer
verified

What does it mean to "decompose" a time series?

Correct Answer
verified
To decompose a time series mea...
View Answer

A time-series trend equation is 25.3 + 2.1x.What is your forecast for period 7?

Correct Answer
verified

The three major types of forecasts used by organizations in planning future operations are:

Correct Answer
verified

Explain,in your own words,the meaning of the coefficient of determination.

Correct Answer
verified
The coefficient of determinati...
View Answer

Which of the following statements comparing exponential smoothing to the weighted moving average technique is TRUE?

Correct Answer
verified

Time-series data may exhibit which of the following behaviors?

Correct Answer
verified

The forecasting technique that pools the opinions of a group of experts or managers is known as:

Correct Answer
verified

Most forecasting techniques assume that there is some underlying stability in the system.

Correct Answer
verified

Which of the following is NOT a step in the forecasting process?

Correct Answer
verified

________ is a forecasting technique based upon salespersons' estimates of expected sales.

Correct Answer
verified
Sales forc...
View Answer

The department manager using a combination of methods has forecast sales of toasters at a local department store.Calculate the MAD for the manager's forecast.Compare the manager's forecast against a naive forecast covering the same time period.Which is better?

Correct Answer
verified
The manager's forecast has a ...
View Answer

What is focus forecasting?

Correct Answer
verified
It is a forecasting method tha...
View Answer

Correct Answer
verified
The MAD for the 3-week moving average i...
View Answer

A six-month moving average forecast is generally better than a three-month moving average forecast if demand:

Correct Answer
verified

Exam 4: Forecasting

Demand for individual products can be driven by product life cycles.

Correct AnswerverifiedShow Answer

Which of the following is NOT a characteristic of exponential smoothing?

Correct AnswerverifiedShow Answer

What two numbers are contained in the daily report to the CEO of Walt Disney Parks & Resorts regarding the six Orlando parks?

Correct AnswerverifiedShow Answer

A trend projection equation with a slope of 0.78 means that there is a 0.78 unit rise in Y per period.

Correct AnswerverifiedShow Answer

Suppose that the demand in period 1 was 7 units and the demand in period 2 was 9 units.Assume that the forecast for period 1 was for 5 units.If the firm uses exponential smoothing with an alpha value of .20,what should be the forecast for period 3? (Round answers to two decimal places. )

Correct AnswerverifiedShow Answer

The last four weekly values of sales were 80,100,105,and 90 units.The last four forecasts were 60,80,95,and 75 units.These forecasts illustrate:

Correct AnswerverifiedShow Answer

What does it mean to "decompose" a time series?

Correct AnswerverifiedTo decompose a time series mea...View AnswerShow Answer

A time-series trend equation is 25.3 + 2.1x.What is your forecast for period 7?

Correct AnswerverifiedShow Answer

The three major types of forecasts used by organizations in planning future operations are:

Correct AnswerverifiedShow Answer

Explain,in your own words,the meaning of the coefficient of determination.

Correct AnswerverifiedThe coefficient of determinati...View AnswerShow Answer

Which of the following statements comparing exponential smoothing to the weighted moving average technique is TRUE?

Correct AnswerverifiedShow Answer

Time-series data may exhibit which of the following behaviors?

Correct AnswerverifiedShow Answer

The forecasting technique that pools the opinions of a group of experts or managers is known as:

Correct AnswerverifiedShow Answer

Most forecasting techniques assume that there is some underlying stability in the system.

Correct AnswerverifiedShow Answer

Which of the following is NOT a step in the forecasting process?

Correct AnswerverifiedShow Answer

________ is a forecasting technique based upon salespersons' estimates of expected sales.

Correct AnswerverifiedSales forc...View AnswerShow Answer

The department manager using a combination of methods has forecast sales of toasters at a local department store.Calculate the MAD for the manager's forecast.Compare the manager's forecast against a naive forecast covering the same time period.Which is better?

Correct Answerverified The manager's forecast has a ...View AnswerShow Answer

What is focus forecasting?

Correct AnswerverifiedIt is a forecasting method tha...View AnswerShow Answer

Correct Answerverified The MAD for the 3-week moving average i...View AnswerShow Answer

A six-month moving average forecast is generally better than a three-month moving average forecast if demand:

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
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Correct Answer
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Correct Answer
verified

Correct Answer
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Correct Answer
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Correct Answer
verified
To decompose a time series mea...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
The coefficient of determinati...
View Answer

Correct Answer
verified

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Sales forc...
View Answer

Correct Answer
verified
The manager's forecast has a ...
View Answer

Correct Answer
verified
It is a forecasting method tha...
View Answer

Correct Answer
verified
The MAD for the 3-week moving average i...
View Answer

Correct Answer
verified