Question 1

Briefly describe what the causal method of forecasting is.

Accepted Answer

A quantitative metho

Question 2

Delphi forecasting refers to a change in the forces that have acted on demand in the past.

Accepted Answer

A) True 
 B)False

Question 3

One of the basic time series patterns is random.

Accepted Answer

A) True 
 B)False

Question 4

The Classical Consultant Company provides forecasting research for clients such as a group of five doctors associated with a new hospital health maintenance program. The company has been asked to forecast the number of patients requesting blood analysis per week. The past weekly average is 38 and for the trend is 2 per week. This week's demand was 42 blood tests. How many patients Will come next week? (Suppose α = 0.10 and β = 0.30.)

Accepted Answer

A)  less than or equal to 39 
B)  greater than 39 but less than or equal to 41 
C)  greater than 41 but less than or equal to 43 
D)  greater than 43 
A)  less than or equal to 39 
B)  greater than 39 but less than or equal to 41 
C)  greater than 41 but less than or equal to 43 
D)  greater than 43

Question 5

_________ is a weighted moving average time- series method that gives recent demands more weight than earlier demands.

Accepted Answer

exponentia

Question 6

A systematic increase or decrease in the mean of a demand time series over time is referred to as a cyclical time series.

Accepted Answer

A) True 
 B)False

Question 7

Table 11.5.

-Use the information in Table 11.5. Using the weighted moving average technique and the following weights, what is the forecasted demand for November? $$\begin{array} { | l | l | } 
\hline \text { Time Period } & \text { Weight } \
\hline \text { Iost recent month } & 50 \% \
1 \text { month ago } & 20 \% \
2 \text { months ago } & 20 \% \
3 \text { months ago } & 10 \% \
\hline
\end{array}$$

Accepted Answer

A)  less than or equal to 250 units 
B)  greater than 250 but less than or equal to 265 units 
C)  greater than 265 but less than or equal to 280 units 
D)  more than 280 units 
A)  less than or equal to 250 units 
B)  greater than 250 but less than or equal to 265 units 
C)  greater than 265 but less than or equal to 280 units 
D)  more than 280 units

Question 8

Which one of the following statements is TRUE?

Accepted Answer

A)  Bias is always less than MAD. 
B)  For projections of more stable demand patterns without trends, seasonal influences, or cyclical influences, use larger values of n in the simple moving average approach. 
C)  Getting a single forecast of 500 units for the month of July is better than getting a forecast that there is a 95 percent chance that demand for July will be between 450 and 550 units. 
D)  The ideal of zero bias and zero MAD can be accomplished by systematically searching for the best values of the smoothing constants. 
A)  Bias is always less than MAD. 
B)  For projections of more stable demand patterns without trends, seasonal influences, or cyclical influences, use larger values of n in the simple moving average approach. 
C)  Getting a single forecast of 500 units for the month of July is better than getting a forecast that there is a 95 percent chance that demand for July will be between 450 and 550 units. 
D)  The ideal of zero bias and zero MAD can be accomplished by systematically searching for the best values of the smoothing constants.

Question 9

Explain what r = 0 means in regression analysis.

Accepted Answer

There is no correlat

Question 10

List three advantages and three disadvantages of the moving average forecasting model.

Accepted Answer

Two advantages of the model are that it

Question 11

The mean forecast error (MFE) will approach one, if there is no bias in the forecasting model.

Accepted Answer

A) True 
 B)False

Question 12

_________ methods of forecasting translate the opinions of management, experts, consumers, or sales force into quantitative estimates.

Accepted Answer

The answer of  _________ methods of forecasting translate the...

Question 13

There is an expectation that forecasting models do make errors.

Accepted Answer

A) True 
 B)False

Question 14

Calculate three forecasts using the following data. First, for periods 4 through 11, develop the exponentially smoothed forecasts using a forecast for period 3 (F3) of 79.0 and an alpha of 0.2. Second, calculate the 3- period moving average forecast for periods 4 through 11. Third, calculate the weighted moving average for periods 4 through 11, using weights of .70, .20, and .10. Calculate the mean absolute deviation (MAD) and the cumulative sum of forecast error (CFE) for each forecasting procedure. Which forecasting procedure would you select? Why? $$\begin{array} { | l | l | } 
\hline \text { Month } & \text { Demand } \
\hline 1 & 75 \
\hline 2 & 79 \
3 & 83 \
4 & 80 \
5 & 87 \
6 & 81 \
7 & 74 \
8 & 88 \
9 & 83 \
10 & 85 \
\hline
\end{array}$$

Accepted Answer

@#IMG-DLM& @#IMG-DLM& Using MAD, the exponential s

Question 15

Combination forecasting is a method of forecasting that selects the best forecast from a group of forecasts generated by simple techniques.

Accepted Answer

A) True 
 B)False

Question 16

The Delphi method is a process of gaining consensus from a group of experts while maintaining their anonymity.

Accepted Answer

A) True 
 B)False

Question 17

Table 11.5.

-Use the information in Table 11.5. Using the simple moving average technique for the most recent three months, what will be the forecasted demand for November?

Accepted Answer

A)  less than or equal to 260 units 
B)  greater than 260, but less than or equal to 275 units 
C)  greater than 275, but less than or equal to 290 units 
D)  more than 290 units 
A)  less than or equal to 260 units 
B)  greater than 260, but less than or equal to 275 units 
C)  greater than 275, but less than or equal to 290 units 
D)  more than 290 units

Question 18

_________ is a time- series method used to estimate the average of a demand time series by averaging the demand for the n most recent time periods.

Accepted Answer

Simple mov

Question 19

Describe five methods that marketing and operation managers can use to jointly manage demand .

Accepted Answer

1. Complimentary services and

Question 20

What is a time- series forecasting model?

Accepted Answer

A time series forecasting mode

Briefly describe what the causal method of forecasting is.

Delphi forecasting refers to a change in the forces that have acted on demand in the past.

One of the basic time series patterns is random.

_________ is a weighted moving average time- series method that gives recent demands more weight than earlier demands.

A systematic increase or decrease in the mean of a demand time series over time is referred to as a cyclical time series.

Which one of the following statements is TRUE?

Explain what r = 0 means in regression analysis.

List three advantages and three disadvantages of the moving average forecasting model.

The mean forecast error (MFE) will approach one, if there is no bias in the forecasting model.

_________ methods of forecasting translate the opinions of management, experts, consumers, or sales force into quantitative estimates.

There is an expectation that forecasting models do make errors.

Combination forecasting is a method of forecasting that selects the best forecast from a group of forecasts generated by simple techniques.

The Delphi method is a process of gaining consensus from a group of experts while maintaining their anonymity.

Table 11.5. -Use the information in Table 11.5. Using the simple moving average technique for the most recent three months, what will be the forecasted demand for November?

_________ is a time- series method used to estimate the average of a demand time series by averaging the demand for the n most recent time periods.

Describe five methods that marketing and operation managers can use to jointly manage demand .

What is a time- series forecasting model?

Creating Customer Value

Supply Chain Management

Supply Chain Sustainability and Humanitarian Logistics

Process Configuration

Capacity

Waiting Lines

Inventory Management

Quality and Process Improvement

Lean Systems

Location and Layout

Operations Planning and Scheduling

Resource Planning

Filters

Exam 11: Managing Demand and Forecasting

Briefly describe what the causal method of forecasting is.

Delphi forecasting refers to a change in the forces that have acted on demand in the past.

One of the basic time series patterns is random.

_________ is a weighted moving average time- series method that gives recent demands more weight than earlier demands.

A systematic increase or decrease in the mean of a demand time series over time is referred to as a cyclical time series.

Table 11.5. -Use the information in Table 11.5. Using the weighted moving average technique and the following weights, what is the forecasted demand for November? Time Period Weight Iost recent month 50\% 1 month ago 20\% 2 months ago 20\% 3 months ago 10\%

Which one of the following statements is TRUE?

Explain what r = 0 means in regression analysis.

List three advantages and three disadvantages of the moving average forecasting model.

The mean forecast error (MFE) will approach one, if there is no bias in the forecasting model.

_________ methods of forecasting translate the opinions of management, experts, consumers, or sales force into quantitative estimates.

There is an expectation that forecasting models do make errors.

Combination forecasting is a method of forecasting that selects the best forecast from a group of forecasts generated by simple techniques.

The Delphi method is a process of gaining consensus from a group of experts while maintaining their anonymity.

Table 11.5. -Use the information in Table 11.5. Using the simple moving average technique for the most recent three months, what will be the forecasted demand for November?

_________ is a time- series method used to estimate the average of a demand time series by averaging the demand for the n most recent time periods.

Describe five methods that marketing and operation managers can use to jointly manage demand .

What is a time- series forecasting model?

Creating Customer Value

Supply Chain Management

Supply Chain Sustainability and Humanitarian Logistics

Process Configuration

Capacity

Waiting Lines

Inventory Management

Quality and Process Improvement

Lean Systems

Location and Layout

Operations Planning and Scheduling

Resource Planning

Filters