Exam 5: Demand Forecasting

List and Explain two types of qualitative forecasting methods.

A positive error implies that a forecast was?

Minimizing the negative impacts of the bullwhip effect on supply chains is one of the goals of an effective CPFR system.

Based on the information in the data set below, what is the mean squared error (accurate to 1 decimal)?

The smoothing constant for exponential smoothing must be?

Which one of the following is NOT a type of qualitative forecasting?

Which of the following is a major cultural issue and big hurdle for widespread implementation of CPFR?

The Delphi forecasting approach is applicable for high-risk technology forecasting; large, expensive projects; or major new product introductions

Your company is conducting forecasting that revolves around population growth in large cities.This type of forecasting can be referred to as what component of a time series?

Regression analysis is commonly used in the cause-and-effect forecasting model.

It is possible to expect 100 percent forecast accuracy most of the time.

The four components of time series data are: trend variations, cyclical variations, seasonal variations, and random variations.Briefly describe each type of variation.

Cyclical variations are longer than a year and can be influenced by:

What is considered an acceptable range for a tracking signal?

Quantitative forecasts use mathematical techniques that are based on:

Random variations in a Time Series component are due to:

Trend variations are wavelike movements that are shorter than a year.

The impact of poor communication and inaccurate forecasts resonates along the supply chain and results in the:

The goal of a good forecasting technique is to minimize the deviation between actual demand and the forecast.