Exam 18: Forecasting

When analyzing time series data, if demand data contains both seasonal and trend effects at the same time, what are the two ways that they can relate to each other discussed in the text? (1) _ (2) _

(Short Answer)

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Question 21

We usually associate the word "seasonal" with recurrent periods of repetitive activity that happen on other than an annual cycle.

(True/False)

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Question 22

The standard error of the estimate of a linear regression is not useful for judging the fit between the data and the regression line when doing forecasts.

(True/False)

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Question 23

In causal relationship forecasting, leading indicators are used to forecast occurrences.

(True/False)

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Question 24

A company has a MAD of 10.It wants to have a 99.7 percent control limit on its forecasting system.Its most recent tracking signal value is 3.1.What can the company conclude from this information?

(Multiple Choice)

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Question 25

Trend lines are usually the last things considered when developing a forecast.

(True/False)

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Question 26

Which of the following forecasting methods uses executive judgment as its primary component for forecasting?

(Multiple Choice)

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Question 27

Regression is a functional relationship between two or more correlated variables, where one variable is used to predict another.

(True/False)

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Question 28

In general, which forecasting time frame compensates most effectively for random variation and short-term changes?

(Multiple Choice)

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Question 29

When forecast errors occur in a normally distributed pattern, the ratio of the mean absolute deviation to the standard deviation is 2 to 1, or 2 x MAD = 1 standard deviation.

(True/False)

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Question 30

Which of the following forecasting methods is very dependent on selection of the right individuals who will judgmentally be used to actually generate the forecast?

(Multiple Choice)

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Question 31

A company wants to forecast demand using the simple moving average.If the company uses four prior yearly sales values , which of the following is the simple moving average forecast for year 2014?

(Multiple Choice)

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Question 32

A time series is defined in the text as chronologically ordered data that may contain one or more components of demand variation: trend, seasonal, cyclical, autocorrelation, and random.

(True/False)

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Question 33

Qualitative forecasting techniques generally take advantage of the knowledge of experts and therefore do not require much judgment.

(True/False)

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Question 34

It is difficult to identify the trend in time series data.

(True/False)

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Question 35

Heavy sales of umbrellas during a rain storm is an example of which of the following?

(Multiple Choice)

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Question 36

In business forecasting, what is usually considered a long-term time period?

(Multiple Choice)

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Question 37

You are hired as a consultant to advise a small firm on forecasting methodology.Based on your research, you find the company has a MAD of 3.It wants to have a 99.7 percent control limits on its forecasting system.Its most recent tracking signal value is 15.What should be your report to the company?

(Multiple Choice)

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Question 38

Which of the following considerations is not a factor in deciding which forecasting model a firm should choose?

(Multiple Choice)

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Question 39

What are the five steps of CPFR (collaborative planning, forecasting, and replenishment)? (1) (2) (3) (4) (5) __

(Essay)

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Question 40

Showing 21 - 40 of 101

Exam 18: Forecasting

When analyzing time series data, if demand data contains both seasonal and trend effects at the same time, what are the two ways that they can relate to each other discussed in the text? (1) ___________________________ (2) ___________________________

We usually associate the word "seasonal" with recurrent periods of repetitive activity that happen on other than an annual cycle.

The standard error of the estimate of a linear regression is not useful for judging the fit between the data and the regression line when doing forecasts.

In causal relationship forecasting, leading indicators are used to forecast occurrences.

A company has a MAD of 10.It wants to have a 99.7 percent control limit on its forecasting system.Its most recent tracking signal value is 3.1.What can the company conclude from this information?

Trend lines are usually the last things considered when developing a forecast.

Which of the following forecasting methods uses executive judgment as its primary component for forecasting?

Regression is a functional relationship between two or more correlated variables, where one variable is used to predict another.

In general, which forecasting time frame compensates most effectively for random variation and short-term changes?

When forecast errors occur in a normally distributed pattern, the ratio of the mean absolute deviation to the standard deviation is 2 to 1, or 2 x MAD = 1 standard deviation.

Which of the following forecasting methods is very dependent on selection of the right individuals who will judgmentally be used to actually generate the forecast?

A company wants to forecast demand using the simple moving average.If the company uses four prior yearly sales values , which of the following is the simple moving average forecast for year 2014?

A time series is defined in the text as chronologically ordered data that may contain one or more components of demand variation: trend, seasonal, cyclical, autocorrelation, and random.

Qualitative forecasting techniques generally take advantage of the knowledge of experts and therefore do not require much judgment.

It is difficult to identify the trend in time series data.

Heavy sales of umbrellas during a rain storm is an example of which of the following?

In business forecasting, what is usually considered a long-term time period?

You are hired as a consultant to advise a small firm on forecasting methodology.Based on your research, you find the company has a MAD of 3.It wants to have a 99.7 percent control limits on its forecasting system.Its most recent tracking signal value is 15.What should be your report to the company?

Which of the following considerations is not a factor in deciding which forecasting model a firm should choose?

What are the five steps of CPFR (collaborative planning, forecasting, and replenishment)? (1) ______________________________ (2) ______________________________ (3) ______________________________ (4) ______________________________ (5) ______________________________

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When analyzing time series data, if demand data contains both seasonal and trend effects at the same time, what are the two ways that they can relate to each other discussed in the text? (1) _ (2) _

What are the five steps of CPFR (collaborative planning, forecasting, and replenishment)? (1) (2) (3) (4) (5) __