Question 1

In general,which forecasting time frame is best to detect general trends?

Accepted Answer

A) Short-term forecasts 
B) Quick-time forecasts 
C) Long range forecasts 
D) Medium term forecasts 
E) Rapid change forecasts 
A) Short-term forecasts 
B) Quick-time forecasts 
C) Long range forecasts 
D) Medium term forecasts 
E) Rapid change forecasts

Question 2

Which of the following are used to describe the degree of error?

Accepted Answer

A) Weighted moving average 
B) Regression 
C) Moving average 
D) Focus forecast 
E) Mean absolute deviation 
A) Weighted moving average 
B) Regression 
C) Moving average 
D) Focus forecast 
E) Mean absolute deviation

Question 3

A major limitation of linear regression as a model for forecasting is that past data and future projections are assumed to fall on or near a straight line.

Accepted Answer

A) True 
 B)False

Question 4

Distinguish between "dependent" and "independent" demand?

Accepted Answer

The text distinguishes on page 468 betwe

Question 5

A company has had actual unit demand for four consecutive years of 100,110,125 and 150.The respective forecasts using exponential smoothing were 120 for each of those four years.What value of alpha,the smoothing constant,was the firm using?

Accepted Answer

The answer of A company has had actual unit demand...

Question 6

Decomposition of time series means identifying and separating time series data into potentially which of the following?

Accepted Answer

A) Standard error of estimate 
B) Alpha components 
C) Seasonal components 
D) Tracking components 
E) Intercept components 
A) Standard error of estimate 
B) Alpha components 
C) Seasonal components 
D) Tracking components 
E) Intercept components

Question 7

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

Accepted Answer

A) Short-term forecasts 
B) Quick-time forecasts 
C) Long range forecasts 
D) Medium term forecasts 
E) Rapid change forecasts 
A) Short-term forecasts 
B) Quick-time forecasts 
C) Long range forecasts 
D) Medium term forecasts 
E) Rapid change forecasts

Question 8

Distinguish between errors in statistics and errors in forecasting?

Accepted Answer

The text makes this distinction on page

Question 9

A company wants to forecast demand using the weighted moving average.If the company uses three prior yearly sales values and we want to weight year 2006 at 30%,year 2007 at 30% and year 2008 at 40%,which of the following is the weighted moving average forecast for year 2009?

Accepted Answer

A) 170 
B) 168 
C) 158 
D) 152 
E) 146 
A) 170 
B) 168 
C) 158 
D) 152 
E) 146

Question 10

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

Accepted Answer

A) Time horizon to forecast 
B) Product 
C) Accuracy required 
D) Data availability 
E) Analyst sophistication 
A) Time horizon to forecast 
B) Product 
C) Accuracy required 
D) Data availability 
E) Analyst sophistication

Question 11

For every forecasting problem there is one best forecasting technique.

Accepted Answer

A) True 
 B)False

Question 12

MAD statistics can be used to generate tracking signals.

Accepted Answer

A) True 
 B)False

Question 13

Because the factors governing demand for products are very complex,all forecasts of demand contain some error.

Accepted Answer

A) True 
 B)False

Question 14

Random errors in forecasting occur when an undetected secular trend is not included in a forecasting model.

Accepted Answer

A) True 
 B)False

Question 15

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

Accepted Answer

A) Historical analogy 
B) Time series analysis 
C) Panel consensus 
D) Grass roots 
E) Focus forecasting 
A) Historical analogy 
B) Time series analysis 
C) Panel consensus 
D) Grass roots 
E) Focus forecasting

Question 16

The simple moving average model requires linear forecast values.

Accepted Answer

A) True 
 B)False

Question 17

A company wants to forecast demand using the simple moving average.If the company uses three prior yearly sales values ,what is the simple moving average forecast for year 2009?

Accepted Answer

The answer of A company wants to forecast demand using...

Question 18

What does the text mean when it states that rather than to search for the perfect forecast one should learn to live with inaccurate forecasts?

Accepted Answer

The text makes this statement on page 46

Question 19

There is not much that a firm can to influence independent demand.

Accepted Answer

A) True 
 B)False

Question 20

If a firm produced a standard item with relatively stable demand,the smoothing constant alpha used in an exponential smoothing forecasting model would tend to be in which of the following ranges?

Accepted Answer

A) 5% to 10% 
B) 20% to 50% 
C) 20% to 80% 
D) 60% to 120% 
E) 90% to 100% 
A) 5% to 10% 
B) 20% to 50% 
C) 20% to 80% 
D) 60% to 120% 
E) 90% to 100%

Exam 15: Demand Management and Forecasting

In general,which forecasting time frame is best to detect general trends?

Which of the following are used to describe the degree of error?

A major limitation of linear regression as a model for forecasting is that past data and future projections are assumed to fall on or near a straight line.

Distinguish between "dependent" and "independent" demand?

A company has had actual unit demand for four consecutive years of 100,110,125 and 150.The respective forecasts using exponential smoothing were 120 for each of those four years.What value of alpha,the smoothing constant,was the firm using?

Decomposition of time series means identifying and separating time series data into potentially which of the following?

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

Distinguish between errors in statistics and errors in forecasting?

A company wants to forecast demand using the weighted moving average.If the company uses three prior yearly sales values and we want to weight year 2006 at 30%,year 2007 at 30% and year 2008 at 40%,which of the following is the weighted moving average forecast for year 2009?

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

For every forecasting problem there is one best forecasting technique.

MAD statistics can be used to generate tracking signals.

Because the factors governing demand for products are very complex,all forecasts of demand contain some error.

Random errors in forecasting occur when an undetected secular trend is not included in a forecasting model.

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

The simple moving average model requires linear forecast values.

A company wants to forecast demand using the simple moving average.If the company uses three prior yearly sales values ,what is the simple moving average forecast for year 2009?

What does the text mean when it states that rather than to search for the perfect forecast one should learn to live with inaccurate forecasts?

There is not much that a firm can to influence independent demand.

If a firm produced a standard item with relatively stable demand,the smoothing constant alpha used in an exponential smoothing forecasting model would tend to be in which of the following ranges?

Introduction to the Field

Operations and Supply Strategy

Project Management

Product and Service Design

Strategic Capacity Management

Process Analysis

Manufacturing Processes

Service Processes

Six Sigma Quality

Supply-Chain Strategy

Logistics and Facility Location

Lean Manufacturing

Operations Consulting Reengineering

Enterprise Resource Planning Systems

Aggregate Sales and Operations Planning

Inventory Control

Material Requirements Planning

Scheduling

Constraint Management

Linear Programming Using the Excel Solver

Learning Curves

Job Design Work Measurement

Waiting Line Analysis

Process Capability and Spc

Simulation

Filters