Question 1

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

Question 2

What is the forecast for May based on a weighted moving average applied to the following past demand data and using the weights: 4,3,2 (largest weight is for most recent data)?

Accepted Answer

2 × 42 + 3 × 47 + 4

Question 3

Arnold Tofu owns and operates a chain of 12 vegetable protein "hamburger" restaurants in northern Louisiana.Sales figures and profits for the stores are provided in the table below.Sales are given in millions of dollars; profits are in hundreds of thousands of dollars.Calculate a regression line for the data.What is your forecast of profit for a store with sales of $24 million? $30 million?

Accepted Answer

Students must recognize that "sales" is

Question 4

Many services maintain records of sales noting:

Accepted Answer

A) the day of the week. 
B) unusual events. 
C) the weather. 
D) holiday impacts. 
E) all of the above. 
A) the day of the week. 
B) unusual events. 
C) the weather. 
D) holiday impacts. 
E) all of the above.

Question 5

A restaurant has tracked the number of meals served at lunch over the last four weeks.The data show little in terms of trends,but do display substantial variation by day of the week.Use the following information to determine the seasonal (daily)indices for this restaurant.

Accepted Answer

The answer of A restaurant has tracked the number of...

Question 6

Jim's department at a local department store has tracked the sales of a product over the last ten weeks.Forecast demand using exponential smoothing with an alpha of 0.4,and an initial forecast of 28.0 for period 1.Calculate the MAD.Calculate the tracking signal.What do you recommend?

Accepted Answer

@#IMG-DLM& The tracking signal RSFE/MAD

Question 7

Yamaha manufactures which set of products with complementary demands to address seasonal variations?

Accepted Answer

A) golf clubs and skis 
B) swimming suits and winter jackets 
C) jet skis and snowmobiles 
D) pianos and guitars 
E) ice skates and water skis 
A) golf clubs and skis 
B) swimming suits and winter jackets 
C) jet skis and snowmobiles 
D) pianos and guitars 
E) ice skates and water skis

Question 8

If a forecast is consistently greater than (or less than)actual values,the forecast is said to be biased.

Accepted Answer

A) True 
 B)False

Question 9

Favors Distribution Company purchases small imported trinkets in bulk,packages them,and sells them to retail stores.The managers are conducting an inventory control study of all their items.The following data are for one such item,which is not seasonal.
a.Use a trend projection to estimate the relationship between time and sales (state the equation).
b.Calculate forecasts for the first four months of the next year.

Accepted Answer

The trend projection equation

Question 10

A seasonal index for a monthly series is about to be calculated on the basis of three years' accumulation of data.The three previous July values were 110,150,and 130.The average demand over all months during the three-year time period was 190 .What is the approximate seasonal index for July?

Accepted Answer

A) 0.487 
B) 0.684 
C) 1.462 
D) 2.053 
E) cannot be calculated with the information given 
A) 0.487 
B) 0.684 
C) 1.462 
D) 2.053 
E) cannot be calculated with the information given

Question 11

Taco Bell's unique employee scheduling practices are partly the result of using:

Accepted Answer

A) point-of-sale computers to track food sales in 15 minute intervals. 
B) focus forecasting. 
C) a six-week moving average forecasting technique. 
D) multiple regression. 
E) A and C are both correct. 
A) point-of-sale computers to track food sales in 15 minute intervals. 
B) focus forecasting. 
C) a six-week moving average forecasting technique. 
D) multiple regression. 
E) A and C are both correct.

Question 12

When one constant is used to smooth the forecast average and a second constant is used to smooth the trend,the forecasting method is ________.

Accepted Answer

exponential smoothing with tre

Question 13

A measure of forecast error that does not depend upon the magnitude of the item being forecast is the ________.

Accepted Answer

mean absol

Question 14

What is focus forecasting?

Accepted Answer

It is a forecasting method tha

Question 15

What are the differences between quantitative and qualitative forecasting methods?

Accepted Answer

Quantitative methods use mathematical mo

Question 16

Which of the following techniques uses variables such as price and promotional expenditures,which are related to product demand,to predict demand?

Accepted Answer

A) associative models 
B) exponential smoothing 
C) weighted moving average 
D) moving average 
E) trend projection 
A) associative models 
B) exponential smoothing 
C) weighted moving average 
D) moving average 
E) trend projection

Question 17

Identify four quantitative forecasting methods.

Accepted Answer

The list includes naive,moving

Question 18

Describe three popular measures of forecast accuracy.

Accepted Answer

Measures of forecast accuracy include: (

Question 19

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

Accepted Answer

Sales forc

Question 20

The last seven weeks of demand at a new car dealer are shown below.Use a three-period weighted-moving average forecast to determine a forecast for the 8th week using weights of 3,2,and 1 (where the most recent week receives the highest weight).(Round all forecasts to the nearest whole unit.)Calculate the MAD for this forecast (covering all weeks in which error comparisons can be made).What does the MAD indicate?

Accepted Answer

@#IMG-DLM& 
MAD = 8/4 = 2 An MAD of 2 me

Exam 4: Forecasting

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

What is the forecast for May based on a weighted moving average applied to the following past demand data and using the weights: 4,3,2 (largest weight is for most recent data)?

Many services maintain records of sales noting:

A restaurant has tracked the number of meals served at lunch over the last four weeks.The data show little in terms of trends,but do display substantial variation by day of the week.Use the following information to determine the seasonal (daily)indices for this restaurant.

Jim's department at a local department store has tracked the sales of a product over the last ten weeks.Forecast demand using exponential smoothing with an alpha of 0.4,and an initial forecast of 28.0 for period 1.Calculate the MAD.Calculate the tracking signal.What do you recommend?

Yamaha manufactures which set of products with complementary demands to address seasonal variations?

If a forecast is consistently greater than (or less than)actual values,the forecast is said to be biased.

A seasonal index for a monthly series is about to be calculated on the basis of three years' accumulation of data.The three previous July values were 110,150,and 130.The average demand over all months during the three-year time period was 190 .What is the approximate seasonal index for July?

Taco Bell's unique employee scheduling practices are partly the result of using:

When one constant is used to smooth the forecast average and a second constant is used to smooth the trend,the forecasting method is ________.

A measure of forecast error that does not depend upon the magnitude of the item being forecast is the ________.

What is focus forecasting?

What are the differences between quantitative and qualitative forecasting methods?

Which of the following techniques uses variables such as price and promotional expenditures,which are related to product demand,to predict demand?

Identify four quantitative forecasting methods.

Describe three popular measures of forecast accuracy.

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

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