Question 1

________ is a time-series forecasting method that fits a trend line to a series of historical data points and then projects the line into the future for forecasts.

Accepted Answer

The answer of ________ is a time-series forecasting method that...

Question 2

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 3

The two general approaches to forecasting are:

Accepted Answer

A) qualitative and quantitative. 
B) mathematical and statistical. 
C) judgmental and qualitative. 
D) historical and associative. 
E) judgmental and associative. 
A) qualitative and quantitative. 
B) mathematical and statistical. 
C) judgmental and qualitative. 
D) historical and associative. 
E) judgmental and associative.

Question 4

Distinguish between a weighted moving average model and an exponential smoothing model.

Accepted Answer

Exponential smoothing is a weighted movi

Question 5

Give an example,other than a restaurant or other food-service firm,of an organization that experiences an hourly seasonal pattern.(That is,each hour of the day has a pattern that tends to repeat day after day. )Explain.

Accepted Answer

Answer will vary.How

Question 6

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 7

The smoothing constant is a weighting factor used in ________.

Accepted Answer

exponentia

Question 8

________ forecasts are concerned with rates of technological progress,which can result in the birth of exciting new products,requiring new plants and equipment.

Accepted Answer

The answer of ________ forecasts are concerned with rates of...

Question 9

The ________ measures the strength of the relationship between two variables.

Accepted Answer

coefficien

Question 10

A small family-owned restaurant uses a seven-day moving average model to determine manpower requirements.These forecasts need to be seasonalized because each day of the week has its own demand pattern.The seasonal indices for each day of the week are: Monday 0.445;Tuesday 0.791;Wednesday 0.927;Thursday 1.033;Friday 1.422;Saturday 1.478;and Sunday 0.903.Average daily demand based on the most recent moving average is 194 patrons.What is the seasonalized forecast for each day of next week?

Accepted Answer

The average value multiplied by each day

Question 11

Mean squared error and exponential smoothing are two measures of the overall error of a forecasting model.

Accepted Answer

A) True 
 B)False

Question 12

In trend projection,the trend component is the slope of the regression equation.

Accepted Answer

A) True 
 B)False

Question 13

Given an actual demand this period of 103,a forecast value for this period of 99,and an alpha of .4,what is the exponential smoothing forecast for next period?

Accepted Answer

A) 94.6 
B) 97.4 
C) 100.6 
D) 101.6 
E) 103.0 
A) 94.6 
B) 97.4 
C) 100.6 
D) 101.6 
E) 103.0

Question 14

Which of the following values of alpha would cause exponential smoothing to respond the SLOWEST to forecast errors?

Accepted Answer

A) 0.10 
B) 0.2246 
C) 0.50 
D) 0.90 
E) cannot be determined 
A) 0.10 
B) 0.2246 
C) 0.50 
D) 0.90 
E) cannot be determined

Question 15

The quarterly sales for specific educational software over the past three years are given in the following table.Compute the four seasonal factors.

Accepted Answer

The answer of The quarterly sales for specific educational software...

Question 16

What is focus forecasting?

Accepted Answer

It is a forecasting method tha

Question 17

Explain the role of regression models (time series and otherwise)in forecasting.That is,how is trend projection able to forecast? How is regression used for causal forecasting?

Accepted Answer

For trend projection,the independent var

Question 18

What are the differences between quantitative and qualitative forecasting methods?

Accepted Answer

Quantitative methods use mathematical mo

Question 19

A firm has modeled its experience with industrial accidents and found that the number of accidents per year (y-hat)is related to the number of employees (x)by the regression equation:
y-hat = 3.3 + 0.049x.The r-squared value is 0.68.The regression is based on 20 annual observations.The firm intends to employ 480 workers next year.How many accidents do you project? How much confidence do you have in that forecast?

Accepted Answer

y-hat = 3.3 + 0.049(480)= 3.3 + 23.52 =

Question 20

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

Accepted Answer

Sales forc

Exam 4: Forecasting

________ is a time-series forecasting method that fits a trend line to a series of historical data points and then projects the line into the future for forecasts.

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?

The two general approaches to forecasting are:

Distinguish between a weighted moving average model and an exponential smoothing model.

Give an example,other than a restaurant or other food-service firm,of an organization that experiences an hourly seasonal pattern.(That is,each hour of the day has a pattern that tends to repeat day after day. )Explain.

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

The smoothing constant is a weighting factor used in ________.

________ forecasts are concerned with rates of technological progress,which can result in the birth of exciting new products,requiring new plants and equipment.

The ________ measures the strength of the relationship between two variables.

Mean squared error and exponential smoothing are two measures of the overall error of a forecasting model.

In trend projection,the trend component is the slope of the regression equation.

Given an actual demand this period of 103,a forecast value for this period of 99,and an alpha of .4,what is the exponential smoothing forecast for next period?

Which of the following values of alpha would cause exponential smoothing to respond the SLOWEST to forecast errors?

The quarterly sales for specific educational software over the past three years are given in the following table.Compute the four seasonal factors.

What is focus forecasting?

Explain the role of regression models (time series and otherwise)in forecasting.That is,how is trend projection able to forecast? How is regression used for causal forecasting?

What are the differences between quantitative and qualitative forecasting methods?

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

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